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Massachusetts Underpayment Penalty

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Massachusetts Underpayment Penalty


Underpayment of Estimated Tax: You will generally be subject to this addition to tax if you did not have withholding and/or estimated payments equal to 80% of the total tax liability required to be paid and your 2021 tax due after credits and withholding is greater than $400. The 80% requirement is reduced to 66.67% for individuals who receive two-thirds of their income from fishing or farming. If you failed to meet these requirements, you must complete and enclose Massachusetts Form M-2210 to calculate the amount you must add to line 50. You do not have to complete Form M-2210 if the balance due with your return is $400 or less.

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Views: 2946 Created on: Jun 15, 2013
Date updated: Jan 06, 2022
Posted in: States, Massachusetts

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