Figuring the Penalty
If the Exception just described does not apply, and you choose to figure out the penalty yourself, use Form 2210 (or 2210-F for farmers and fishermen).
Enter any penalty on line 77. Add the penalty to any tax due and enter the total on line 76.
However, if you have an overpayment on line 73, subtract the penalty from the amount you would otherwise enter on line 74a or line 75. Lines 74a, 75, and 77 must equal line 73.
If the penalty exceeds the overpayment on line 73, enter -0- on lines 74a and 75. Then subtract line 73 from line 77 and enter the result on line 76.
Do not file Form 2210 with your return unless Form 2210 indicates that you must do so. Instead, keep it for your records.
Tip from IRS: Because Form 2210 is complicated, you can leave line 77 blank, and the IRS will figure out the penalty and send you a bill. We will not charge you interest on the penalty if you pay by the date specified on the bill. If your income varied during the year, the annualized income installment method might reduce the amount of your penalty. But you must file Form 2210 because the IRS cannot figure out your penalty under this method. See the Instructions for Form 2210 for other situations in which you may be able to lower your penalty by filing Form 2210.