Search results
Use Schedule AI to figure the required installments to enter on Form 2210, Part III, line 10. If you use Schedule AI for any payment due date, you must use it for all payment due dates. To use the annualized income installment method to figure the penalty, you must do all of the following.
In order to complete Schedule AI in the TaxAct program, you first need to complete the Underpayment Penalty section of the Q&A, which transfers automatically to Part II of Form 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts. This will determine whether you need to attach Schedule AI.
1 cze 2019 · Form 2210 is IRS form that relates to Underpayment of Estimated taxes. You are not required to complete it since the IRS will figure the penalty, if any , and let you know if you owe anything additionally .
2 sie 2024 · What tax form do you use for the annualized income installment method? You’ll need to submit Form 2210 to use this method. It’s officially titled “Underpayment of Estimated Tax by Individuals, Estates, and Trusts,” but don’t worry.
12 kwi 2024 · In that case, you’ll complete both parts of Schedule AI: Part I: Annualized Income Installments; Part II: Annualized Self-employment tax; You’ll find Schedule AI at the end of Form 2210. For a step by step walkthrough on how to complete Schedule AI, watch this YouTube video.
16 paź 2024 · For most filers, if your federal tax withholdings and timely payments are not equal to 90% of your current year tax, or 100% of the total tax from the prior year (whichever is less), then you may need to complete Form 2210 to determine if you are required to pay an underpayment penalty.
Purpose of Form Generally, use Form 2210 to see if you owe a penalty for underpaying your estimated tax and, if you do, to figure the amount of the penalty. Even if you are not required to file Form 2210, you can use it to figure your penalty if you wish to do so. In that case, enter the penalty on your return, but do not file Form 2210.
