[steve]

FORM 2210

DESCRIPTION

Is used to see if you owe a penalty for underpaying your estimated tax and, if you do, to figure the amount of the penalty. Because Form 2210 is so complicated, the IRS strongly encourages taxpayers to let the IRS calculate any penalties instead of the taxpayer filling out Form 2210. If you want the IRS to calculate the penalty do not file Form 2210. One item to note is that if you received a significant portion of your income in the last quarter of the year, you will probably want to file Form 2210 and elect to use the annualized method. This will reduce your underpayment penalty as compared to using the regular method on Form 2210.


Wow ! I never knew this form existed. I don't know if i should be happy or pissed. I used a personal account for several years. He never mentioned this was available to me as a tool for reducing some of the penalties a few of the years we screwed up. Oh well. Sorry If I ****ed up explaining it. I have found it pretty easy though to do the estimated and avoid penaties. Just trying to explain the easy way.

[David Holmberg]

Originally Posted by steve

id love to know how to break even.

Easy, don't make much money...

There were a few years were I made under $40K and actually got a check from the IRS (because of kids, HOH and deductions)

[Bill H]

Originally Posted by David Holmberg

Easy, don't make much money...

There were a few years were I made under $40K and actually got a check from the IRS (because of kids, HOH and deductions)

I've been trying that, working 40 hours per month for $3800/month for the last 6 months plus my Navy retirement of $4010.00 per month.
Just signed the paper work today for the rest of the year. My gross income will be very close to $154,000.00 this year. Last year I was was unemployed for six months and was actually happy

I paid off my mortgage but have a very small home equity loan, no other deductions right now. Guess it's time to talk to TA 70's tax man or find myself one. Time to make a trip home to N.Y. and talk to some of my Jew Lawyer friends

[steve]

Originally Posted by Bill H

I've been trying that, working 40 hours per month for $3800/month for the last 6 months plus my Navy retirement of $4010.00 per month.
Just signed the paper work today for the rest of the year. My gross income will be very close to $154,000.00 this year. Last year I was was unemployed for six months and was actually happy

I paid off my mortgage but have a very small home equity loan, no other deductions right now. Guess it's time to talk to TA 70's tax man or find myself one. Time to make a trip home to N.Y. and talk to some of my Jew Lawyer friends

Are you bragging.....?

[sdbob]

Last 2 years I've been getting a penalty from IRS of /for 'underestimating' my taxes! Never have I got this before. My CPA said just pay it. He does his taxes, mine,and works at a company at tax time. I asked why now I'm 77? He said Bob dont fight them. Seems bs I pay on my retirement and SS what is required. The amount I owe is about $100.00 to me its greed.