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 - 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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