Form Ia 2210s - Short Method Underpayment Of Estimated Tax By Individuals - 2015 Page 2
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22015 IA 2210S Instructions
Purpose of This Form
Filing an Estimate and Paying the Tax,
If you are an individual taxpayer other than a
Calendar Year Taxpayers:
qualifying farmer or fisher, you may be able to
The form IA 1040ES is used to estimate and mail
use this form to determine whether your income
your quarterly tax payments. Estimated tax
tax was sufficiently paid throughout the year by
payments are due on the last day of April, June,
withholding or by estimated payments. If not, you
and September of 2015, and final payment by
may owe a penalty.
January 31, 2016.
Each individual required to make estimated
Note: If any date shown falls on a weekend,
payments must file an estimated payment under
federal holiday, or legal holiday as defined in
his/her name and Social Security Number. The
Iowa Code section 4.1(34), substitute the next
2210 penalty must also be calculated separately by
regular business day.
each individual for filing status 3 (married filing
Line 8: If the total from line 8 is less than $200,
separately on a combined return) and filing status 4
STOP; you do not owe 2210 penalty. If line 8 is
(married filing separate returns).
$200 or more, continue to line 9.
How to Avoid Underpayment Penalty:
Waiver of Penalty:
You
may
avoid
underpayment
penalty
if
The underpayment of estimated tax penalty may
estimated payments for 2015, made on or before
be waived if the underpayment was due to
the required dates for payment, plus Iowa tax
casualty,
disaster,
or
other
unusual
withheld for 2015, are equal to the lesser of:
circumstances. The penalty may also be waived if
90% of the tax shown on the 2015 return; or
you retired at age 62 or later, or became disabled
100% of the tax shown on the 2014 return if
in the tax year for which the estimated payments
your 2014 federal AGI is $150,000 or less
were required, and such underpayment was due
($75,000 or less for married filing separate
to reasonable cause and not to willful neglect.
federal returns); or
Farmers and Fishers:
110% of the tax shown on the 2014 return if
If two-thirds of your gross income is received from
your 2014 federal AGI is greater than $150,000
farming or fishing, different rules apply. See the
(or greater than $75,000 for married filing
instructions for the IA 2210F form.
separate federal returns) plus any bonus
depreciation adjustment.
Your 2014 return must have covered a period of
12 months.
45-012b (09/17/15)
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