ThomasM125
Expert Alumni

After you file

Form 2210 is used to determine if you have a penalty for late payment of tax and also a means by which you may be able to lower the penalty by reporting your income by quarter, so as to result in a more accurate penalty calculation.

 

If you pay in more tax than you owed in the prior year that may allow you to avoid a penalty for late payment of tax, but only if you pay the taxes in a timely fashion. Since you missed the first payment, there will likely be a penalty due as that payment was late.

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