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Waiver of the Penalty

 

Can my penalty for underpayment of estimated tax be waived?

The IRS can waive the penalty for underpayment if it determines:

  1. you did not make a payment because of a casualty, disaster, or other unusual circumstance, and that it would be inequitable to impose the penalty or
  2. you retired (after reaching age 62) or become disabled during the tax year a payment was due or during the preceding tax year, and the underpayment was due to reasonable cause and not willful neglect.

How to claim the waiver of penalty for underpayment of estimated tax?

To claim a waiver, check box A or B in Part II of Form 2210 and follow the procedure explained in form 2210 instructions. The IRS will review the information provided and will decide whether or not to grant your request for a waiver.

 

Waiver of the penalty


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