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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13328
Experience:  15years with H & R Block. Divisional leader, Instructor
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What is the penalty paying all estimated taxes during

Customer Question

What is the penalty for not paying all estimated taxes during 2015. Is it a certain percentage of the gross income? Thank you
Submitted: 8 months ago.
Category: Tax
Expert:  Robin D. replied 8 months ago.
HelloIt is not determined by your gross income but by the tax that was not paid.The penalty for the underpayment of estimated taxes is figured separately for each payment period of estimated taxes (each quarter). In order to figure your penalty amount, you must use IRS Form 2210, which contains both a short and regular method for determining your penalty. Essentially, you first must determine the amount of tax that you have underpaid. Form 2210 then can guide you through the process of figuring your penalty amount, which is directly based on the amount of your tax underpayment.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.
Expert:  Robin D. replied 8 months ago.
Checking to see if you responded