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2109710059 (EX) MOD (FI) 1121REV1630UNDERPAYMENT OF ESTIMATED TAX BY INDIVIDUALSSTART Name as shown on PA402021Social Security Number BEFORE YOU BEGIN: Did you qualify for 100 percent tax forgiveness.
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Rev 1630 underpayment FAQ
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Penalty is calculated by multiplying the total tax due by 5 percent for each month or portion of a month the tax remains unpaid. Interest is calculated by multiplying the total tax due by the number of days late by the daily interest rate.
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If a return is filed on time and the tax liability is not paid in full, a five (5) percent underpayment penalty will be imposed on the unpaid balance after the original due date of the return.
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Tax forgiveness is a credit that allows eligible taxpayers to reduce all or part of their Pennsylvania personal income tax liability. Tax forgiveness: Provides a reduction in tax liability, and. Forgives some taxpayers of their liabilities even if they have not paid their Pennsylvania personal income tax.
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UNDERPAYMENT APPLIES: Since the current PA tax liability minus current withholding and credits is at least $246, and since the current year withholding and allowable credits are less than $3,239, the taxpayer should fill out Form REV-1630 to determine if there is an underpayment of estimated tax.
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