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General Instructions Purpose of Form. Use Form 2210 to see if you owe a penalty for underpaying your estimated tax. The IRS will generally figure your penalty for you and you should not file Form 2210. You can, however, use Form 2210 to figure your penalty if you wish to include the penalty on your return.
What causes an IRS underpayment penalty?
If you didnt pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax.
Why am I getting an underpayment penalty if Im getting a refund?
tax refund but with penalty? The IRS levies underpayment penalties if you dont withhold or pay enough tax on income received during each quarter. Even if you paid your tax bill in full by the April deadline or are getting a refund, you may still get an underpayment penalty.
What is Illinois form 2210?
For 2025, continue to follow subsequent tax filing deadlines based on the previous years payments. The IL-2210 form is designed to help taxpayers assess any penalties they may owe for underpayment of estimated taxes.
How can I avoid IRS underpayment?
If you paid at least 90% of the tax on your current-year return or 100% of the tax shown on the prior years return, you can avoid the underpayment penalty for estimated taxes.
il 2210
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How do I avoid an underpayment penalty in Illinois?
IL-2210 (R-12/24) Printed by authority of the state of Illinois. Electronic only, one copy. this form yourself. We will waive the late-payment penalty for underpayment of estimated tax if you timely paid the lesser of 100 percent of the prior years tax liability or 90 percent of the current years tax liability.
How do I get my underpayment penalty waived?
While the penalty for underpayment of estimated tax generally cannot be waived due to reasonable cause, the penalty may be removed or reduced if the underpayment is the result of a casualty, local disaster, or other unusual circumstance when it would not be fair to impose the penalty.
il form 2210
2024 - IL-2210 Computation of Penalties for Individuals
This is your late-payment penalty for underpayment of estimated tax. Enter the total amount here and on your Form IL-1040, Line 34 (round to whole dollars).
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