2024 NJ-2210 Underpayment of Estimated Tax by Individuals, Estates, or Trusts-2025

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Rates for Underpayments and Overpayments of Tax Calendar QuarterUnderpayments Noncorporate OverpaymentsLarge Corp. Underpayments Jul-Sep 2024 8% 10% Oct-Dec 2024 8% 10% Jan-Mar 2025 7% 9% Apr-Jun 2025 7% 9%8 more rows
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.
IRS underpayment penalty rate QuarterRate April - June 2024 8% July - September 2024 8% October - December 2024 8% January - March 2025 7% Jan 3, 2025
Yes, TurboTax will automatically calculate an underpayment penalty based on failing to pay estimated taxes or having enough withholding (if one is due). During the interview, TurboTax will prompt that you are being charged for an underpayment penalty but it tends to come up as one of the very last items before filing.
New Jersey provides a standard Personal Exemption tax deduction of $ 1,000.00 in 2024 per qualifying filer and $ 1,500.00 per qualifying dependent(s), this is used to reduce the amount of income that is subject to tax in 2024.
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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.
Interest rates: underpayments and overpayments. The rates for interest determined under Section 6621 of the code for the calendar quarter beginning October 1, 2024, will be 8 percent for overpayments (7 percent in the case of a corporation), 8 percent for underpayments, and 10 percent for large corporate underpayments.
Taxpayers who pay late also are fined. The usual penalty is the amount owed plus 5% of the underpayment amount. Its capped at 25%. Underpaid taxes accrue interest at a rate that the IRS sets quarterly.

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