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F-2220

R. 01/17

Page 2

Instructions for Florida Form F-2220

Installment Dates – Effective for tax years beginning

A taxpayer may not use the prior year exception if

on or after January 1, 2017, the first installment due

the previous tax year was for a short tax year (not

date is changing (See TIP 16C01-03). Generally, for

a full 12 months), except where the short period is

tax years beginning prior to January 1, 2017 and for

due to a change in accounting period. You may not

tax years ending 6/30, the declaration or payment

use the prior period exception in your first year of

of estimated tax is due on or before the last day of

operation.

the 4th month, the last day of the 6th month, the

Note: The Florida Income Tax Code does not

last day of the 9th month, and the last day of the tax

allow annualizing taxable income to determine

year. For tax years beginning on or after January 1,

2017 and for tax years ending other than 6/30, the

the requirement for making an individual

declaration or payment of estimated tax is due on

installment.

or before the last day of the 5th month, the last day

of the 6th month, the last day of the 9th month, and

Computation of Penalty and Interest – Follow the

the last day of the tax year.

instructions on the form to complete Lines 9

through 14. For purposes of determining the date

Estimated Tax – Every domestic or foreign corporation or

of payment on Line 10, a payment of estimated tax

other entity subject to taxation under Chapter 220,

on any installment date is considered a payment of

F.S., must report estimated tax for the taxable year

any previous underpayment only to the extent the

if the amount of income tax liability for the year is

payment exceeds that amount of the installment

expected to be more than $2,500.

as computed on Line 3. If you made more than one

payment for a given installment, attach a separate

Purpose of Form – This form will enable taxpayers to

computation for each payment.

determine if they paid the correct amount of each

Line 13 — Interest on underpayments – The interest

installment of estimated tax by the proper due date.

If the minimum amount was not paid timely, we may

rate on each underpayment will vary depending

impose penalty and interest.

on the date of the payment and the interest rate or

rates in effect for the period. It may be necessary

Computation of Underpayments – Make entries on

to attach a separate schedule showing the

Lines 1 through 6 following the instructions for

computation of interest on each underpayment. A

each line item. Enter on Line 4(c) the previous

floating rate of interest applies to underpayments

installment’s overpayment (Line 6) but only if the

and late payments of estimated tax. The rate is

overpayment exceeds all prior underpayments. If

updated January 1 and July 1 of each year by using

Line 6 shows an underpayment of any installment,

the formula established in s. 220.807, F.S. To obtain

complete Lines 7 and 8 and Lines 9 through 14, to

interest rates:

the extent applicable. If the requirements for filing

the declaration of estimated tax were met during the

•

Visit the Department’s website at:

tax year and fewer than four installment payments

were required, attach an explanatory statement

including computations.

•

Call Taxpayer Services at 800-352-3671,

Monday through Friday (excluding holidays).

Exception to Avoid Penalty and Interest – You will not

owe penalty or interest for an underpaid installment

on Line 6 if the total amount of all payments made

by the installment date equals or exceeds the

amount that would have been required to be paid

using the preceding year’s tax (see s. 220.34, F.S.).

Calculate the exception using Lines 7 and 8. The

prior year exception calculation includes donations

to nonprofit scholarship-funding organizations made

in the current year. The certificate of contribution

must be issued on or before the installment due

date.

Form F-2220 - Underpayment Of Estimated Tax On Florida Corporate Income/franchise Tax Page 2

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