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www.irscalculators.com | Gain Power With Knowledge
www.irscalculators.com | Gain Power With Knowledge
www.irscalculators.com | Gain Power With Knowledge

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Anyone that influences us to change our algorithm by more than ten cents ($0.10) will receive a license for one year.

Tax Year:

Questions:

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Questions:

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Annualized Income Installment Questions:

Annualized Income Installment Questions:

1/1/ -

3/31/

1/1/ -

5/31/

1/1/ -

8/31/

1/1/ -

12/31/

Enter your adjusted gross income for each period.

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If you itemize, enter itemized deductions for each period.

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Enter medical and dental expenses, investment interest, casualty or theft, and gambling losses.

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Hover over input areas to display an explanation of its purpose.
Select the entity type to arrange the input boxes into the appropriate order.
Choose the tax year to automatically set the return and tax owed date fields.
Check the extension to automatically increase the return due date by six months.
The return due date starts the failure to file penalty and interest on the failure to file penalty.
The tax owed date starts the failure to pay penalty and interest on tax due.
The date return submitted lets the calculator know when to stop calculating the failure to file penalty.
The tax owed per return determines the amount of penalties and interest, which are both a percentage of any underpayment.
The notice date starts the computation of interest on the failure to pay penalty.
The notice of intent to levy date is used to determine when to increase the failure to pay penalty.
The payoff date is used to determine when to stop calculating penalties and interest.
Click open the payment and credit section to allow you to input payments and credits.
Check the Installment Agreement box if you setup a formal monthly payment plan with the IRS.
The date to start applying credits to the computation.
The amount of credits to apply.
The date to begin reducing the failure to pay penalty.
The date to end reducing the failure to pay penalty.
The reset button resets the calculator.
Click to compute IRS penalties and interest.
The IRS adjustment date is used to start calculating the accuracy-related penalty.
The IRS adjustment amount is used to determine the amount of the accuracy-related penalty.
This date is used to determine when to start calculating hot interest (additional 2%), when the amount of tax exceeds 100k.
The number of partners, shareholders, or members, is multiplied by the penalty rate to compute the failure to file penalty.

Estimated Tax Payments Paid

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Use to add or remove entry rows:

Estimated Tax Penalty Results

Short Method

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Regular Method

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Annualized Income Method

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Required Annual Payment

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Stop, no penalty.

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Short Form Method

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Stop, no penalty.

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If the amount on line 14 was paid before 4/15/ , make the following computation to find the amount to enter on line 16.

Amount on line 14 Ã— Number of days paid before 4/15/ Ã— 0.00011.

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Regular Method

Figure your underpayment

4/15/

6/15/

9/15/

1/15/

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Annualized Income Installment Method

1/1/ --3/31/

1/1/ --5/31/

1/1/ --8/31/

1/1/ --12/31/

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Annualized Income Regular Method

Figure your underpayment

4/18/

6/15/

9/15/

1/17/

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Due Dates

4/15/

6/15/

9/15/

1/15/

1a. Enter your underpayment from Part IV, Section A, line 25

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1b. Date and amount of each payment applied to the underpayment in the same column. Don't enter more than the underpayment amount on line 1a for each column (see instructions). Note: Your payments are applied in the order made first to any underpayment
balance in an earlier column until that underpayment is fully paid.

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Rate Period 1: April 16, â€”June 30,

2. Computation starting dates for this period.

4/18/

6/15/

3. Number of days from the date on line 2 to the date the amount on line 1a was paid or 6/30/ , whichever is earlier.

4. Underpayment on line 1a Ã— (Number of days on line 3 / ) Ã— 0.04

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Rate Period 2: July 1, â€”September 30,

5. Computation starting dates for this period.

6/30/

6/30/

9/15/

6. Number of days from the date on line 5 to the date the amount on line 1a was paid or 9/30/ , whichever is earlier.

7. Underpayment on line 1a Ã— (Number of days on line 6 / ) Ã— 0.04

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Rate Period 3: October 1, â€”December 31,

8. Computation starting dates for this period.

9/30/

9/30/

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9. Number of days from the date on line 8 to the date the amount on line 1a was paid or 12/31/ , whichever is earlier.

10. Underpayment on line 1a Ã— (Number of days on line 9 / ) Ã— 0.04

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Rate Period 4: January 1, â€”April 15,

11. Computation starting dates for this period.

12/31/

12/31/

12/31/

1/15/

12. Number of days from the date on line 11 to the date the amount on line 1a was paid or 4/15/ , whichever is earlier.

13. Underpayment on line 1a Ã— (Number of days on line 12) / ) Ã— 0.04

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14. Add all amounts on lines 4, 7, 10, and 13 in all columns. Enter the total here and on line 27 of Part IV, Section B.

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1. Multiply $4,050 by the number of exemptions you plan to claim:

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2. Enter line 3 of Schedule AI:

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3. Enter the exemption amount for your filing status:

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4. Subtract line 3 from line 2:

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5. Is line 4 more than $122,500 (more than $61,250 if married filing separately)? If line 4 is less then divide line 4 by $2,500 ($1,250 if filing separately); then increase to the next whole number.

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6. Multiply line 5 by 2% (0.02). Enter the result as a decimal:

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7. Multiply line 1 by line 6:

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8. Deduction for exemptions. Subtract line 7 from line 1. Enter the result here and in the appropriate column of Schedule AI, line 10:

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Enter line 4 of Schedule AI:

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Enter the total amount included on line 1 above for medical and dental expenses, investment interest, casualty or theft losses, and gambling losses (after applying the same limits used in line 1):

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Subtract line 2 from line 1:

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Enter line 5 of Schedule AI:

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Multiply line 1 by line 4:

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Multiply line 3 by line 4:

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Multiply line 6 by 80% (0.80):

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Enter line 3 of Schedule AI:

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Enter the amount for your filing status:

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Subtract line 9 from line 8:

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Multiply line 10 by 3% (0.03):

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Enter the smaller of line 7 or line 11:

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Total itemized deductions. Subtract line 12 from line 5. Enter the result here and in the appropriate column of Schedule AI, line 6:

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26. Net earnings from self-employment for the period:

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27. Prorated social security tax limit:

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28. Enter actual wages for the period subject to social security tax or the 6.2% portion of the 7.65% railroad retirement (tier 1) tax. Exception: If you filed Form 4137 or Form 8919, see instructions :

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29. Subtract line 28 from line 27. If zero or less, enter -0-:

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30. Annualization amounts:

31. Multiply line 30 by the smaller of line 26 or line 29:

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32. Annualization amounts:

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33. Multiply line 26 by line 32:

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34. Add lines 31 and 33. Enter here and on line 13 above:

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