Form 51076 - Schedule It-2220(Fy) Penalty For Underpayment Of Corporate Income Taxes

ADVERTISEMENT

Indiana Department of Revenue
From January 1, 2003 to Fiscal
Schedule
Penalty for Underpayment
IT-2220(FY)
Year Ending ______/______/2003
BB
of Corporate Income Taxes
o
a
State Form 51076
M
D
(R1/12-02)
(See Instructions on reverse side of this schedule)
Name of Corporation or Organization
Federal Identification Number
B
A
Part I - How to Figure Underpayment of Corporate Taxes for Fiscal Periods Ending in 2003
1. Enter net adjusted gross income tax from line 48 of Form IT-20FY, line 12 of Form IT-20NP(FY) .....
1
-0-
2. Enter zero -0- utility receipts tax. (However, add estimated utility receipts tax payments to line 12) ..
2
3. Enter amount from line 1 (if less than $1,000 enter -0-). ................................................................................
3
-0-
4. Enter total calculated final supplemental net income tax (enter -0-) ....................................................
4
5. Add lines 2, 3 and 4. If zero, do not complete rest of schedule .................................................................
5
6. Enter total tax reduction credits excluding estimated taxes paid for the 2003 tax period (cannot exceed
total on line 5) ............................................................................................................................................
6
7. Subtract line 6 from line 5. If zero, stop; you do not owe an underpayment penalty ..............................
7
Part II - How to Figure Exception to Underpayment Penalty
8. Multiply line 7 by 80% and enter result here ............................................................................................
8
9. Enter portion of 2001 final income tax liability, net of tax reduction credits (do not reduce by estimated
taxes paid), that is relative to number of months in 2003 tax period. See instructions .............................
9
10. Enter line 8 or line 9, whichever amount is less ......................................................................................... 10
Short period filers see note on reverse following line 22 instructions
(a)
(b)
(c)
(d)
1st quarter
2nd quarter
3rd quarter
4th quarter
Quarterly Estimated Tax Paid for Periods in 2003:
11. Enter in columns (a) through (d) the quarterly installment dates
corresponding to the 20th day of the 4th, 6th, 9th and 12th
/
/ 03
/
/ 03
/
/ 03
/
/ 03
months of the tax year during 2003 ............................................... 11
12. Enter estimated income & utility receipts taxes paid / credited on
or before the due date of the installment for each quarter in 2003 12
13. Enter the overpayment, if any, from the preceding column that
exceeds any remaining prior <underpayments> shown on line 16 13
14. Add line 12 and line 13 for each column ....................................... 14
15. Divide line 10 by number of quarters in 2003 tax period;
enter result in columns (a) through (d) .......................................... 15
16. Subtract line 15 from line 14 for each quarter. If the result is a
negative figure, you have not met any exception to the penalty
for the quarter ................................................................................ 16
Part III - How to Figure Penalty
17. Enter the overpayment, if any, from the preceding column that
exceeds any remaining prior <underpayments> shown on line 20 17
18. Add line 12 in Part II, and line 17 above, for each quarter ............ 18
19. Divide line 7 in Part I by number of quarters in 2003 tax period,
divisor cannot be less than 1; enter result in applicable columns .. 19
20. Subtract line 19 from line 18. If the result is a negative figure,
this is your <underpayment> for the quarter ............................... 20
21. If line 16 shows zero or more for the quarter, the overpayment
exception is met. Enter zero on line 21. Otherwise, compute
10% penalty on the <underpayment> shown on line 20 for
each column. Enter the penalty, if any, for the quarter as a
positive figure ................................................................................ 21
22. Add line 21, columns (a) through (d). This is your total Underpayment penalty.
Enter here and carry to the appropriate line of Form IT-20FY, IT-20S or IT-20NP(FY) filed for
fiscal year ending in 2003 ..................................................................................................................................... 22

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go