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Iowa Free Printable IA 2210S Short Method Underpayment of Estimated Tax by Individuals, 45-012 for 2021 Iowa Short Method Underpayment of Estimated Tax by Individuals 45-012

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Short Method Underpayment of Estimated Tax by Individuals 45-012
IA 2210S Short Method Underpayment of Estimated Tax by Individuals, 45-012

2020 IA 2210S Short Method Underpayment of Estimated Tax by Individuals tax.iowa.gov Name(s): _________________________________ Social Security Number: __________________ Who May Use this Form? You may use the short method for calculation of underpayment of estimated tax (IA 2210 penalty) if: • You did not make any estimated payments; or • You paid the same amount of estimated tax on each of the four payment due dates. You must use the regular method to calculate your IA 2210 penalty if: • You made any estimated payments late; or • You choose to annualize your income for IA 2210 penalty calculations. • You choose to use your 2018 Iowa tax amount in calculating your first and second quarter estimated payments pursuant to Order 2020-03. Note: If any payment was made earlier than the due date for that payment, you may use the short method, but using it may cause you to pay a larger penalty than the regular method. If the payment was only a few days early, the difference is likely to be small. 1. Enter the amount from 2020 IA 1040, line 53 ...................................................... 1. ____________ 2. Enter 2020 IA 1040, lines 59, 60, 61, and 62, total refundable Iowa credits ........ 2. ____________ 3. Balance: Subtract line 2 from line 1 ..................................................................... 3. ____________ 4. Multiply line 3 by 90% (0.90). If less than $200 STOP! Do not complete this form................................................................................................ 4. ____________ 5. Enter 2019 Iowa tax amount before surtax less refundable Iowa credits. If 2019 federal AGI plus bonus depreciation/179 adjustment from IA 1040, line 14, and all other Iowa net income decoupling exceeds $150,000 ($75,000 if married filing separate), enter 110% of your 2019 Iowa tax. ............................................. 5. ____________ 6. Enter the smaller of line 4 or line 5....................................................................... 6. ____________ 7. Enter the total of 2020 Iowa withholding and estimate payments from IA 1040, lines 63 and 64 ...................................................................................... 7. ____________ 8. Tax balance to calculate IA 2210S: Subtract line 7 from line 6 ............................ 8. ____________ • If less than $200, STOP! You do not owe IA 2210 penalty. • If line 8 is $200 or more, continue to line 9. 9. Multiply line 8 by .043363. If full payment was made on or after April 30, 2021, line 9 is your IA 2210S penalty. Enter this amount on the IA 1040, line 71 .......... 9. ____________ Note: If full payment was made before April 30, 2021, complete lines 10 through 14 to calculate your IA 2210S penalty. 10. Enter line 8 above or the amount of estimated taxes paid, whichever is less. .... 10. ____________ 11. Enter the number of days from date of payment to April 30. ............................... 11. ____________ 12. Multiply line 11 by line 10 .................................................................................... 12. ____________ 13. Multiply line 12 by .00016438 ............................................................................. 13. ____________ 14. Balance: Subtract line 13 from line 9. This is your IA 2210S penalty. Enter this amount on the IA 1040, line 71……………………………………….......14. ___________ 45-012a (10/09/2020) 2020 IA 2210S Instructions Who may file 2210S? If you are an individual taxpayer other than a qualifying farmer or fisher, you may be able to use this form to determine whether your income tax was sufficiently paid throughout the year by withholding or by estimated payments. If payments were not sufficient, you may owe a penalty. Each individual required to make estimated payments must file an estimated payment under his/her name and SSN. The IA 2210 penalty must also be calculated separately by each individual for filing status 3 (married filing separately on a combined return) and filing status 4 (married filing separate returns). How to Avoid Underpayment Penalty: You may avoid underpayment penalty if estimated payments for 2020, made on or before the required dates for payment, plus Iowa tax withheld for 2020, are equal to the lesser of: • 90% of the tax shown on the 2020 return; or • 100% of the tax shown on the 2019 return if your 2019 federal AGI plus any bonus depreciation/section 179 adjustment from line 14 of the IA 1040 and all other Iowa net income decoupling is $150,000 or less ($75,000 or less for married filing separate federal returns); or • 110% of the tax shown on the 2019 return if your 2019 federal AGI plus any bonus depreciation/section 179 adjustment from line 14 of the IA 1040 and all other Iowa net income decoupling is greater than $150,000 (or greater than $75,000 for married filing separate federal returns). Your 2019 return must have covered a period of 12 months. Filing an Estimate and Paying the Tax, Calendar Year Taxpayers: The form IA 1040ES is used to estimate and mail your quarterly tax payments. Estimated tax payments are due on the last day of April, June, and September of 2020, and final payment by January 31, 2021. Note: If any date shown falls on a weekend, federal holiday, or legal holiday as defined in Iowa Code section 4.1(34), substitute the next regular business day. Waiver of Penalty: The underpayment of estimated tax penalty may be waived if the underpayment was due to casualty, disaster, or other unusual circumstances. The penalty may also be waived if you retired at age 62 or later, or became disabled in the tax year for which the estimated payments were required, and such underpayment was due to reasonable cause and not to willful neglect. Farmers and Fishers: If two-thirds of your gross income is received from farming or fishing, different rules apply. See the instructions for the IA 2210F form. 45-012b (09/11/2020)
Extracted from PDF file 2020-iowa-form-ia-2210s.pdf, last modified October 2019

