Instructions For Form Ct-222 - Underpayment Of Estimated Tax By A Corporation - New York State Department Of Taxation And Finance - 2004 Page 2
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CT-222-
(2004) (back)
Line 16, exception 3: Applies if the estimated tax you paid was
To avoid underpayment penalties, you must make up a reduction in
equal to or more than 91% (or 100% for large corporations) of the
estimated taxes resulting from using annualized income or
amount you would owe if your estimated tax were a tax computed
seasonal income by increasing the amount of the next installment
on annualized taxable income for the months preceding an
determined under any other exception method by the amount of
installment date.
such reduction.
For additional information about computing seasonal income, see
You may annualize income as follows:
Tax Law Article 27, section 1085(d)(4).
a. For the first 3, 4, or 5 months of the tax year, in the case of the
installment required to be paid in the 6th month.
Computation of the underpayment penalty
b. For the first 6, 7, or 8 months of the tax year, in the case of the
If no exception applies, complete lines 18 through 39 to determine
installment required to be paid in the 9th month.
the amount of the penalty. The penalty is computed for the period of
c. For the first 9, 10, or 11 months of the tax year, in the case of
underpayment at a rate set by Tax Law Article 27, section
the installment required to be paid in the 12th month.
1096(e)(1). Daily compounding of interest does not apply.
To annualize, multiply taxable income for the period by 12 and
Line 39 — In each column enter the amount from line 38, or, if the
divide the result by the actual number of months in the period.
installment payment (line 10) equals 80% (.8) or more of line 1
Line 17, exception 4: Applies if you have recurring seasonal
divided by four, multiply the penalty shown in the corresponding
income. You may annualize income by assuming that income
column of line 38 by 75% (.75) and enter the result.
earned in the current year is earned in the same seasonal pattern
as in the three preceding tax years.
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Business Tax Information Center:
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with disabilities, please call 1 800 972-1233.
From areas outside the U.S. and
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(518) 485-6800
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