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Iowa Form IA 1040, Line 73 Calculates an Incorrect Underpayment Penalty Amount

Products Affected:

ProSeries/Iowa Individual
ProSeries Basic/Iowa Individual

Situation

If Form IA 2210, line 8 shows an amount of $200 or greater, an underpayment penalty is calculated incorrectly if the taxpayer’s income is only from wages.

Per Form IA 2210 instructions “Individual taxpayers with only W-2 wages/income are not subject to 2210 penalty and do not complete the 2210.” This is reiterated in the Form IA 1040ES instructions (instructions, page 46).

Solution

This situation was corrected in the update that became available online on January 22, 2008. To download and install this update, go to the Update menu and select Update Installed Products.

Tax Year: 2007
Last Updated: 01/12/2009

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