form 2210 [federal underpayment penalty] question

[Leonard]

We are newbees to tax world, typically our taxes are done by tax preparer. We have used Turbotax online Premier very first time this year 2006. We have 2006 tax return by our tax preparer, and we understood majority except 2210 [underpayment calculation module]. We understand majority of it, however, we have some questions if anyone in this forum knowledgeable, and willing to help us we appreciate it.

[JBinKC]

2210 is an underpayment of taxes penalty which is an interest charge on the underpayment of taxes. You are subject to it if you owe too much money to Uncle Sam.

The penalty is owed if you withheld less than 90% of your current year taxes or if you withheld less than 100% or 110% depending upon your AGI of your prior taxes.

[poundwise]

Here is a link to download the form (fill-in capable):

http://www.unclefed.com/IRS-Forms/2006/f2210f.pdf

And the instructions:

http://www.unclefed.com/IRS-Forms/2006/i2210.pdf

And a site I Googled with some basic info:
CCH Financial Planning Toolkit | Penalties for Underpayment or Late Returns

If all else fails, you can call the IRS for help. They are usually pretty helpful.