- quote -


I am assuming you did not file electronically....as stated by others, you
might be in the safe zone, where a penalty may not be due based on the prior
year WH & Prepayments VS tax due.

The reason you have not gotten a bill yet (this year), is that your return
may not have been -fully- processed yet.

If you filed by paper after using your TAX SOFTWARE and there as a modest
tax balance due that you paid in full upon filing, this type of return is
the last to get key punched.

Workload priorities dictate that:
Returns which are balance due and have a partial or no payment attached are
the highest priority for full key punching.

Returns, timely filed with a refund balance, are a priority, as the US
Treasury most pay Interest on delayed refunds, to avoid this the IRS makes a
strong effort to get these returns posted quickly.

Returns with FULL PAYMENT check attached, only the check is cashed, then the
return is set aside for addition data-transcription after the peak workload
season has slowed.

Eventually every class of return is keyed in, if the computer thinks a
penalty is warrented you will get a bill most commonly by the end of
Fall-08, but no later than the statute of limitations 4/15/2011 (1040 for
period ending 12/31/2007 filed by or before 4/15/2008.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Apr 15, 1:24 pm, Duke of Hazard <squ...[at]peoriadesignweb.com> wrote:

- quote -

You don't have to worry about it. If you leave the estimated penalty
form blank that means you want the IRS to compute it and send you a
bill. Actually, it will all be done by computer.

Were you in safe harbor last year (meaning your 2006 year withholding
was 110% or 100% of 2005 tax due). Maybe that's why the IRS did not
send you a bill.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Duke of Hazard" <squash[at]peoriadesignweb.com> wrote in message
news:d62ab718-9a5e-467d-890b-1aa1221f255e[at]u69g2000hse.googlegroups.com...
- quote -

If they don't send you a bill within 3 years, they didn't assess the
penalty.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

My tax software calculated an estimated underpayment penalty of $77
but did not add it to the total amount due. From the 1040
instructions, pg.77 it says IRS will calculate this for you and send
you a bill. My question is what if I don't receive the bill, can I
assume everything is ok? Because last year I had an estimated
underpayment penalty of $180, but I never received an IRS bill. Bug
in the system or something else?

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >