You will not be charged a penalty for underpayment of estimated tax if:
- Your gross farming or fishing income for 2007 or 2008 is at least two-thirds of your gross income, and
- You file your 2008 tax return and pay the tax due by March 2, 2009.
We ask for the information on this form to carry out the Internal Revenue laws of the United States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax.
You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103.
The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for individual taxpayers filing this form is included in the estimates shown in the instructions for their individual income tax return. The estimated burden for all other taxpayers who file this form is approved under OMB control number 1545-1972 and is shown below.
|Recordkeeping|| 3 hr.|
|Learning about the law or the form||1 hr., 13 min.|
|Preparing the form||1 hr., 27 min.|
|Copying, assembling, and sending the form to the IRS||34 min.|
If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. See the instructions for the tax return with which this form is filed.