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Form 1040—Lines 74 Through 76 deduction and any retirement savings con- You may need to (a) increase Line 75 the amount of income tax with- tributions credit you claimed. held from your pay by filing a Amount You Owe TIP new Form W-4, (b) increase the tax withheld from other income by filing You and your spouse, if filing To save interest and penalties, Form W-4P or W-4V, or (c) make esti- jointly, each may be able to pay your taxes in full by April mated tax payments for 2010. See Income contribute up to $5,000 ($6,000 15, 2010. You do not have to CAUTION ! TIP Tax Withholding and Estimated Tax Pay- if age 50 or older at the end of pay if line 75 is under $1. ments for 2010 on page 90. 2009) to a traditional IRA or Roth IRA for Include any estimated tax penalty from 2009. The limit for 2010 is also $5,000 What If You Cannot Pay? line 76 in the amount you enter on line 75. ($6,000 if age 50 or older at the end of If you cannot pay the full amount shown on You can pay by check, money order, or 2010). A higher limit may apply for 2009 if line 75 when you file, you can ask for: credit or debit card. Do not include any you were a participant in a 401(k) plan and • An installment agreement, or estimated tax payment for 2010 in this pay- your employer was in bankruptcy in an ear- ment. Instead, make the estimated tax pay- • An extension of time to pay. lier year. You may owe a penalty if your ment separately. Installment agreement. Under an install- contributions exceed these limits. To pay by check or money order. Make ment agreement, you can pay all or part of your check or money order payable to the the tax you owe in monthly installments. “United States Treasury” for the full For more information on IRAs, Generally, you can have up to 60 months to amount due. Do not send cash. Do not at- pay. However, even if your request to pay see Pub. 590. tach the payment to your return. Write in installments is granted, you will be TIP “2009 Form 1040” and your name, address, charged interest and may be charged a late daytime phone number, and social security payment penalty on the tax not paid by number (SSN) on your payment. If you are April 15, 2010. You must also pay a fee. To filing a joint return, enter the SSN shown limit the interest and penalty charges, pay Line 74 first on your tax return. as much of the tax as possible when you file. But before requesting an installment To help process your payment, enter the agreement, you should consider other less Applied to Your 2010 amount on the right side of the check like costly alternatives, such as a bank loan or this: $ XXX.XX. Do not use dashes or lines Estimated Tax credit card payment. (for example, do not enter “$ XXX–” or To ask for an installment agreement, “$ XXX xx 100”). Enter on line 74 the amount, if any, of the you can apply online or use Form 9465. To overpayment on line 72 you want applied Then, complete Form 1040-V following apply online, go to www.irs.gov, click on to your 2010 estimated tax. We will apply the instructions on that form and enclose it “I Need To” and select “Set Up a Payment this amount to your account unless you at- in the envelope with your tax return and Plan.” If you use Form 9465, you should tach a statement requesting us to apply it to payment. Although you do not have to use receive a response to your request to make Form 1040-V, doing so allows us to pro- your spouse’s account. Include your installment payments within 30 days. But if cess your payment more accurately and ef- spouse’s social security number in the at- you file your return after March 31, it may ficiently. tached statement. take us longer to reply. To pay by credit or debit card. To pay by Extension of time to pay. If paying the tax credit or debit card, call toll-free or visit the when it is due would cause you an undue This election to apply part or all website of one of the service providers hardship, you can ask for an extension of of the amount overpaid to your listed below and follow the instructions. A time to pay by filing Form 1127 by April 2010 estimated tax cannot be convenience fee will be charged by the CAUTION ! 15, 2010. An extension generally will not changed later. service provider. This fee is deductible as a be granted for more than 6 months. You miscellaneous itemized deduction subject will be charged interest on the tax not paid to the 2% of AGI limit on your 2010 in- by April 15, 2010. You must pay the tax come tax return. Fees may vary among the before the extension runs out. If you do not, Amount You Owe providers. You will be told what the fee is penalties may be imposed. during the transaction and you will have the IRS e-file offers you the option to either continue or cancel the electronic payment option transaction. You can also find out what the of electronic funds withdrawal (EFW). Line 76 fee will be by calling the provider’s EFW can be used to pay your current year toll-free automated customer service num- Estimated Tax Penalty balance due and can be used to make up to ber or visiting the provider’s website shown below. four estimated tax payments. If you are fil- You may owe this penalty if: ing early, you can schedule your payment • Line 75 is at least $1,000 and it is Link2Gov Corporation for withdrawal from your account on a fu- more than 10% of the tax shown on your 1-888-PAY-1040TM (1-888-729-1040) ture date, up to and including April 15, return, or 1-888-658-5465 (Customer Service) 2010. If you file your return after April 15, • You did not pay enough estimated tax www.PAY1040.com 2010, you can include interest and penalty by any of the due dates. This is true even if in your payment. Visit www.irs.gov and you are due a refund. RBS WorldPay, Inc. enter “e-pay” in the search box for details. 1-888-9-PAY-TAXTM For most people, the “tax shown on your (1-888-972-9829) return” is the amount on your 2009 Form 1-877-517-4881 (Customer Service) 1040, line 60, minus the total of any You can also pay using EFTPS, a free www.payUSAtax.com amounts shown on lines 63, 64a, 65, 66, tax payment system that allows you to and 67 and Forms 8828, 4137, 4136, 5329 make payments online or by phone. For Official Payments Corporation (Parts III through VIII only), 8801 (line 29 more information or details on enrolling, 1-888-UPAY-TAXTM only), 8885, and 8919. Also subtract from visit www.eftps.gov or call Customer Serv- (1-888-872-9829) line 60 any tax on an excess parachute pay- ice at 1-800-316-6541. TTY/TDD help is 1-877-754-4413 (Customer Service) ment, any excise tax on insider stock com- available by calling 1-800-733-4829. www.officialpayments.com pensation of an expatriated corporation, Need more information or forms? See page 96. - 74 -