Form M-2220 - Underpayment Of Massachusetts Estimated Tax By Corporations - 2005
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1
22005
Form M-2220
Massachusetts
Underpayment of Massachusetts
Department of
Estimated Tax by Corporations
Revenue
Enclose this form with your return. Please print in ink or type.
Name of corporation
Federal Identification number
355
355C
355S
Other _____________________________________________________________________
Check type of return to be filed:
Figuring your underpayment.
See instructions.
11 2005 tax (from line 20, Forms 355 or 355C; line 23, Form 355S; or line 6, Form SBC). Commercial banks, insurance
companies, and public service companies enter total excise due from return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Enter 90% of line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 Enter 90% of 2005 tax using 2004 income apportionment percentage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Enter 2004 tax (from line 18, 2004 Forms 355 or 355C; line 21, 2004 Form 355S; or line 6, 2004 Form SBC). Large
corporations or short taxable year corporations, see instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 Enter line 2, 3 or 4, whichever is smallest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 Enter in col’s. a through d (respectively) the
‹
installment dates of the 15th day of the 3rd,
6th, 9th and 12th months of your taxable year
a
b
c
d
17 Enter in col. a line 5 × 40%
Enter in col. b line 5 × 25%
Enter in col. c line 5 × 25%
Enter in col. d line 5 × 10%. . . . . . . . . . . . . . . . . .
If you are a new corporation,
check and see instructions.
18 Amount paid or credited for each period. . . . . . . .
19 Overpayment of previous installment . . . . . . . . . .
10 Total. Add lines 8 and 9. . . . . . . . . . . . . . . . . . . . .
11 Overpayment. Subtract line 7 from line 10 . . . . . .
12 Underpayment. Subtract line 10 from line 7 . . . . .
Complete reverse to calculate underpayment penalty.
General Information
Who should use this form. Corporations taxed under Ch. 63 of the
Commercial banks, insurance companies and public service com-
Massachusetts General Laws should use Form M-2220 to determine
panies. Enter in line 1 the Total Excise Due amount from the return being
whether they paid the correct amount of estimated tax by the proper due
filed. Also, if an underpayment penalty is due, show this amount in the
date. If not, a penalty may be imposed on the underpayment amount.
bottom margin of page 1 of your respective return as “underpayment pen-
alty” and increase your total payment due or decrease excess payment
Short year. Corporations are liable for estimated payments even if there
to be refunded.
was no return filed for 2004 or if a return filed for 2004 was for less than
12 months. Corporations meeting either of these conditions should enter
Line Instructions
the smaller of lines 2 or 3 in line 5. See Massachusetts Regulation 830
Lines 7 through 12. To determine the underpayment amount, complete
CMR 63B.2.2 for additional information.
lines 7 through 12 for each appropriate column. If line 11 shows an
overpayment, that overpayment may first be used as a payment of any
Large corporation. Any corporation having $1 million or more of federal
existing underpayment amount. Overpayments used as payments of
taxable income in any of its three preceding taxable years (IRC Sec.
prior underpayment amounts do not decrease the actual underpayment
6655(g)) may only use its prior year tax liability to calculate its first quar-
amount but serve to reduce instead the period of underpayment sub-
terly estimated payment. Any reduction in the first installment payment
ject to penalty. If there are no existing underpayment amounts, the over-
must be added to the second installment payment.
payment is applied as a credit against the next installment. If more than
Note: New corporations in their first full taxable year with less than 10 em-
one payment is made for a given installment, attach separate computa-
ployees have lower payment percentages — 30-25-25-20%; 55-25-20%;
tions for each payment.
and 80-20%. New corporations should check the box in line 7 and use
these percentage amounts to complete line 7.
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