Form Ia 2210s - Short Method Underpayment Of Estimated Tax By Individuals (Page 2 of 2) in pdf

IA 2210S Instructions

Purpose of This Form

If you are an individual taxpayer other than a qualifying farmer or fisher, you may be able to use this

form to determine whether your income tax was sufficiently paid throughout the year by withholding or

by estimated payments. If not, you may owe a penalty.

How to Avoid Underpayment Penalty:

Taxpayers may avoid underpayment penalty if their estimated payments for 2014, made on or before

the required dates for payment, plus Iowa tax withheld for 2014, are equal to the lesser of:

 90% of the tax shown on the 2014 return; or

 100% of the tax shown on the 2013 return if their 2013 federal AGI is $150,000 ($75,000 for

married filing separate federal returns) or less; or

 110% of the tax shown on the 2013 return if their 2013 federal AGI is greater than $150,000

($75,000 for married filing separate federal returns) plus any bonus depreciation adjustment.

The taxpayer’s 2013 return must have covered a period of 12 months.

Filing an Estimate and Paying the Tax, Calendar Year Taxpayers:

The form IA 1040ES is used to estimate and mail your quarterly tax payments. Estimated tax payments

are due on the last day of April, June, and September of 2014, and final payment by January 31, 2015.

NOTE: If any date shown falls on a weekend, federal holiday, or legal holiday as defined in Iowa Code

section 4.1(34), substitute the next regular business day.

Line 8: If the total from line 8 is less than $200, STOP; you do not owe 2210 penalty. If line 8 is $200

or more, continue to line 9.

Line 9: Multiply the amount on line 8 by 0.03322. If full payment was made on or after April 30, 2015,

this is your IA 2210S penalty to be entered on line 73 of the IA 1040.

Line 10: If full payment was made before April 30, 2015, enter the smaller of the amount on line 8 or

the amount of estimated taxes paid. Complete lines 11 through 14 to determine your IA 2210S penalty

to be entered on line 73 of the IA 1040.

Waiver of Penalty:

The underpayment of estimated tax penalty may be waived if the underpayment was due to casualty,

disaster, or other unusual circumstances. The penalty may also be waived if the taxpayer retired at age

62 or later, or became disabled in the tax year for which the estimated payments were required, and

such underpayment was due to reasonable cause and not to willful neglect.

Farmers and Fishers:

If two-thirds of your gross income is received from farming or fishing, different rules apply. See the

instructions for the IA 2210F form.

45-012b (06/18/14)

Form Ia 2210s - Short Method Underpayment Of Estimated Tax By Individuals Page 2