I suggest you call the IRS for a answer but if you really want a tractor board answer here goes............
Look in the instructions for form 1040 line 76 on page 65. It tells you to use form 2210 or (2210F for farmers) to figure your penalty. If you want you can just skip the penalty and the IRS will bill you for it with no extra penalty or interest.
I knew this answer because I also owed a penalty this year because I did not pay enough tax to cover the loss of a couple of my kids dropping off and going on their own. I got lucky though because my penalty was waived because I did pre pay 100% of the amount my tax from last year was.
For those that asked "Why a penalty" Income tax is a pay as you go system. You either have to have payroll deductions every week in the amount of your tax or pay quarterly if self employed. You can not wait till April 15 and pay all of last years tax. The feds do give you a $1000 or 10% of total tax owed leeway.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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