Form 2220me - Unerpayment Of Estimated Tax

FORM 2220ME

2016

UNDERPAYMENT OF ESTIMATED TAX

MAINE REVENUE SERVICES, P.O. BOX 1065, AUGUSTA, ME 04332-1065

This form is used for the computation of penalty for underpayment of estimated tax for the

Maine corporate income tax and Maine franchise tax. Enclose with the appropriate Maine return.

For calendar year 2016, or fi scal year beginning ________________ , 2016 and ending _______________ , 20 ____ .

NAME

FEDERAL IDENTIFICATION NUMBER

NUMBER AND STREET

CITY OR TOWN, STATE AND ZIP CODE

Part I - Calculating Your Underpayment

1

2016 tax (check the applicable space below) ........................................................................................................................................... 1. ___________________________

Form 1120ME, line 7c (Total Tax) minus lines 8c (Tax Credits) and 8d (Income Tax Withheld)

Form 1120B-ME, line 3c (Total Tax) minus line 4d (Net Operating Loss Credit) and line 4e (Other Credits)

2.

Multiply line 1 by 90% ............................................................................................................................................................................... 2. ___________________________

3.

2015 tax (If 2015 is a short-year, enter amount from line 2)(If this line or line 1 is less than $1,000, do not complete rest of form) ........ 3. ___________________________

4.

Enter the smaller of line 2 or line 3 ........................................................................................................................................................... 4. ___________________________

A

B

C

D

PAYMENT DUE DATES

Enter in columns A through D the installment dates that correspond to the 15th

day of the 4th, 6th, 9th and 12th months of the taxable year.

5.

Enter 25% of line 4 in columns A through D, unless (a) or (b) below applies:

a.

Actual liability: Check here and the box above line 10,

page 3, Form 1120ME. Enter amount from line 19 of the

annualization worksheet.

b.

If the corporation is a “large” corporation under IRC § 6655(g)

(2)(A), enter the required estimated tax amount by statute

and check this box ...................................................................5.

6.

a.

Estimated tax paid and carryover of prior year overpayment............6a.

b.

Overpayment on line 8b from prior column .......................................6b.

7.

Line 6a plus line 6b ....................................................................................7.

8.

a.

Underpayment (line 5 minus line 7) or ..............................................8a.

b.

Overpayment (line 7 minus line 5) ....................................................8b.

Part II - Calculating the Penalty

9.

Enter the due date of the return (or the date the underpayment on line 8a

was paid to MRS, if earlier) ........................................................................9.

10. Number of months or fraction thereof from the payment due date to

the date shown on line 9 ..........................................................................10.

11. Enter the rate from the table included in the instructions .........................11.

12. Underpayment penalty. Underpayment on line 8a multiplied by rate on

line 11 .......................................................................................................12.

13. Total of amounts shown on line 12. Enter result here and on Form 1120ME, line 10 or Form 1120B-ME, line 5b ............................................... 13.

Rev. 02/17