More about the Iowa Form IA 2210S Individual Income Tax Estimated TY 2020

We last updated the Short Method Underpayment of Estimated Tax by Individuals 45-012 in April 2021, so this is the latest version of Form IA 2210S, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form IA 2210S directly from TaxFormFinder. You can print other Iowa tax forms here.

Other Iowa Individual Income Tax Forms:

TaxFormFinder has an additional 43 Iowa income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form IA 1040 Individual Income Tax Return
IA 1040-ES Individual Income Estimate Tax Payment Voucher
IA 1040-V Tax Payment Voucher
IA 104-Wkst Itemized Deduction Worksheet
Form IA 126 Nonresident / Part-Year Resident Credit 41-126

Download all IA tax forms View all 44 Iowa Income Tax Forms


Form Sources:

Iowa usually releases forms for the current tax year between January and April. We last updated Iowa Form IA 2210S from the Department of Revenue in April 2021.

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Form IA 2210S is an Iowa Individual Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Iowa Form IA 2210S

We have a total of ten past-year versions of Form IA 2210S in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form IA 2210S

IA 2210S Short Method Underpayment of Estimated Tax by Individuals, 45-012

2019 Form IA 2210S

IA 2210S Short Method Underpayment of Estimated Tax by Individuals, 45-012

2018 Form IA 2210S

IA 2210S Short Method Underpayment of Estimated Tax by Individuals, 45-012

2017 Form IA 2210S

IA 2210S Short Method Underpayment of Estimated Tax by Individuals, 45-012

2016 Form IA 2210S

IA 2210S Short Method Underpayment of Estimated Tax by Individuals, 45-012

Short Method Underpayment of Estimated Tax by Individuals 45-012 2015 Form IA 2210S

IA 2210S Short Method Underpayment of Estimated Tax by Individuals, 45-012

Short Method Underpayment of Estimated Tax by Individuals 45-012 2014 Form IA 2210S

2014 IA 2210S, Short Method Underpayment of Estimated Tax by Individuals

Short Method Underpayment of Estimated Tax by Individuals 45-012 2013 Form IA 2210S

45012 (IA 2210S).pmd

2012 Form IA 2210S

45012 (IA 2210S).pmd

2011 Form IA 2210S

45012 (IA 2210S).pmd


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