Form 1040 Instructions - 2015 Page 75
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105 2015 Form 1040—Lines 78 and 79
won't be granted for more than 6
made on time and for the required
penalty. But you must file Form 2210
months. If you pay after that date, you
amount.
because the IRS can't figure your penal-
will be charged interest on the tax not
ty under this method. See the Instruc-
For most people, the “tax shown on
paid by April 15, 2016. You must pay
tions for Form 2210 for other situations
your 2014 return” is the amount on your
the tax before the extension runs out. If
in which you may be able to lower your
2014 Form 1040, line 63, minus the total
you do not, penalties may be imposed.
penalty by filing Form 2210.
of any amounts shown on lines 61, 66a,
67, 68, 69, and 72 and Forms 8828,
Line 79
4137, 5329 (Parts III through VIII only),
Third Party Designee
and 8919. Also subtract from line 63
Estimated Tax Penalty
any:
You may owe this penalty if:
Tax on an excess parachute pay-
If you want to allow your preparer, a
Line 78 is at least $1,000 and it is
ment,
friend, a family member, or any other
more than 10% of the tax shown on your
Excise tax on insider stock com-
person you choose to discuss your 2015
return, or
pensation of an expatriated corporation,
tax return with the IRS, check the “Yes”
You didn't pay enough estimated
Uncollected social security and
box in the “Third Party Designee” area
tax by any of the due dates. This is true
Medicare or RRTA tax on tips or
of your return. Also, enter the designee's
even if you are due a refund.
group-term life insurance, and
name, phone number, and any five digits
the designee chooses as his or her per-
Look-back interest due under sec-
For most people, the “tax shown on
tion 167(g) or 460(b).
sonal identification number (PIN).
your return” is the amount on your 2015
When figuring the amount on line 63,
Form 1040, line 63, minus the total of
If you check the “Yes” box, you, and
include household employment taxes
any amounts shown on lines 61, 66a, 67,
your spouse if filing a joint return, are
only if line 64 is more than zero or you
68, 69, and 72 and Forms 8828, 4137,
authorizing the IRS to call the designee
would have owed the estimated tax pen-
5329 (Parts III through IX only), 8885,
to answer any questions that may arise
alty for 2014 even if you didn't include
and 8919. Also subtract from line 63
during the processing of your return.
those taxes.
any:
You are also authorizing the designee to:
Tax on an excess parachute pay-
Give the IRS any information that
Figuring the Penalty
ment,
is missing from your return,
Excise tax on insider stock com-
If the Exception just described doesn't
Call the IRS for information about
pensation of an expatriated corporation,
apply and you choose to figure the pen-
the processing of your return or the sta-
Uncollected social security and
alty yourself, use Form 2210 (or 2210-F
tus of your refund or payment(s),
Medicare or RRTA tax on tips or
for farmers and fishermen).
Receive copies of notices or tran-
group-term life insurance, and
scripts related to your return, upon re-
Enter any penalty on line 79. Add the
Look-back interest due under sec-
quest, and
penalty to any tax due and enter the total
tion 167(g) or 460(b).
Respond to certain IRS notices
on line 78.
When figuring the amount on line 63,
about math errors, offsets, and return
However, if you have an overpay-
include household employment taxes
preparation.
ment on line 75, subtract the penalty
only if line 64 is more than zero or you
from the amount you would otherwise
You aren't authorizing the designee
would owe the penalty even if you didn't
enter on line 76a or line 77. Lines 76a,
to receive any refund check, bind you to
include those taxes.
77, and 79 must equal line 75.
anything (including any additional tax
Exception. You won't owe the penalty
liability), or otherwise represent you be-
If the penalty is more than the over-
if your 2014 tax return was for a tax
fore the IRS. If you want to expand the
payment on line 75, enter -0- on lines
year of 12 full months and either of the
designee's authorization, see Pub. 947.
76a and 77. Then subtract line 75 from
following applies.
line 79 and enter the result on line 78.
The authorization will automatically
1. You had no tax shown on your
Do not file Form 2210 with your re-
end no later than the due date (not
2014 return and you were a U.S. citizen
turn unless Form 2210 indicates that you
counting extensions) for filing your
or resident for all of 2014.
must do so. Instead, keep it for your re-
2016 tax return. This is April 18, 2017,
2. The total of lines 64, 65, and 71
cords.
for most people.
on your 2015 return is at least 100% of
Because Form 2210 is compli-
the tax shown on your 2014 return
cated, you can leave line 79
TIP
(110% of that amount if you aren't a
Sign Your Return
blank and the IRS will figure
farmer or fisherman, and your adjusted
the penalty and send you a bill. We
gross income (AGI) shown on your
Form 1040 isn't considered a valid re-
won't charge you interest on the penalty
2014 return was more than $150,000
turn unless you sign it. If you are filing a
if you pay by the date specified on the
(more than $75,000 if married filing
joint return, your spouse must also sign.
bill. If your income varied during the
separately for 2015)). Your estimated
If your spouse can't sign the return, see
year, the annualized income installment
tax payments for 2015 must have been
Pub. 501. Be sure to date your return
method may reduce the amount of your
and enter your occupation(s). If you
-75-
Need more information or forms? Visit IRS.gov.
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