- 1 -
|
OMB No. 1545-0123
Underpayment of Estimated Tax by Corporations
Form 2220
Department of the Treasury Attach to the corporation’s tax return. 2023
Internal Revenue Service Go to www.irs.gov/Form2220 for instructions and the latest information.
Name Employer identification number
Note: Generally, the corporation is not required to file Form 2220 (see Part II below for exceptions) because the IRS will figure any penalty
owed and bill the corporation. However, the corporation may still use Form 2220 to figure the penalty. If so, enter the amount from page 2,
line 38, on the estimated tax penalty line of the corporation’s income tax return, but do not attach Form 2220.
Part I Required Annual Payment
1 Total tax (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . 1
2a Personal holding company tax (Schedule PH (Form 1120), line 26) included on line 1 2a
b Look-back interest included on line 1 under section 460(b)(2) for completed long-term
contracts or section 167(g) for depreciation under the income forecast method . . . 2b
c Credit for federal tax paid on fuels (see instructions) . . . . . . . . . . . 2c
d Total. Add lines 2a through 2c . . . . . . . . . . . . . . . . . . . . . . . . 2d
3 Subtract line 2d from line 1. If the result is less than $500, do not complete or file this form. The corporation
does not owe the penalty . . . . . . . . . . . . . . . . . . . . . . . . . 3
4 Enter the tax shown on the corporation’s 2022 income tax return. See instructions. Caution: If the tax is zero or
the tax year was for less than 12 months, skip this line and enter the amount from line 3 on line 5 . . . . 4
5 Required annual payment. Enter the smaller of line 3 or line 4. If the corporation is required to skip line 4, enter
the amount from line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Part II Reasons for Filing—Check the boxes below that apply. If any boxes are checked, the corporation must file
Form 2220 even if it does not owe a penalty. See instructions.
6 The corporation is using the adjusted seasonal installment method.
7 The corporation is using the annualized income installment method.
8 The corporation is a “large corporation” figuring its first required installment based on the prior year’s tax.
Part III Figuring the Underpayment
(a) (b) (c) (d)
9 Installment due dates. Enter in columns (a) through (d) the 15th day
of the 4th Form ( 990-PF filers : Use 5th month), 6th, 9th, and 12th
months of the corporation’s tax year . . . . . . . . . . 9
10 Required installments. If the box on line 6 and/or line 7 above is
checked, enter the amounts from Schedule A, line 38. If the box on
line 8 (but not 6 or 7) is checked, see instructions for the amounts to
enter. If none of these boxes are checked, enter 25% (0.25) of line 5
above in each column . . . . . . . . . . . . . . 10
11 Estimated tax paid or credited for each period. For column (a) only,
enter the amount from line 11 on line 15. See instructions . . . . 11
Complete lines 12 through 18 of one column before going to the
next column.
12 Enter amount, if any, from line 18 of the preceding column . . . . 12
13 Add lines 11 and 12 . . . . . . . . . . . . . . . 13
14 Add amounts on lines 16 and 17 of the preceding column . . . . 14
15 Subtract line 14 from line 13. If zero or less, enter -0- . . . . . 15
16 If the amount on line 15 is zero, subtract line 13 from line 14.
Otherwise, enter -0- . . . . . . . . . . . . . . . 16
17 Underpayment. If line 15 is less than or equal to line 10, subtract line
15 from line 10. Then go to line 12 of the next column. Otherwise, go
to line 18 . . . . . . . . . . . . . . . . . . 17
18 Overpayment. If line 10 is less than line 15, subtract line 10 from line
15. Then go to line 12 of the next column . . . . . . . . . 18
Go to Part IV on page 2 to figure the penalty. Do not go to Part IV if there are no entries on line 17—no penalty is owed.
For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11746L Form 2220 (2023)
|