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New Jersey Underpayment Penalty Form NJ2210

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New Jersey Underpayment Penalty Form NJ2210

Answer

Use Form NJ-2210 to determine if you are subject to interest on the underpayment of estimated tax.    Estates and trusts are subject to interest on underpayment of estimated tax and may need to complete form NJ-2210, except estates and trusts that meet the two year limitation and other criteria of federal Internal Revenue Code section 6654(1)(2).  Complete Part I, Figuring your Underpayment, to determine if you have not paid enough estimated tax during any of the payment periods.  If you have not, complete Part II, Exceptions, to determine if an exception applies to any of the payment periods.  If no exception applies use the attached worksheet, Computing The Interest, to calculate the interest for that period.

In General – You may owe interest if you did not make estimated payments, including withholdings (see Line 6), equal to at least 80% of your 2018 tax liability (Line 44, Form NJ-1040) or 100% of your 2017 tax liability, provided your 2017 New Jersey Gross Income Tax return covered a full 12-month period.
If an underpayment does exist for any column in Part I, you should complete Part II, Exceptions and the appropriate worksheet on page 2, NJ-2210 to determine if any of the exceptions on Part II may apply.  You must complete the appropriate worksheet for exceptions 2, 3, and 4 and attach all computations for each of the exceptions claimed.


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Views: 1131 Created on: Jun 15, 2013
Date updated: Jan 10, 2019
Posted in: States, New Jersey

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