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Pa estimated underpayment penalty

Rev 1630-2025

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The document provides instructions for Pennsylvania taxpayers on how to calculate and report underpayment of estimated tax for individuals. It outlines the steps to determine if enough estimated tax was paid, details exceptions to interest penalties, and includes worksheets for calculating underpayments and interest due. The form is particularly relevant for those who may qualify for tax forgiveness or have uneven income throughout the year. Additionally, it highlights changes due to the COVID-19 pandemic affecting payment deadlines and interest rates.

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Versions	Form popularity	Fillable & printable
2022	4.2 Satisfied (39 Votes)
2021	4.5 Satisfied (27 Votes)
2020	4.8 Satisfied (240 Votes)

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What is the interest rate for underpayments in PA?

HTML Version Copyright 1995-2025 Daniel B. Evans. All rights reserved. YearUnderpayment Annual RateAuthority 2021 3% 50 Pa.B. 7361 2022 3% 51 Pa.B. 8028 2023 7% 52 Pa.B. 7981 2024 8% 53 Pa.B. 800640 more rows

What triggers the 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.

What is a reasonable cause for underpayment penalty?

Examples of valid reasons for failing to file or pay on time may include: Fires, natural disasters or civil disturbances. Inability to get records. Death, serious illness or unavoidable absence of the taxpayer or immediate family.

How to avoid underpayment penalty in PA?

Underpayment of Employer Withholding Tax Include the amount of the underpayment on Line 2, Total PA Withholding Tax, of the quarterly withholding return. Important: To avoid the 5 percent per month underpayment penalty, the amendment must be made on the quarterly return for the period of the under remittance.

Is there a penalty for not paying quarterly taxes?

For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you dont pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return.

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What is the safe harbor for PA estimated taxes?

SAFE HARBOR RULES For each installment period, the timely estimated tax payments and credits are at least 90 percent of the actual tax due on the income earned or received for each installment period.

How can I avoid underpaying tax penalty?

Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is

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.

Rev 1630-2025

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What is the interest rate for underpayments in PA?

What triggers the underpayment penalty?

What is a reasonable cause for underpayment penalty?

How to avoid underpayment penalty in PA?

Is there a penalty for not paying quarterly taxes?

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What is the safe harbor for PA estimated taxes?

How can I avoid underpaying tax penalty?

How do I get my underpayment penalty waived?

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