Form M-2220 - Underpayment Of Massachusetts Estimated Tax By Corporations - 2001
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1
22001
Form M-2220
Massachusetts
Underpayment of Massachusetts
Department of
Estimated Tax by Corporations
Revenue
Attach this form to 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:
Part 1. Figuring your underpayment.
See instructions.
11. 2001 tax (from line 18, 355 or 355C; line 20, 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 2001 tax using 2000 income apportionment percentage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14. Enter 2000 tax (total of line 16 and line 18, 2000 355A, 355B, 355C-A or 355C-B; total of line 18 and line 20, 2000
355S-A or 355S-B; or line 6, 2000 Form SBC). Large corporations or short taxable year corporations, see instructions . . . .
15. Enter line 2, 3 or 4, whichever is smallest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Due dates of installments
16. Enter in columns 1 through 4 the installment
dates that correspond to the the 15th day
of the 3rd, 6th, 9th and 12th months of your
❿
(1)
(2)
(3)
(4)
taxable year . . . . . . . . . . . . . . . . . . . . . . . . . .
17. Enter in column (1) 40% of line 5
Enter in column (2) 25% of line 5
Enter in column (3) 25% of line 5
Enter in column (4) 10% of line 5
If you are a new corporation, check this box
and see the instructions for the amount to
enter in each column of line 7.
18. Amount paid or credited for each period . . . . . . .
19. Overpayment of previous installment . . . . . . . . .
10. Total.
Add line 8 and line 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
12 months. Corporations meeting either of these conditions should enter
Massachusetts General Laws should use Form M-2220 to determine
the smaller of lines 2 or 3 in line 5. See Massachusetts Regulation 830
whether they paid the correct amount of estimated tax by the proper due
CMR 63B.2.2 for additional information.
date. If not, a penalty may be imposed on the underpayment amount.
Large corporation. Any corporation having $1 million or more of federal
For further information on estimated tax payments refer to the “Should
taxable income in any of its three preceding taxable years (IRC Sec.
the Corporation Be Making Estimated Tax Payments?” in your corporation
6655(g)) may only use its prior year tax liability to calculate its first quar-
excise instructions or in the instructions for Form 355-ES, Corporation Es-
terly estimated payment. Any reduction in the first installment payment
timated Tax Payments.
must be added to the second installment payment.
Paying estimated taxes. All corporations which reasonably estimate
Making estimated tax payments. Estimated taxes are paid in quarterly
their corporate excise to be in excess of $1,000 for the taxable year are
installments as follows:
required to make estimated tax payments to the Commonwealth. Esti-
Pct. of estimated
Due date from start
mated taxes may be paid in full on or before the 15th day of the third
Installment no.
tax due
of taxable year
month of the corporation’s taxable year or in four installment payments
1
40%
15th day of 3rd month
according to the schedule. Corporations making estimated payments
2
25%
15th day of 6th month
must use Form 355-ES to make their payments.
3
25%
15th day of 9th month
Short year. Corporations are liable for estimated payments even if there
4
10%
15th day of 12th month
was no return filed for 2000 or if a return filed for 2000 was for less than
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