Form Ia 2210 - Underpayment Of Estimated Tax By Individuals - 2012 Page 2
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1
2INSTRUCTIONS — IA 2210
A. Purpose of This Form:
federal AGI is $150,000 ($75,000 for married filing separate
federal returns) or less; or (3) 110% of the tax shown on the
If you are an individual taxpayer other than a qualifying
2011 return if their 2011 federal AGI is greater than $150,000
farmer or fisher, you may use this form to determine whether
($75,000 for married filing separate federal r eturns) plus any
your income tax was sufficiently paid throughout the year by
bonus depreciation adjustment.
withholding or by estimated payments. If they were not, you
may owe a penalty. The estimated tax penalty is 5% per year
Their 2011 return must have covered a period of 12 months.
for the tax period January 1, 2012, through December 31,
Line 12 - Tax on Annualized 2012 Income: If your income
2012, and 5% per year for the tax period January 1, 2013,
varies throughout the tax year, you may be able to reduce or
through December 31, 2013. The changes in the estimated tax
eliminate the amount of one or more of the required
penalty apply to amounts arising during these periods. This
installments by using the annualized income installment
form will help you determine whether you are subject to such
method. If you use this method, you must check the box on
a penalty. Taxpayers who did not make any estimated
line 73 of the IA 1040. Please see IA 2210 Schedule AI and
payments, or paid the same amount of estimated tax on each
instructions.
of the four payment due dates, may use the IA 2210S. The IA
Line 13 - If you used the annualized income installment
2210S is a short method of calculating underpayment of
method to figure your required payments, enter the amount
estimated tax by individuals.
from line 12. Otherwise, enter the amount from line 11.
B. Filing an Estimate and Paying the Tax,
Line 14 - Installment payments: Enter your payments or
Calendar Year Taxpayers:
portion of payments needed to satisfy the amount of the
required installment. Your estimated payments and
If you file returns on a calendar-year basis and are required to
withholding are applied to the earliest unpaid installment. It
file form IA 1040ES, you are generally required to pay the tax
does not matter that the payment is designated for a later
in four installments with the first installment due by April 30.
period. Any overpayment is carried to the next unpaid
(If you are not required to file until later in the year because
installment. If additional computations are required beyond
of a change in your income or exemptions, you may be
the three allotted lines on this form, attach a separate sheet for
required to pay in fewer installments.) The chart below shows
each computation.
the due date for installments and the maximum number of
installments required for each.
You may consider an equal part of the income tax withheld
during the year as paid on each required installment date,
Maximum
Period
Due Date
Number of
unless you can establish the dates on which the withholding
Requirements
of
Installments
occurred and consider the tax paid on those dates.
First Met
Installment
Required
Line 15 - Enter the date the payment was made or, if
Between January 1 and April 1
April 30
4
withholding, the due date of the installment. If more than one
Between April 2 and June 1
June 30
3
payment is applied to pay the installment, enter a date for
Between June 2 and September 1 September 30
2
each payment.
After September 1
January 31
1
NOTE: If any date shown falls on a weekend, federal holiday,
Line 16 - To Compute Penalty: Use the following formula:
or legal holiday as defined in Iowa Code section 4.1(34),
Penalty = daily percentage rate x number of days x payment applied
substitute the next regular working day.
(line 17)
(line 16)
(line 14)
LINE-BY-LINE INSTRUCTIONS
T
he daily percentage rate is:
Line 8 - If line 8 is $200 or more, complete lines 9 through
5% per annum = 0.013661% per day (01/01/12 - 12/31/12) The daily
15. If you have an underpayment in any column on line 15, go
rate for 2012 varies because it is a leap year.
to the “How to Figure the Penalty” section.
5% per annum = 0.013699% per day (01/01/13 - 12/31/13)
If the total from line 8 is less than $200, then you are not
Waiver of Penalty: The underpayment of estimated tax
required to pay estimated tax and therefore cannot have
penalty may be waived if the underpayment was due to
underpaid estimated tax. If the total from line 8 is less than
casualty, disaster, or other unusual circumstances. The penalty
$200 do not file form IA 2210.
may also be waived if the taxpayer retired at age 62 or later,
or became disabled in the tax year for which the estimated
Line 9 - Enter your 2011 tax liability as reported on line 54 of
payments were required, and such underpayment was due to
the IA1040, less 2011 refundable credits as reported on lines
reasonable cause and not to willful neglect.
62 through 66.
Farmers and Fishers: You are exempt from underpayment of
Exception: If your 2011 federal AGI exceeds $150,000
estimated tax penalty if (1) your gross income from farming
($75,000 for married filing separate federal returns) plus any
or fishing is at least two-thirds of your annual gross income,
bonus depreciation adjustment, you must use 110% of the
and (2) you filed IA 1040 and paid the tax on or before March
2011 Iowa tax less credits.
1, 2013, or (3) you paid the estimated tax in one payment on
Taxpayers may avoid underpayment penalty if their estimated
or before January 15, 2013.
payments for 2012, made on or before the prescribed dates for
If you meet this gross income test but did not file a return or
payment, plus Iowa tax withheld for 2012, are equal to the
pay the tax when due, use form IA 2210F, instead of this
lesser of: (1) 90 % of the tax shown on the 2012 return; or (2)
form, to determine whether you owe a penalty.
45-007b (09/07/12)
100% of the tax shown on the 2011 return if their 2011
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