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Ohio Income Tax Underpayment Interest Penalty Form
Extracted from PDF file 2023-ohio-form-it-2210-1040.pdf, last modified October 2023Income Tax Underpayment Interest Penalty Form
10211411 2023 Ohio IT/SD 2210 Interest Penalty on Underpayment of Ohio Individual Income, School District Income and Pass-Through Entity Tax Include with your 2023 Ohio tax return. Use UPPERCASE letters. Complete this section if you are filing Ohio IT 1040 or SD 100. Spouse’s SSN (if filing jointly) Primary taxpayer’s SSN (required) First name M.I. Last name Spouse’s first name (if filing jointly) M.I. Last name Complete this section if you are filing Ohio IT 4708, IT 1140, IT 4738, IT 1041, or SD 100E. Decedent’s SSN (estates) FEIN Name of pass-through entity, trust or estate Additional line, if necessary, for name of pass-through entity, trust or estate Total interest penalty due (from page 2, line 8 or page 3, line 6)........................................... .0 0 Include pages 1 and 2 when you file your Ohio IT 1040, SD 100, SD 100E, IT 1041 or IT 4708 tax return. Include pages 1 and 3 when you file your Ohio IT 1140 or IT 4738 tax return. Federal Privacy Act Notice: Because we require you to provide us with a Social Security number, the Federal Privacy Act of 1974 requires us to inform you that providing us with your Social Security number is mandatory. Ohio Revised Code sections 5703.05, 5703.057 and 5747.08 authorize us to request this information. We need your Social Security number in order to administer this tax. -1- 10211411 Taxpayer’s name Taxpayer’s FEIN/SSN 2023 Part I – Calculating the Required Annual Payment When Filing the Ohio IT 1040, SD 100, SD 100E, IT 1041 or IT 4708 Use this form to calculate interest penalty on underpayment of taxes and to show the exceptions where no interest penalty is due. See page 4 for definitions and line references. Check here if you engage in farming or fishing activities and refer to Ohio Administrative Code Rule 5703-7-04 for options. 1. 2023 Ohio income taxes paid (timely paid* 2023 estimated payments plus withholding plus 2022 credit carryforward) .............................................................................................................................................1. 00 00 2. 2023 Ohio income tax liability (total tax minus total credits) .....................................................................2. 3. 2022 Ohio income tax liability (total tax minus total credits) .....................................................................3. 4. Multiply line 2 by 90% (.90)........................................................................................................................4. 00 00 5a. Is line 1 greater than or equal to line 4? If yes, STOP, you have no interest penalty. If no, continue to line 5b......................................................................................................................................................5a. Yes No 5b. Did you timely file a 2022 Ohio income tax return? If yes, continue to line 5c. If no, skip to line 5d .......5b. Yes No 5c. Is line 1 greater than or equal to line 3? If yes, STOP, you have no interest penalty. If no, continue to line 5d...................................................................................................................................................... 5c. Yes No 5d. Is line 2 less any withholding $500 or less? If yes, STOP, you have no interest penalty. If no, continue to line 6....................................................................................................................................................5d. Yes No 6. If you answered “Yes” on line 5b, enter the lesser of line 3 or line 4. If you answered “No”, enter the amount from line 4. Then continue to Part II................................................................................................ 6. 00 *Do not include any estimated payments that were made after their respective due date. Part II – Calculating the Interest Penalty Due Payment Due Dates (see note below) A 4/18/23 – 25% B 6/15/23 – 50% C 9/15/23 – 75% D 1/16/24 – 100% 0.007940 0.012594 0.018152 0.019713 1. Multiply the amount on Part I, line 6 by the percentage indicated at the top of each column at right...............................................................1. 2. Multiply the total tax withheld from compensation by the percentage indicated at the top of each column at right............................................2. 3. Total estimated tax (including any credit carryforwards) paid by the dates shown at the top of each column at right................................3. 4. Add lines 2 and 3....................................................................................4. 5. Underpayment subject to interest penalty (line 1 minus line 4; if less than zero, enter zero)...................................................................5. 6. Ratio (if full or partial payment was made see instructions on page 4)..6. 7. Interest penalty for the period: Multiply line 5 by line 6 for each column at right........................................................................................7. 