State Form 440 - Schedule It-2220 - Penalty For Underpayment Of Corporate Income Tax - 2007

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Indiana Department of Revenue
Penalty for Underpayment of Corporate Income Tax
Schedule
BB
For Tax Year Beginning
AA
_________/_________/ 2007 and Ending
_________/_________/_________
IT-2220
(See Instructions on reverse side of this schedule)
State Form 440(R6/8-07)
Page attachment sequence #7.
Name of Corporation or Organization
Federal Identifi cation Number
B
A
Part I - How to Figure Underpayment of Corporate Tax
(Effective for taxable years beginning after Dec. 31, 2002 and before Dec. 15, 2007.)
1. Enter Indiana adjusted gross income tax (if less than $1,000, enter -0-) ................................ 1
2. Enter total tax reduction credits excluding estimated taxes paid for the taxable period
(cannot exceed amount on line 1) ............................................................................................... 2
3. Subtract line 2 from line 1. If zero, stop; you do not owe an underpayment penalty ................. 3
Part II - How to Figure Exception to Underpayment Penalty
4. Multiply line 3 by 80% and enter result here ............................................................................... 4
5. Enter the portion of your prior year's fi nal income tax liability, net of tax reduction credits (do
not reduce by estimated taxes paid), that is relative to number of months in the current
taxable period. See instructions .................................................................................................. 5
6. Enter line 4 or line 5, whichever amount is less .......................................................................... 6
Short period fi lers see note on reverse following line 18 instructions.
(a)
(b)
(c)
(d)
Quarterly Estimated Tax Paid for Taxable Year
1st quarter
2nd quarter
3rd quarter
4th quarter
7. Enter in columns (a) through (d) the quarterly installment
dates corresponding to the 20th day of the 4th, 6th, 9th
/
/
/
/
/
/
/
/
and 12th months of the tax year .........................................
7
8. Enter estimated income tax paid / credited on or before
the due date of the installment for each quarter .................
8
9. Enter the overpayment, if any, from the preceding
column that exceeds any remaining prior
<underpayments> shown on line 12 ....................................
9
10. Add line 8 and line 9 for each column .................................. 10
11. Divide line 6 by four or by the number of quarters in the
tax period; enter result in columns (a) through (d) ............... 11
12. Subtract line 11 from line 10 for each quarter. If the result
is a negative fi gure, you have not met any exception to
the penalty for the quarter .................................................... 12
Part III - How to Figure Penalty
13. Enter the overpayment, if any, from the preceding
column that exceeds any remaining prior
<underpayments> shown on line 16 .................................... 13
14. Add line 8 in Part II, and line 13 above, for each quarter ..... 14
15. Divide line 3 in Part I by four or the number of quarters in
the tax period, divisor cannot be less than 1; enter result
in applicable columns .......................................................... 15
16. Subtract line 15 from line 14. If the result is a negative
fi gure, this is your <underpayment> for the quarter ............. 16
17. If line 12 shows zero or more for the quarter, the
overpayment exception is met. Enter zero on line 17.
Otherwise, compute 10% penalty on the
<underpayment> shown on line 16 for each column.
Enter the penalty, if any, for the quarter as a positive fi gure 17
18. Add line 17, columns (a) through (d). This is your total underpayment penalty.
Enter here and carry to the appropriate line of Form IT-20, IT-20S or IT-20NP ................................... 18

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