Form Ia 2210f - Underpayment Of Estimated Tax By Farmers And Fishers - 2014 Page 2
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1
2Instructions — IA 2210F
Purpose of This Form: Persons whose gross
Prior Year’s Tax: If your tax payments equal or
income from farming or fishing is at least two-
exceed the tax on your 2013 tax return, no penalty
thirds of their gross annual income from all
will be imposed. Your 2013 return must have
sources should use this form to determine if their
covered a period of 12 months.
income tax was sufficiently paid throughout the
Lines 14 and 15: How to Compute the
year by withholding and/or installment payments.
Penalty: If your tax payments (amount on line
If not, a penalty may be imposed on the
11) do not equal or exceed the amount
underpayment of the taxes. The estimated tax
determined under the exception on line 13,
penalty is 5% per year on the amount of the
complete lines 14 and 15 to determine the
underpayment. This form will help you to
amount of penalty.
determine whether you are exempted from a
To
Compute
Penalty:
Use
the
following
penalty. See line 13.
formula:
Filing an Estimate and Paying the Tax: If you
daily %
number of
Penalty
=
x
x Underpayment
file returns on a calendar-year basis and you
rate
days
are required to file form IA 1040ES, you are
(line 17)
(line 16)
(line 14)
generally required to pay the tax in four
installments with the first installment due by April
The daily percentage rate is:
30. You can avoid this filing in one of the two
5% per annum = 0.013699% per day
ways noted:
(01/01/15 - 12/31/15)
1) File the installment and pay the tax in full by
Waiver
of Penalty:
The underpayment of
January 15, 2015.
estimated tax penalty may be waived if the
2) File your return and pay the tax in full by
underpayment was due to casualty, disaster, or
March 2, 2015.
other unusual circumstances. The penalty may
NOTE: If any date shown falls on a weekend,
also be waived if the taxpayer retired at age 62
federal holiday, or legal holiday as defined in
or later, or became disabled in the tax year for
Iowa Code section 4.1(34), substitute the next
which the estimated payments were required,
regular business day.
and such underpayment was due to reasonable
cause and not to willful neglect.
Line 12: How to Compute Underpayment: If
line 12 results in an underpayment, refer to line
Questions?
13 to determine if the exception will avoid the
Call 1-800-367-3388 (Iowa, Omaha, Rock Island,
penalty.
Moline) or 515-281-3114
Line 13: Exception which avoids the penalty:
Email:idr@iowa.gov.
No penalty will be imposed if your tax payments
(amount on line 11) were made on or before the
prescribed dates for payment and equal or
exceed
the
amount
determined
under
the
following exception.
45-008b (10/08/14)
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