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2023 NJ-2210 Underpayment of Estimated Tax by Individuals, Estates, or Trusts

2023 NJ-2210 Underpayment of Estimated Tax by Individuals, Estates, or Trusts-2025

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The document NJ-2210 provides instructions for individuals, estates, or trusts in New Jersey regarding the underpayment of estimated tax for the year 2023. It outlines how to calculate underpayments, exceptions to interest assessments, and specific payment due dates. The form must be completed if estimated tax payments are less than required amounts, with detailed worksheets included for calculating potential exceptions and interest on underpayments.

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What is the interest rate for underpayment in NJ?

The assessed interest rate on outstanding tax balances for the period January 1 December 31, 2024, is 11.50%. The rate is calculated as follows: Prime Rate (8.50%) + 3% = 11.50%, compounded annually. Under the Taxpayers Bill of Rights, interest assessed on outstanding tax balances is Prime Rate plus 3%.

How can I get an underpayment penalty waived?

To request a waiver when you file, complete IRS Form 2210 and submit it with your tax return. With the form, attach an explanation for why you didnt pay estimated taxes in the specific time period that youre requesting a waiver for. Also attach documentation that supports your statement.

What is the form 2210 underpayment of estimated tax by individuals?

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 and include the penalty on your return.

What triggers underpayment penalty?

An underpayment penalty is a fine levied by the Internal Revenue Service (IRS) on taxpayers who dont pay enough tax during the year through withholding and/or their estimated tax payments, or who pay late.

What is the underpayment penalty for 2023?

Penalty. 5% of the amount due: From the original due date of your tax return. After applying any payments and credits made, on or before the original due date of your tax return, for each month or part of a month unpaid.

What is underpayment of estimated tax by individuals?

The Underpayment of Estimated Tax by Individuals Penalty applies to individuals, estates and trusts if you dont pay enough estimated tax on your income or you pay it late. The penalty may apply even if we owe you a refund.

Does NJ have an underpayment penalty?

The failure to pay penalty is 5% of the tax due. Additionally, the State charges interest for each month (or part of a month) that a delinquent tax goes unpaid at a rate of 3% above the prime rate, compounded annually.

How do I know if I will have an underpayment penalty?

You will receive an IRS notice if you underpaid estimated taxes. They determine the tax underpayment penalty by calculating the amount based on the taxes accrued (total tax minus tax credits) on your original tax return or a more recent one you filed.

2023 NJ-2210 Underpayment of Estimated Tax by Individuals, Estates, or Trusts-2025

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