Ohio § 5726.07 Underpayment of estimated taxes

Ohio Statutes

§ 5726.07 — Underpayment of estimated taxes

Ohio § 5726.07

Title 57Taxation

Ch. 5726Financial Institutions Tax

This text of Ohio § 5726.07 (Underpayment of estimated taxes) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 5726.07 (2026).

Text

(A)In the case of an underpayment of estimated taxes required to be paid under section5726.06of the Revised Code, interest upon the amount of underpayment, calculated at the rate per annum prescribed by section5703.47of the Revised Code for the period of underpayment, shall be added to the tax due for the tax year for which the estimated tax is paid.

(B)The amount of underpayment upon which such interest is computed equals the amount by which division (B)(1) of this section exceeds division (B)(2) of this section.

(1)The amount of the estimated tax payment that would be required to be paid if the total estimated tax due were equal to the amount of tax shown to be due on the annual report filed for the tax year or, if no report was filed, the total amount of tax due for the

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(A) In the case of an underpayment of estimated taxes required to be paid under section5726.06of the Revised Code, interest upon the amount of underpayment, calculated at the rate per annum prescribed by section5703.47of the Revised Code for the period of underpayment, shall be added to the tax due for the tax year for which the estimated tax is paid.

(B) The amount of underpayment upon which such interest is computed equals the amount by which division (B)(1) of this section exceeds division (B)(2) of this section.

(1) The amount of the estimated tax payment that would be required to be paid if the total estimated tax due were equal to the amount of tax shown to be due on the annual report filed for the tax year or, if no report was filed, the total amount of tax due for the tax year;

(2) The amount, if any, of the estimated tax that has been paid on or before the last day prescribed for such payment.

(C) The period of underpayment for which such interest is computed shall run from the date the estimated tax payment was required to be made to the date the payment is made.

For purposes of this section, a payment of estimated tax on any payment date shall be considered a payment of any previous underpayment only to the extent that such payment exceeds the amount of payment currently due.