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IRS Tax Underpayment Penalty

Tax Underpayment Penalty

The IRS has the authority to charge you a tax underpayment penalty when you fail to pay off your entire income tax debt by the April 15th deadline. For the average taxpayer who still owes the IRS tax on this deadline, the agency will increase the amount you owe by one-half percent each month. Be aware that this tax underpayment penalty is separate from the interest the IRS may charge you at the same time. The monthly underpayment penalty will continue to accrue for approximately four years if you still have an unpaid income tax debt. For example, suppose you underpay your federal income tax by $1,000. Starting on the first day your tax payment is late, the penalty starts to accrue and by May 1, you now owe the IRS $1,005. If you don’t make a payment during the month, then come June, another tax underpayment penalty applies on the $1,005 bringing your new tax debt to $1,010.03.

Avoiding the Tax Underpayment Penalty

It’s probably obvious, but the only way to avoid the IRS tax underpayment penalty is to pay your entire income tax debt on time. But there are things you can do during the year without sending the IRS a lump-sum tax check. The best way of avoiding the underpayment penalty is to adjust the amount your employer withholds from each of your paychecks each pay period. You can fill out a new IRS Form W-4 to reduce the number of withholding allowances you claim. As a result, you will see a little more of each paycheck being withheld for your federal income taxes.

For many taxpayers, the lack of sufficient tax withholding is what leads to an IRS tax underpayment penalty charge come April 15. If it’s already too late to avoid the underpayment penalty, then you should really put some time into evaluating your eligibility to claim additional income tax deductions and tax credits. By doing so, you may be able to reduce your taxable income or directly reduce the amount of tax you owe. If this works, then it’s possible you won’t owe an underpayment penalty.

Reference: Internal Revenue Code Sec. 6651