8. Total interest penalty due (sum of line 7, Columns A through D). Enter here and on page 1........................................8. Note: Payment due dates – the associated dates and the rates on line 6 are for calendar year taxpayers. Fiscal year taxpayers must adjust the payment due dates and the line 6 ratios accordingly. -2- 10211411 Taxpayer’s name Taxpayer’s FEIN/SSN 2023 Part I – Calculating the Required Annual Payment When Filing the Ohio IT 1140 or IT 4738 Use this form to calculate interest penalty on underpayment of taxes and to show the exceptions where no interest penalty is due. If the total adjusted qualifying amount or qualifying taxable income for the current year or the previous year is $10,000 or less, do not complete this form. You do not owe an interest penalty. See page 4 for definitions and line references. 1. 2023 Ohio withholding taxes paid (timely paid* 2023 estimated payments)................................................. 1. 00 2. 2023 Ohio withholding tax liability (total tax).............................................................................................2. 00 3. 2022 Ohio withholding tax liability (total tax)................................................................................................ 3. 00 4. Multiply line 2 by 90% (.90).......................................................................................................................4. 00 5a. Is line 1 greater than or equal to line 4? If yes, STOP, you have no interest penalty. If no, continue to line 5b..........................................................................................................................5a. 5b. If filing the Ohio IT 1140, did you timely file a 2022 Ohio IT 1140? - OR - If filing the Ohio IT 4738, did you timely file a 2022 Ohio IT 4738? If yes, continue to line 5c. If no, continue to line 6..................5b. 5c. Is line 1 greater than or equal to line 3? If yes, STOP, you have no interest penalty. If no, continue to line 6............................................................................................................................5c. Yes No Yes No Yes No 6. If you answered “Yes” on line 5b, enter the lesser of line 3 or line 4. If you answered “No”, enter the amount from line 4. Then continue to Part II..............................................................................6. 00 *Do not include any estimated payments that were made after their respective due date. Part II – Calculating the Interest Penalty Due Payment Due Dates (see note below) A 4/18/23 – 25% B 7/17/23 – 50% C 10/16/23 – 75% D 1/16/24 – 100% 0.012320 0.012457 0.013908 0.019713 1. Multiply the amount on Part I, line 6 by the percentage indicated at the top of each column at right............................................................... 1. 2. Total estimated tax (including any credit carryforwards) paid by the dates shown at the top of each column at right...................................... 2. 3. Underpayment subject to interest penalty (line 1 minus line 2; if less than zero, enter zero)...................................................................... 3. 4. Ratio (if full or partial payment was made see instructions on page 4).. 4. 5. Interest penalty for the period: Multiply line 3 by line 4 for each column at right........................................................................................ 5. 6. Total interest penalty due (sum of line 5, Columns A through D). Enter here and on page 1........................................6. Note: Payment due dates – the associated dates and the rates on line 4 are for calendar year taxpayers. Fiscal year taxpayers must adjust the payment due dates and the line 4 ratios accordingly. -3- 10211411 Page 2 Definitions Ratios – The listed ratios on the previous pages are based upon the statutory interest rate (5% for 2023 and 8% for 2024) and the time during which the estimated payment was late. The general formula for computing the ratio is rate = interest rate X number of days the payment is late ÷ 365.25. The listed ratios are computed from the payment due date at the top of each column to the following payment due date and applied only if the taxpayer either (i) never made the estimated payment or (ii) made full payment on or after the next payment due date. “Taxes paid” include payments of estimated taxes made under Ohio Revised Code (R.C.) section 5747.09(C), taxes withheld from taxpayer’s compensation, and tax refunds applied by the taxpayer in payment of estimated taxes. “Tax liability” means the total taxes due for the taxable year, after allowing any credit to which the taxpayer is entitled, but prior to applying any estimated tax payment, withholding payment or refund from another tax year. Example 1 – No payment made. Assume that the underpayment shown on page 2, Part II, line 5 for Column B is $1,000. Also assume that the taxpayer made no estimated payment during the period 4/18/23 through 6/15/23. The taxpayer will compute interest penalty for the period 4/18/23 through 6/15/23 by multiplying the underpayment shown on Part II, line 5, Column A by the ratio (0.007940) shown on line 6, Column A. “Estimated taxes” means the amount that the taxpayer estimates to be the taxpayer’s combined tax liability under chapters 5747 and 5748 of the Revised Code for the current taxable year. Note: State income tax may be combined with the school district income tax in determining the interest penalty as calculated on page 2. Interest penalty = $1,000 X 0.007940 = $7.94 to Part II, line 7, Column A Page 2 Line References Taxes Paid IT 1040 