Underpayment Penalty Effective Date

genie187 — Tue, 16 Feb 2021 08:44:40 GMT

Hi, I calculated my underpayment penalty and added it to my return using form 2210, didn't file the form, but I'm curious about something. I calculated my penalty by saying I would pay it back by February 15th, 2021. I filed my tax return on February 10th, 2021 and it was accepted February 12th, 2021. I thought they would have withdrawn what I owe on that day, but apparently not. When they do withdraw what I owe, will they consider my calculation of February 15th, 2021 ok even though they didn't actually take the money until after that date?

Re: Underpayment Penalty Effective Date

gloriah5200 — Mon, 22 Feb 2021 02:04:30 GMT

As long as the return was accepted by February 15, and the money is available whenever they get around to debiting it from your account, you should be ok.

As always, watch for any IRS inquiries that they might send, if they send any.

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Underpayment Penalty Effective Date

Re: Underpayment Penalty Effective Date