Instructions For Form 2210-F - Underpayment Of Estimated Tax By Farmers And Fishermen - 2017

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2017
Department of the Treasury
Internal Revenue Service
Instructions for Form 2210-F
Underpayment of Estimated Tax by Farmers and Fishermen
Who Must File Form 2210-F
Section references are to the Internal Revenue Code unless
otherwise noted.
If you checked box A or B in Part I of Form 2210-F, you must
General Instructions
figure the penalty yourself and attach the completed form to your
return.
Future Developments
The IRS Will Figure the Penalty for
You
For the latest information about developments related to Form
2210-F and its instructions, such as legislation enacted after
If you didn’t check box A or B in Part I, you don’t need to figure
they were published, go to IRS.gov/Form2210F.
the penalty or file Form 2210-F. Complete your return as usual,
What's New
leave the penalty line on your return blank, and don’t attach
Form 2210-F. If you owe the penalty, the IRS will send you a bill.
Personal exemption amount for 2017. For 2017, the
Interest won’t be charged on the penalty if you pay by the date
personal exemption remains at $4,050. There is a phaseout of
specified on the bill.
the exemption, the amount of which is determined by the
Who Must Pay the
taxpayer's filing status and adjusted gross income.
Underpayment Penalty
Limit on itemized deductions. For 2017, itemized deductions
for taxpayers with adjusted gross incomes above $156,900 may
You may owe the penalty for 2017 if you didn’t pay at least the
be reduced.
smaller of:
Reminders
1. Two-thirds of the tax shown on your 2017 return, or
2. 100% of the tax shown on your 2016 return. Your 2016
Additional medicare tax. A 0.9% Additional Medicare Tax
tax return must cover a 12-month period.
applies to Medicare wages, Railroad Retirement Tax Act (RRTA)
compensation, and self-employment income over a threshold
Return. In these instructions, “return” refers to your original
amount based on your filing status. See Form 8959.
income tax return. However, an amended return is considered
the original return if it is filed by the due date (including
Net investment income tax. You may be subject to Net
extensions) of the original return. Also, a joint return that
Investment Income Tax (NIIT). NIIT is a 3.8% (0.038) tax on the
replaces previously filed separate returns is considered the
lesser of net investment income or the excess of your modified
original return.
adjusted gross income over a threshold amount. See Form
8960.
Exceptions to the Penalty
Premium tax credit. You may be eligible to claim the premium
You won’t have to pay the penalty or file this form if any of the
tax credit. The premium tax credit provides assistance for
following applies.
premiums for health insurance coverage enrolled in through a
You file your return and pay the tax due by March 1, 2018. If
Health Insurance Marketplace (also called an Exchange). The
you don’t file your return and pay the tax due by March 1, 2018,
credit may reduce the amount of tax you owe or increase your
you may be able to request a waiver of the underpayment
refund. For more information, see Form 8962 and Pub. 974.
penalty.
Health coverage tax credit. You may be eligible to claim the
You had no tax liability for 2016, you were a U.S. citizen or
health coverage tax credit. The health coverage tax credit
resident alien for the entire year (or an estate of a domestic
provides assistance to eligible individuals for premiums for
decedent or a domestic trust), and your 2016 return was (or
certain health insurance coverage enrolled in outside of a Health
would have been had you been required to file) for a full 12
Insurance Marketplace. The credit may reduce the amount of tax
months.
you owe or increase your refund. This credit doesn’t apply to
The total tax shown on your 2017 return minus the amount of
health insurance coverage enrollments through a Health
tax you paid through withholding is less than $1,000. To
Insurance Marketplace. For more information, see Form 8885.
determine whether the total tax is less than $1,000, complete
lines 1 through 9.
Purpose of Form
Waiver of Penalty
If you are an individual, estate, or trust and at least two-thirds of
your 2016 or 2017 gross income is from farming or fishing, use
If you have an underpayment on line 13, all or part of the penalty
Form 2210-F to see if you owe a penalty for underpaying your
for that underpayment will be waived if the IRS determines that:
estimated tax.
In 2016 or 2017, you retired after reaching age 62 or became
disabled, and your underpayment was due to reasonable cause
For a definition of gross income from farming and fishing and
(and not willful neglect), or
more details, see chapter 2 of Pub. 505, Tax Withholding and
The underpayment was due to a casualty, disaster, or other
Estimated Tax.
unusual circumstance, and it would be inequitable to impose the
penalty. For federally declared disasters, see the separate
information, later.
To request either of the above waivers, do the following.
Jan 03, 2018
Cat. No. 52887B

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