What are the W-2 penalties for Kentucky?
240 views | Last modified 12/29/2020 8:53:25 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 of taxes 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%
Failure to file or furnish recipient 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%

 

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