45-008: IA 2210F Underpayment of Estimated Tax by Farmers and Fishers 45-008 (2024)
Iowa · Iowa DOR · Used for tax years 2024
The 2024 Iowa IA 2210F helps farmers and fishers determine whether they underpaid their estimated income tax and calculate any penalty. It also helps determine whether an exception avoids the penalty.
Who files this form
Use the 2024 IA 2210F if farming or fishing income makes up at least two-thirds of your gross annual income from all sources, as defined in Treasury Regulation § 1.6073-1(b).
The form helps you determine whether withholding and estimated payments sufficiently covered your Iowa income tax and whether you qualify for an exception to the underpayment penalty. The instructions refer to IRS Publication 505 (2024) for help determining whether you meet the income test.
When it's due
For tax year 2024, the instructions give these alternatives to the usual estimated-tax installment filing requirement:
- January 15, 2025: File the installment and pay the tax in full.
- March 1, 2025: File your return and pay the tax in full. If you meet the farming and fishing income test and this filing-and-payment exception, check the box at the top of IA 2210F and enter zero on line 11.
For the 2024 penalty calculation, line 10 counts days from January 15, 2025, to the payment date or April 30, 2025, whichever is earlier.
If a due date falls on a weekend or holiday as defined in Iowa Code section 421.9A, use the next regular business day.
What you'll need
Have these returns and records available to complete the form:
- Your 2024 IA 1040, including line 18 and refundable credits on lines 23 through 27.
- Your 2023 IA 1040, including line 18, refundable credits on lines 23 through 27, and Iowa net modifications on line 3.
- Your 2023 federal adjusted gross income and federal filing status, to determine whether the 110% rule applies to line 5.
- Records of Iowa tax withheld during 2024 and amounts paid or credited by January 15, 2025.
- Your payment date, if you need to calculate a penalty.
- Income information to determine whether farming or fishing income is at least two-thirds of your gross annual income.
Enter your name and Social Security number on the form.
How to file
Include IA 2210F with your tax return. Enter the penalty from IA 2210F, line 11, on IA 1040, line 35, and check the box on IA 1040, line 35, even if the calculated penalty is zero.
The supplied text does not give a mailing address or e-filing directions.
Common mistakes
- Skipping the checkbox because the penalty is zero. Check the box on IA 1040, line 35, even when the calculated penalty is zero, and include IA 2210F with the return.
- Missing the special exception checkbox. If you meet the income test and filed your return and paid all tax due by March 1, 2025, check the box at the top of IA 2210F, then go to line 11 and enter zero.
- Overlooking the weekend and holiday rule. The instructions say to substitute the next regular business day when a due date falls on a qualifying weekend or holiday.
Questions people ask
Does an underpayment on line 8 automatically mean I owe a penalty?
No. The instructions say to check the exception on line 9 if line 8 shows an underpayment.
What 2023 tax amount belongs on line 5?
Start with 2023 IA 1040, line 18, minus refundable credits on lines 23 through 27. Use 110% of that amount if your 2023 federal adjusted gross income, including Iowa net modifications on IA 1040, line 3, exceeds $150,000, or $75,000 if married filing separate federal returns. Your 2023 return must have covered, or would have covered if filing had been required, 12 months.
How is the penalty calculated?
Multiply the daily percentage rate by the number of days on line 10 and the underpayment on line 8. The printed daily rate for January 1 through December 31, 2025, is 0.027397%, equivalent to 10% per year. Line 10 counts days from January 15, 2025, to your payment date or April 30, 2025, whichever is earlier.
Can the penalty be waived?
The penalty may be waived if the underpayment resulted from casualty, disaster, or other unusual circumstances. It may also be waived if you retired at age 62 or later, or became disabled in the tax year for which estimated payments were required, and the underpayment was due to reasonable cause rather than willful neglect.