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73. PENALTY FOR UNDERPAYMENT OF ESTIMATED TAX.

If you are required to make estimated tax payments but fail to make the payments, you are subject to a penalty in addition to any tax you may owe. The penalty is determined in the same way as for Federal purposes. Consequently, you must include your Iowa income, lump-sum, and minimum taxes when calculating the penalty for underpayment of estimated tax.

If you are subject to this penalty, complete IA 2210 (IA 2210F for farmers and fishers) and enter the penalty on this line. Attach a copy of the IA 2210 or IA 2210F to your return. If you elect to use an alternative method of computing the penalty, attach a copy of your worksheet to your tax return.

If you are due a REFUND, subtract the penalty amount from the overpayment you show on line 70 or line 71.

Iowa residents who expect to owe tax of $200 or more for the tax year from income not subject to withholding tax must make quarterly estimated tax payments. These payments may be made online or with an IA 1040ES form.

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