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Publication 505

Chapter 4
Underpayment Penalty
for 2014(p51)

For Use in Calendar Year 2015


If you did not pay enough tax, either through withholding or by making timely estimated tax payments, you will have underpaid your estimated tax and may have to pay a penalty.
You may understand this chapter better if you can refer to a copy of your latest federal income tax return.

No penalty.(p51)

For Use in Calendar Year 2015
Generally, you will not have to pay a penalty for 2014 if any of the following apply.

IRS can figure the penalty for you.(p51)

For Use in Calendar Year 2015
If you think you owe the penalty, but you do not want to figure it yourself when you file your tax return, you may not have to. Generally, the IRS will figure the penalty for you and send you a bill.
You only need to figure your penalty in the following three situations. However, if these situations do not apply to you, and you think you can lower or eliminate your penalty, complete Form 2210 or Form 2210-F and attach it to your return. See Form 2210, later.


Useful items

You may want to see:

Form (and Instructions)
  2210: Underpayment of Estimated Tax by Individuals, Estates, and Trusts
  2210-F: Underpayment of Estimated Tax by Farmers and Fishermen
See chapter 5 for information about getting these forms.

What's New for 2014(p51)

For Use in Calendar Year 2015

Underpayment penalty relief related to premium tax credit.(p51)

For Use in Calendar Year 2015
Advance payment of the premium tax credit may be made through the Health Insurance Marketplace directly to your insurance provider. If you received premium assistance through advance payments of the premium tax credit in 2014, and the amount advanced exceeded the amount of premium tax credit you can take, you could be subject to a penalty for underpaying your estimated tax. However, if you are otherwise current with your filing and payment obligations to the IRS, you are entitled to a waiver of the penalty. Generally, you are considered current with your filing and payment obligations if you filed all required tax returns and have paid or are paying your tax liabilities. See Waiver of Penalty for more information.