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Massachusetts Underpayment Penalty

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Massachusetts Underpayment Penalty


Who should use this form.

If you are an individual, or a taxpayer taxed as an individual, you should use Form M-2210 to determine if your estimated and/or withholding tax payments were sufficient. If they were not, an underpayment penalty will be imposed, unless you qualify for one of the exceptions or waivers explained below.

Filing estimated tax vouchers.

You are required to file estimated tax vouchers if you reasonably expect to pay more than $400 in Massachusetts income tax on income which is not covered by withholding. For further information regarding estimated taxes, see the instructions for Form 1-ES Payment Vouchers or the publication Should You Be Paying Estimated Taxes?

Exceptions which avoid the penalty.

No underpayment pen alty will be imposed if:

  1. Your 2014 tax due after credits and withholding is $400 or less.
  2. You were a qualified farmer or fisherman who filed and paid in full with your return by March 1, 2015. To qualify, your gross in - come from farming or fishing must be at least two-thirds of the an nual gross income shown on your 2013 or 2014 return.
  3. You were a resident of Massachusetts for the full 12 months of the previous taxable year and were not liable for taxes.
  4. Your 2014 estimated payments and withholding (line 8) made on or before each installment due date in the taxable year equal or exceed the tax shown on your 2013 return divided among the four installment due dates provided that such return was for a full 12-month period.

If you qualify for an exception, do not complete lines 13 through 23. Instead, check the appropriate box on the front of this form and fill in the “EX” oval on the back of Form 1 or Form 1-NR/PY. Enclose this form with your return. If you qualify for the first ex - cep tion (your 2014 tax due after credits and withholding is $400 or less) you do not need to complete this form.

M-2210 Instructions

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Article Details
Views: 744 Created on: Jun 15, 2013
Date updated: Sep 17, 2015
Posted in: STATES, Massachusetts

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