How do I know if I owe a penalty for underpaying my taxes?
If you owe $1,000 or more on your federal return, you may be subject to a penalty for underpaying your taxes. You may also be subject to an underpayment penalty if you are required to pay quarterly estimated payments and the payment was not made by the due date.
Complete Form 2210 to determine if you owe a penalty for underpaying your taxes. If you do not complete Form 2210 and owe a penalty, the IRS will figure the penalty for you and send you a bill.
Can I request a waiver of the penalty?
You can use Form 2210 to request a waiver if you can show reasonable cause for why your taxes were underpaid. You will be asked to enter the reason for requesting a waiver.