Owe More Taxes Than You Expected - March 2010 (ASL) - YouTube video text script
Hi, I’m Patti, and I work for the IRS.
Do you owe more taxes this year than you expected?
You may not have had enough taxes withheld from your paycheck last year.
Most of us started receiving larger paychecks in April 2009 when our employers took out less to give us the immediate benefit of the “Making Work Pay” tax credit.
But, in some instances, some people ended up not having enough taxes taken out of their paycheck.
Generally, if you owe more than $1,000 when you file your return, you could receive an estimated tax penalty notice from the IRS.
If you get one of these notices this year, and you owe tax because of the “Making Work Pay” credit, you can ask the IRS to waive the penalty.
Just fill out form 2210 and mail it in.
Then, use our Withholding Calculator on our website to change your paycheck withholding for the rest of 2010.
You can do it all at www.IRS.gov