2210-K: Underpayment of Estimated Tax By Individuals (2024)

Who files this form

Use Form 2210-K to determine whether you owe a penalty for underpaying estimated tax.

For tax year 2024, you generally may owe a penalty if you owe more than $500 and your withholding plus timely estimated tax payments were less than the smaller of:

• 90% of your 2024 tax, or
• 100% of your 2023 tax. Your 2023 return must cover 12 months.

Special rules apply:

• Farmers and fishermen: If at least two-thirds of your Kentucky gross income for 2023 or 2024 came from farming and fishing, substitute 66⅔% for 90%.
• Higher-income taxpayers: Substitute 110% for 100% if your 2023 Kentucky adjusted gross income exceeded $150,000, or $75,000 if your 2023 Kentucky filing status was married filing separately on a combined return or separate returns.

Check Part I for penalty exceptions. If Part II, line 5 is $500 or less, the form says you owe no penalty and should not file Form 2210-K.

When it's due

For tax year 2024, the form lists these estimated tax payment due dates:

• April 15, 2024
• June 15, 2024
• September 15, 2024
• January 15, 2025

For the 2024 farming exception in Part I, the form requires filing the return and paying the full tax due by March 1, 2025, along with meeting the farming-income requirement. The instructions also list March 1, 2025, as the full-payment deadline for the farming or fishing exception.

The form uses April 15, 2025, as the final penalty-calculation date for tax year 2024. It does not state a separate filing deadline for Form 2210-K.

What you'll need

Have these returns and records available to complete the form:

• Your 2024 Form 740, 740-NP, or 741, including tax liability, withholding, refundable credits, and any nonresident withholding.
• Your 2023 tax return, including tax liability and Kentucky adjusted gross income, to apply the prior-year payment rules.
• Records of estimated tax payments and payment dates, plus any credit carried forward from a prior-year return.
• If claiming a farming or fishing exception, records of total gross income and farming or fishing income for 2023 or 2024.
• If using the annualized income installment method, income, adjustments, and any itemized deductions for each period. Include your share of partnership or S corporation income or loss for the period.

How to file

Enclose Form 2210-K with Form 740, 740-NP, or 741. Enter your name as shown on the return and your Social Security or Federal Identification Number.

If claiming a Part I exception, check the applicable box, complete the related lines, and check the “Form 2210-K attached” box on:

• Form 740 or 740-NP, line 34(a), or
• Form 741, line 22(a).

If you calculate a penalty, enter the total from Form 2210-K, line 23, on the same return line listed above.

The supplied text does not give a mailing address or e-filing directions.

Common mistakes

• Filing when the form says to stop: If Part II, line 5 is $500 or less, do not file Form 2210-K.
• Completing the payment columns out of order: Complete lines 11 through 18 of one column before moving to the next.
• Using annualization for only some installments: If you use Part III for any payment due date, you must use it for all payment due dates.
• Including excluded payments in the prepaid-tax exception calculation: The form says not to include amounts prepaid with an extension after the fourth installment due date or amounts paid with the original return.
• Using the individual annualization periods for an estate or trust: Estates and trusts must use the alternate period-ending dates printed in Part III and follow the referenced federal instructions for annualization amounts.

Questions people ask

Can uneven income during the year reduce my required installments?

Yes. The annualized income installment method may lower or eliminate one or more required installments if your income varied during the year, such as from a seasonal business or a large capital gain late in the year. Complete Part III and use it for all payment due dates.

How do I allocate withholding and a prior-year credit?

For Part II, line 10, allocate 25% of your total Kentucky income tax withholding to each column. Put any credit carried forward from a prior-year return in column A only.

What if I had no tax liability for 2023?

The instructions list an exception if you had no 2023 liability, were a U.S. citizen or resident alien for the entire year, and your 2023 tax year covered a full 12 months. The exception also covers an estate of a domestic decedent or a domestic trust under the stated conditions.

How is the penalty calculated?

The penalty is calculated for each underpayment from the payment due date to the earlier of the payment date or the date on line 19. The stated annual rates are 11% for calendar year 2024 and 10% for calendar year 2025. The third installment calculation may use both rates.

Official sources

• https://revenue.ky.gov/Forms/2210-K%20(2024).pdf