SD 100 SD100E IT 1041 IT 4708 Example 2 – Full payment made after the due date but before the next due date. Assume that the underpayment shown on page 2, Part II, line 5 for Column A is $1,000. Also assume that the taxpayer paid this in full on 5/15/23. The taxpayer should ignore the ratio shown on Part II, line 6, Column A and compute the rate as follows: Sum of line 14 and line 15 Sum of line 11 and line 12 Line 6 Line 14 Sum of line 17 and line 18 Step 1 – Determine the number of days from the date the payment was due (4/18/23) to the date the payment was made (5/15/23): 4/19/23 to 5/15/23 = 27 days. Current Year Tax Liability – 2023 IT 1040 Line 10 minus line 16 SD 100 Line 8 SD100E Line 3 IT 1041 Line 11 minus line 15 IT 4708 Line 12 minus line 19 Step 2 – Calculate the ratio by using the following formula: Ratio = interest rate X number of days late ÷ 365.25 Ratio = 0.05 X 27 ÷ 365.25 = 0.003696 Interest penalty = $1,000 X 0.003696 = $3.70 to Part II, line 7, Column A Previous Year Tax Liability – 2022 IT 1040 Line 10 minus line 16 SD 100 Line 4 SD100E Line 3 IT 1041 Line 11 minus line 15 IT 4708 Line 12 minus line 19 This method is only applicable if the taxpayer made full payment of the required estimated payment after the due date but before the next payment due date. Example 3 – Partial payment made after the due date but before the next due date. Assume that the underpayment shown on page 2, Part II, line 5 for Column A is $1,000. Also assume that the taxpayer paid $600 on 5/15/23. The taxpayer should ignore the ratio shown on Part II, line 5, Column A and compute the rate as follows: Page 3 Definitions “Taxes paid” includes payments of estimated taxes made under R.C.5747.43(C) and tax refunds applied by the qualifying entity or electing pass-through entity in payment of estimated taxes. Step 1 – Determine the number of days from the date the payment was due (4/18/23) to the date the payment was made (5/15/23): 4/19/23 to 5/15/23 = 27 days. “Tax liability” means the total of the taxes and withholding taxes due under sections 5733.41 and 5747.41 or the tax due under section 5747.38 of the Revised Code for the applicable taxable year prior to applying any estimated tax payment or refund from another year. Step 2 – Calculate the interest penalty for that period by using the following formula: interest penalty = underpayment X interest rate X number of days late ÷ 365.25 Interest penalty = $1,000 X 0.05 X 27 ÷ 365.25 = $3.70 “Estimated taxes” means the amount that a qualifying entity or electing pass-through entity estimates to be the sum of its liability under R.C. sections 5733.41 and 5747.41 or R.C. section 5747.38 for its current qualifying taxable year or taxable year, as applicable. Step 3 – Determine the number of days from the payment date (5/15/23) to the next required due date (6/15/23): 4/16/23 to 6/15/23 = 31 days. Page 3 Line References Taxes Paid IT 1140 Schedule I, line 3c, sum of Column A and B IT 4738 Schedule I, line 16 Step 4 – Calculate the interest penalty on the $400 underpayment ($1,000 minus $600) for the 31-day period using the following formula: interest penalty = underpayment X interest rate X number of days late ÷ 365.25 Interest penalty = $400 X 0.05 X 31 ÷ 365.25 = $1.70 Current Year Tax Liability – 2023 IT 1140 Schedule I, line 1, sum of Column A and B IT 4738 Schedule 1, line 9 Step 5 – Add the interest penalty amounts calculated in Steps 2 and 4: $3.70 + $1.70 = $5.40 to Part II, line 7, Column A. Previous Year Tax Liability – 2022 IT 1140 Schedule I, line 1, sum of Column A and B IT 4738 Schedule 1, line 9 For more information, see the FAQs at tax.ohio.gov/faq-IncomeEstimated. -4-
Form IT-2210-1040
More about the Ohio Form IT-2210-1040 Individual Income Tax Estimated TY 2023
If you failed to pay or underpaid your estimated taxes for the past tax year, you must file form IT-2210, Interest Penalty on Underpayment of Ohio Individual Income, School District Income and Pass-Through Entity Tax, to calculate any interest or penalties due with your income tax return.
We last updated the Income Tax Underpayment Interest Penalty Form in February 2024, so this is the latest version of Form IT-2210-1040, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-2210-1040 directly from TaxFormFinder. You can print other Ohio tax forms here.
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TaxFormFinder has an additional 82 Ohio income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form IT 1040ES | Income Tax Estimated Payment Vouchers and Instructions |
| Individual Tax Instructions | Individual Income Tax Instruction Booklet |
| Income Tax Instructions | Income Tax Instruction Booklet |
| Form IT 1040 | Ohio Individual Income Tax Return Bundle |
| Form IT SD 100 | School District Income Tax Return |
View all 83 Ohio Income Tax Forms
Form Sources:
Ohio usually releases forms for the current tax year between January and April. We last updated Ohio Form IT-2210-1040 from the Department of Taxation in February 2024.
Form IT-2210-1040 is an Ohio Individual Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Ohio Form IT-2210-1040
We have a total of nine past-year versions of Form IT-2210-1040 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2016 Form IT-2210-1040
PIT_IT2210Short_2016_FS_121616.indd
2015 Form IT-2210-1040
PIT_IT2210Short_2015_FS_121015.indd
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