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Rialto California online Form 4626: What You Should Know
If you know you paid the correct amount, but the IRS asks you for more money, you will report additional tax. If you are audited you may need to file an Estimated Tax Return. The penalties apply to your liability from the end of the tax year up to the date you were notified of the penalty, whichever occurs later. If you are audited every year for estimated tax underpayments, they may be added together. Therefore, if you were audited for four years total, your penalties would add up to 500,000. You should keep a written copy of this information on file with the Internal Revenue Service as soon as possible, as you may need to use this information for penalties. Penalty Penalties for Underpayment of Estimated Tax If the amount of tax you estimated underpayment was more than the amount of tax you actually paid and was: Over 1/3 of the value of the thing to which you owe estimated tax More than 25,000 when you file Form 1040K, Individual Income Tax Return and Payment of Estimated Tax You are also subject to a penalty for underpayment if the following conditions are met: You failed to file an Income Tax Return and paid the estimated tax on or before the due date. You paid the estimated tax by the due date, but the IRS asked you for additional payment before the deadline for filing your tax return. You did not timely answer the IRS' request for additional payment of the estimated tax. Furthermore, you did not notify the IRS that the tax you overpaid was due. Underpayment penalty for corporations Penalties apply to the following underpayments by corporate taxpayers: When the payment was received after November 30, 2016, or on or before October 31, 2017, and before the due date of your return under section 6012(a)(3) When the payment was received after November 30, 2016, or on or before October 31, 2017, and had an aggregate payment amount of 5,000 or more Penalties apply to corporate underpayments reported on Form 1120-X, Amended U.S. Individual Income Tax Return.
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