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Underpayment Of Individual Income Tax Penalty Computation 2008 Taxable Year - Revenue Louisiana
Get Underpayment Of Individual Income Tax Penalty Computation 2008 Taxable Year - Revenue Louisiana
Ax return Yours Yours Spouse s Spouse s Section 1 Amount of required annual payment 1 Required amount of 2008 tax liability 00 2 Required amount of 2007 tax liability 00 3 Enter the smaller of Line 1 or Line 2 00 4 Number of payments required for year Section 2 Underpayment Computation Required payment - From Section 1, divide 5 amount on Line 3 by the amount on Line 4. See instructions. 6 Amount paid for each period See instructions. 04/15/08 06/16/08 Underpaym.
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Installment FAQ
Underpayment Penalty Revised Statute 47:118 provides for a 12 percent penalty for underpayment of individual income tax. The penalty may be imposed if you did not pay enough estimated tax for the year or did not make estimated payments on time or in the required amount.
To request a waiver when you file, complete IRS Form 2210 and submit it with your tax return. With the form, attach an explanation for why you didn't pay estimated taxes in the specific time period that you're requesting a waiver for. Also attach documentation that supports your statement.
Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is ...
This penalty specifically applies when the total tax payments made during the year fall short of either 90% of the current year's tax that's owed or 100% of the previous year's tax. For those earning a high income, this minimum required payment increases to 110% of the prior year's tax.
The underpayment penalty may also be waived by the IRS under several other scenarios, including: The taxpayer was a U.S. citizen or resident for the preceding tax year and did not owe any taxes for that year. The taxpayer missed a required payment because of a casualty event, disaster, or other unusual circumstance.
The safest option to avoid an underpayment penalty is to aim for "100 percent of your previous year's taxes." If your previous year's adjusted gross income was more than $150,000 (or $75,000 for those who are married and filing separate returns last year), you will have to pay in 110 percent of your previous year's ...
The IRS has raised its penalty interest rate for individuals, to 8% per year. This penalty is assessed for underpayment or late payment of any estimated taxes due throughout the year, typically from people who are self-employed or entrepreneurs.
For corporations who underpay, the IRS adds 2% to the short-term federal funds rate. As of the first quarter of 2024, the interest rate on underpayments is 8% for individuals and 7% for corporations. To calculate an underpayment penalty, the IRS then multiplies the amount of unpaid tax by the quarterly interest rate.
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GENERAL INFORMATION A. UNDERPAYMENT PENALTY
A. UNDERPAYMENT PENALTY - Louisiana imposes an underpayment penalty on an individual's...
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