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Penalty For Underpayment Of Corporate Income Tax IT-2220 - Indiana
| Penalty For Underpayment Of Corporate Income Tax Form. This is a Indiana form and can be used in Corporate Income Department Of Revenue Statewide . |
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Schedule IT-2220 StateForm440 (R11/8-12) Penalty for Underpayment of Corporate Income Tax or Other Tax Year Beginning 2012 and Ending (See instructions on page 40 of booklet) Pageattachmentsequence#7 Indiana Department of Revenue Checkboxifusingannualizationmethod NameofCorporationorOrganization FederalIdentificationNumber Part I - How to Figure Underpayment of Corporate Tax 1. EnterIndianaadjusted gross income tax(iflessthan$2,500,enter-0-)................................ 1 2. Entertotaltax reduction credits excludingestimatedtaxespaidforthetaxableperiod (cannotexceedamountonline1) .............................................................................................. 2 . 3. Subtractline2fromline1.Ifzero,stop;youdonotoweanunderpaymentpenalty................. 3 Round all entries 00 00 00 Part II - How to Figure Exception to Underpayment Penalty 4. Entertheportionofyourprioryear'sfinalincometaxliability,netoftaxreductioncredits(do notreducebyestimatedtaxespaid),thatisrelativetothenumberofmonthsinthecurrent taxableperiod.Seeinstructions.................................................................................................. 4 Short-period filers see note following line 16 instructions on page 42. (a) 1st quarter (b) 2nd quarter 00 (c) 3rd quarter (d) 4th quarter Quarterly Estimated Tax Paid for Taxable Year 5. Enterincolumns(a)through(d)thequarterlyinstallment datescorrespondingtothe20thdayofthe4th,6th,9th, and12thmonthsofthetaxyear.......................................... 5 6. Enterestimatedincometaxpaid/creditedonorbefore theduedateoftheinstallmentforeachquarter.................. 6 7. Entertheoverpayment,ifany,from the preceding columnthatexceedsanyremainingpriorunderpayments shownonline10(useminussignfornegativeamounts).... 7 8. Addline6andline7foreachcolumn.................................. 8 9. Divideline4by4orbythenumberofquartersinthe taxperiod;entertheresultincolumns(a)through(d)......... 9 10. ubtractline9fromline8foreachquarter.Iftheresult S isanegativefigure,youhavenotmetanyexceptionto thepenaltyforthequarter.................................................... 10 / / / / / / / / 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 Part III - How to Figure Penalty 11.Entertheoverpayment,ifany,from the preceding column thatexceedsanyremainingpriorunderpayments shownonline14(useminussignfornegativeamounts).... 11 12. ddline6inPartIIandline11aboveforeachquarter....... 12 A 13. ivideline3inPartIby4orthenumberofquartersin D thetaxperiod;divisorcannotbelessthan1.Enterresult inapplicablecolumns ......................................................... 13 . 14. ubtractline13fromline12.Iftheresultisanegativefigure, S thisisyourunderpaymentforthequarter(useminussign fornegativeamounts).......................................................... 14 15. fline10showszeroormoreforthequarter,the I overpaymentexceptionismet.Enterzeroonline15. Otherwise, compute 10% penalty on the underpayment shown on line 14 for each column (useminussignfor negativeamounts). Enterthepenalty,ifany,forthequarter asapositivefigure............................................................... 15 00 00 00 16. ddline15,columns(a)through(d).Thisisyourtotalunderpayment penalty. A EnterithereandcarrytotheappropriatelineofFormIT-20orIT-20NP ........................................................... 16 . 00 00 00 00 00 *24100000000* 24100000000 American LegalNet, Inc. www.FormsWorkFlow.com
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