Underpayment - Pay now or wait for IRS bill?

[avipulco]

I need to pay an underpayment penalty. I have 2 options:

1. Pay underpayment penalty with my tax return and file 2210

2. Wait for the IRS to send me a bill for underpayment penalty and do not file 2210

Does it really matter what option I choose?

[Opus 17]

If you pay now, it will almost certainly be for a slightly different amount than the IRS wants, resulting in either a small refund check being mailed to you or a bill for a small additional amount being sent to you. The formula is complex, and the IRS will often interpret facts differently than the tax software. On the other hand, if you wait for the bill, there will be additional interest making the penalty slightly larger.  I personally would wait for the bill because once you pay that amount, you are done with it.

[avipulco]

Thank you for your insight. I will follow your suggestion and wait for the IRS bill.  Once I receive it, should I make the payment via the IRS website?

[Opus 17 · Accepted solution]

That’s probably the fastest and most secure way.  

[cwie]

How quick does the IRS bill you?  Is it a matter of days or weeks or months?

[ErnieS0]

It varies. Probably a few months, though it may be different this year with the IRS still understaffed due to the pandemic emergency, the probably third stimulus coming within the month and the deadline for some taxpayers extended due to the power outages in Texas.