Also see: IRS Announces Penalty Relief Relating to Premium Tax Credit Advance Payments

Statement Requesting Penalty Waiver under Notice 2015-9 for Underpayment of Estimated Tax Penalty Relating to Premium Tax Credit

(Parker Tax Publishing January 30, 2015)

To request a waiver of the Code Sec. 6654(a) penalty for the 2014 tax year, taxpayers should check box A in Part II of Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, complete page 1 of the form, and include the form with their return, along with the statement: "Received excess advance payment of the premium tax credit."

Taxpayers DO NOT need to attach documentation from the Exchange, or explain the circumstances under which they received an excess advance payment, or complete any page other than page 1 of the Form 2210. Taxpayers also do not need to calculate the amount of penalty for the penalty to be waived.

For additional information on relief of penalties relating to receiving excess advance payment of the premium tax credit for the 2014 tax year, see Notice 2015-9.

Sample Waiver Request Statement (to be attached to tax return when filed)

Received excess advance payment of the premium tax credit.

Disclaimer: This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. The information contained herein is general in nature and based on authorities that are subject to change. Parker Tax Publishing guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. Parker Tax Publishing assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein.

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