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Form IT-2105 9 Underpayment of Estimated Income Tax By Individuals and Fiduciaries Tax Year 2024

Form IT-2105 9 Underpayment of Estimated Income Tax By Individuals and Fiduciaries Tax Year 2024-2025

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The document is a tax form (IT-2105.9) for New York State individuals and fiduciaries, detailing the calculation of underpayment of estimated tax for the year 2024. It includes sections for reporting total tax, various credits, current year tax calculations, and methods for computing penalties related to underpayment. The form guides filers through determining their tax obligations and potential penalties based on their estimated payments and withholding.

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What is the IRS form for underpayment of estimated taxes?

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.

Should I let the IRS calculate my underpayment penalty?

You should figure out the amount of tax you have underpaid. Keep in mind this form contains both a short and regular method for determining your penalty. You can let the IRS figure your penalty if you didnt withhold enough tax by the end of the year.

How do you avoid the penalty for underpayment of estimated tax?

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

Why is TurboTax saying I have an underpayment penalty?

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.