According to the 1040 instructions, the penalty is calculated on Form 2210. Download the instructions for Form 2210 from irs.gov. I did, and there is no straight answer. The penalty depends on whether or not you paid estimated tax, and there are multiple ways to calculate the penalty. I suggest that you follow the recommendation of the 1040 instructions to let the IRS calculate the penalty, and make sure that in 2009 you either increase your estimated tax payments or increase your withholding to avoid paying the penalty next year.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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