Iowa Short Method Underpayment of Estimated Tax by Individuals 45-012

Short Method Underpayment of Estimated Tax by Individuals 45-012
IA 2210S Short Method Underpayment of Estimated Tax by Individuals, 45-012
2023 IA 2210S

Short Method Underpayment of Estimated Tax by Individuals
tax.iowa.gov
Name(s): _________________________________ Social Security Number: __________________
Who May Use this Form?
You may use the short method for calculation of underpayment of estimated tax (IA 2210 penalty) if:
• You did not make any estimated payments; or
• You paid the same amount of estimated tax on each of the four payment due dates.
You must use the regular method to calculate your IA 2210 penalty if:
• You made any estimated payments late; or
• You choose to annualize your income for IA 2210 penalty calculations.
Note: If any payment was made earlier than the due date for that payment, you may use the short
method, but using it may cause you to pay a larger penalty than the regular method. If the payment was
only a few days early, the difference is likely to be small.
1. Enter the amount from 2023 IA 1040, line 18 ...................................................... 1. ____________
2. Enter 2023 IA 1040, lines 23, 24, 25, 26 and 27, total refundable Iowa credits ... 2. ____________
3. Balance: Subtract line 2 from line 1 ..................................................................... 3. ____________
4. Multiply line 3 by 90% (0.90). If less than $200 STOP! Do not
complete this form................................................................................................ 4. ____________
5. Enter 2022 Iowa tax amount before surtax less refundable Iowa credits. If 2022
federal AGI plus bonus depreciation/179 adjustment from IA 1040, line 14, and
all other Iowa net income decoupling exceeds $150,000 ($75,000 if married
filing separate), enter 110% (1.10) of your 2022 Iowa tax.................................... 5. ____________
6. Enter the smaller of line 4 or line 5....................................................................... 6. ____________
7. Enter the total of 2023 Iowa withholding, and estimate payments
from IA 1040, lines 28 and 29 .............................................................................. 7. ____________
8. Tax balance to calculate IA 2210S: Subtract line 7 from line 6 ............................ 8. ____________
• If less than $200, STOP! You do not owe IA 2210 penalty.
• If line 8 is $200 or more, continue to line 9.
9. Multiply line 8 by .0519562. If full payment was made on or after April 30, 2024,
line 9 is your IA 2210S penalty. Enter this amount on the IA 1040, line 35 .......... 9. ____________
Note: If full payment was made before April 30, 2024, complete lines 10
through 14 to calculate your IA 2210S penalty.
10. Enter line 8 above or the amount of estimated taxes paid, whichever is less ..... 10. ____________
11. Enter the number of days from date of payment to April 30 ................................ 11. ____________
12. Multiply line 11 by line 10 .................................................................................... 12. ____________
13. Multiply line 12 by .00027322 .............................................................................. 13. ____________
14. Balance: Subtract line 13 from line 9. This is your IA 2210S penalty.
Enter this amount on the IA 1040, line 35 ........................................................... 14. ____________

45-012a (12/22/2023)

2023 IA 2210S Instructions
Who May File 2210S?
If you are an individual taxpayer other than a
qualifying farmer or fisher, you may be able to use
this form to determine whether your income tax
was sufficiently paid throughout the year by
withholding or estimated payments. If payments
were not sufficient, you may owe a penalty.
Each individual required to make estimated
payments must file an estimated payment under
their name and SSN. The IA 2210 penalty must
also be calculated separately by each individual for
filing status 3 (married filing separate returns).
How to Avoid Underpayment Penalty:
You may avoid underpayment penalty if estimated
payments for 2023, made on or before the required
dates for payment, plus Iowa tax withheld for 2023,
are equal to the lesser of:
• 90% of the tax shown on the 2023 return; or
• 100% of the tax shown on the 2022 return if your
2022
federal
AGI
plus
any
bonus
depreciation/section 179 adjustment from IA
1040, line 14 and all other Iowa net income
decoupling is $150,000 or less ($75,000 or less
for married filing separate federal returns); or
• 110% of the tax shown on the 2022 return if your
2022
federal
AGI
plus
any
bonus
depreciation/section 179 adjustment from IA
1040, line 14 and all other Iowa net income
decoupling is greater than $150,000 (or greater
than $75,000 for married filing separate federal
returns). Your 2022 return must have covered a
period of 12 months.

Filing an Estimate and Paying the Tax,
Calendar Year Taxpayers:
The form IA 1040ES is used to estimate and mail
your quarterly tax payments. Estimated tax
payments are due on April 30, 2023, June 30,
2023, September 30, 2023, and January 31, 2024.
Note: If a due date ends on a weekend or holiday
as defined in Iowa Code section 421.9A,
substitute the next regular business day for the
due date.
Waiver of Penalty:
The underpayment of estimated tax penalty may
be waived if the underpayment was due to
casualty, disaster, or other unusual circumstances.
The penalty may also be waived if you retired at
age 62 or later, or became disabled in the tax year
for which the estimated payments were required,
and such underpayment was due to reasonable
cause and not to willful neglect.
Farmers and Fishers:
If two-thirds of your gross income is received from
farming or fishing, different rules apply. See the IA
2210F form.

45-012b (10/20/2023)