What are the W-2 penalties for Kentucky?
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Last modified 11/21/2022 6:29:49 AM EST
Applicable To
94X
1099
W-2
ACA
W-4
W-2 penalties and interests will be applicable under the following circumstances:
- Late filing of W-2 or K-5
- Late payment of taxes
- Underpayment of estimated income tax or limited liability entity tax
- Failure to file or furnish recipient information
| W-2 or K-5 penalty type | Penalty rate | Interest rate |
| Late filing of W-2 or K-5 | 2% of the total tax due for each 30 days from the original deadline. The maximum penalty is 20 percent of the total tax due. The minimum penalty is $10.00 | 5% |
| Late Payment and Failure to Withhold | 2% of the total tax due for each 30 days from the original deadline. The maximum penalty is 20 percent of the total tax due. The minimum penalty is $10.00 | 5% |
| Underpayment of estimated income tax or limited liability entity tax | Estimated income tax multiplied by the tax due interest rate. No maximum or minimum penalty. |
5% |
| Underpayment or Late Payment of Estimated Income Tax | 10 percent for failure to pay any installment of estimated income tax. There is no maximum for this penalty. The minimum penalty is $25. | 10% |
| Failure to File or Failure to Furnish Information | 5% of the estimated tax due for each 30 days from the original deadline. The maximum penalty is 50 percent of the tax assessed. The minimum penalty is $100. | 5% |
| Failure to Timely Pay or Protest Tax by the Department of Revenue | 2% of the unpaid tax for every 30 days or fraction thereof for the failure or refusal to pay within 60 days of the due date. | 2% |
| Failure to Timely Obtain a Required Tax Identification Number, Permit, License, or Other Document of Authority | 10%of any cost or fee for the required identification number, permit, etc. There is no maximum for this penalty. The minimum penalty is $50. Negligence - 10% of the tax assessed. Fraud - 50% of the tax assessed. Unhonored (Cold) Check - 10% of the amount of the cold check. The maximum penalty is $100. The minimum penalty is $10. |
10% |