Shedule It-2220 (State Form 440) Draft - Penalty For Underpayment Of Corporate Income Tax 2008

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DRAFT 09.04.08
Indiana Department of Revenue
Schedule
Penalty for Underpayment of Corporate Income Tax
IT-2220
BB
For Tax Year Beginning
_________/_________/ 2008 and Ending
AA
_________/_________/_________
(See Instructions on reverse side of this schedule)
State Form 440(R7/8-08)
Page attachment sequence #7.
Check box if using annualization method
Name of Corporation or Organization
Federal Identification Number
B
A
Part I - How to Figure Underpayment of Corporate Tax
1. Enter Indiana adjusted gross income tax (if less than $2,500, 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 final 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 filers 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 figure, 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
figure, 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 figure 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
*111081101*
111081101

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