According to the 1040 instructions, the penalty is calculated on Form 2210. Download the instructions for Form 2210 from irs.gov. I did, and there is no straight answer. The penalty depends on whether or not you paid estimated tax, and there are multiple ways to calculate the penalty. I suggest that you follow the recommendation of the 1040 instructions to let the IRS calculate the penalty, and make sure that in 2009 you either increase your estimated tax payments or increase your withholding to avoid paying the penalty next year.
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Today's Featured Article - Adding an Hour Meter - by Steven Gussey. This article tells how I added an electric hour meter to my 1942 Farmall H after rebuilding it. I wanted to keep an accurate maintenance schedule for my rebuilt engine and the implements I use with my tractor, but the H was never available with a tach
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