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annualization periods 2, 4, 7, and 10, in columns (a) through

deductions for the annualization period entered in each

(d), respectively.

column on line 20. Multiply AMTI by the annualization

amounts (line 22) used to figure annualized taxable income

Use Option 1 or Option 2 only if the corporation

before subtracting the AMT exemption amount under section

elected to do so by filing Form 8842, Election To

55(d). Enter on line 25 the result for each column.

Use Different Annualization Periods for Corporate

CAUTION

Line 26. Enter any other taxes the corporation owed for the

Estimated Tax, by the due date of the first required

months shown in each column on line 20. Include the same

installment payment. Once made, the election is irrevocable

taxes used to figure Part I, line 1 of Form 2220, but do not

for the particular tax year.

DRAFT AS OF

include the personal holding company tax and interest due

Option 2 is not available to tax-exempt organizations and

under the look-back method of section 460(b)(2) for

private foundations. For these entities, see the options shown

completed long-term contracts or section 167(g)(2) for

in the table in the instructions for line 22.

property depreciated under the income forecast method.

Line 28. Enter the credits the corporation is entitled to for

Corporations

September 5, 2013

the months shown in each column on line 20. Do not

1st

2nd

3rd

4th

Installment

annualize any credit. However, when figuring the credits,

Standard option

annualize any item of income or deduction used to figure the

credit.

Option 1

Option 2

Part III. Required Installments

Line 33. Before completing line 33 in columns (b) through

Tax-Exempt Organizations and Private Foundations

(d), complete lines 34 through 38 in each of the preceding

1st

2nd

3rd

4th

Installment

columns. For example, complete lines 34 through 38 in

Standard option

column (a) before completing line 33 in column (b).

Option 1

Line 35. Enter in each column of line 35, 25% of the amount

from page 1, Part I, line 5. Large corporations, see the

Line 21. Enter on line 21 the taxable income (line 30, Form

instructions for line 10 for the amounts to enter.

1120; or the applicable line for other income tax returns) that

Line 38. For each installment, enter the smaller of line 34 or

the corporation received for the months entered for each

line 37 on line 38. Also enter the result on page 1, Part III,

annualization period in columns (a) through (d) on line 20.

line 10.

If the corporation has extraordinary items, special rules

apply. Do not include on line 21 the de minimis extraordinary

Paperwork Reduction Act Notice. We ask for the

items that the corporation chooses to include on line 23b.

information on this form to carry out the Internal Revenue

See Extraordinary items earlier.

laws of the United States. You are required to give us the

Line 22. Annualization amounts. Enter on line 22,

information. We need it to ensure that you are complying with

columns (a) through (d), respectively, the annualization

these laws and to allow us to figure and collect the right

amounts shown in the tables below for the option used for

amount of tax.

line 20 above. For example, if the corporation elected Option

You are not required to provide the information requested

1, enter on line 22 the annualization amounts 6, 3, 1.71429,

on a form that is subject to the Paperwork Reduction Act

and 1.2, in columns (a) through (d), respectively.

unless the form displays a valid OMB control number. Books

or records relating to a form or its instructions must be

Corporations

retained as long as their contents can become material in the

1st

2nd

3rd

4th

Installment

administration of any Internal Revenue law. Generally, tax

Standard option

1.33333

returns and return information are confidential, as required by

Option 1

1.71429 1.2

section 6103.

Option 2

2.4

1.5

1.09091

The time needed to complete and file this form will vary

depending on individual circumstances. The estimated

Tax-Exempt Organizations and Private Foundations

average time is:

1st

2nd

3rd

4th

Installment

Learning

Preparing and

Standard option

1.33333

about the

sending the

Option 1

1.71429 1.2

law

form to the IRS

Form

Recordkeeping

or the form

Line 23b. If the corporation has certain extraordinary items

2220

28 hr., 27 min. 1 hr., 53 min. 2 hr., 25 min.

2220, Schedule A, Part I

25 hr., 49 min.

— —

25 min.

of $1,000,000 or more, a net operating loss deduction, or a

2220, Schedule A, Part II

12 hr., 26 min.

— —

12 min.

section 481(a) adjustment, special rules apply. Include these

2220, Schedule A, Part III

6 hr., 13 min.

— —

6 min.

amounts on line 23b. Also include on line 23b the de minimis

extraordinary items that the corporation chooses to exclude

If you have comments concerning the accuracy of these

from line 21. See Extraordinary items earlier.

time estimates or suggestions for making this form simpler,

we would be happy to hear from you. See the instructions for

Line 25. Compute the alternative minimum tax (AMT) on

the tax return with which this form is filed.

Form 4626, if applicable. Figure alternative minimum taxable

income (AMTI) based on the corporation's income and

-4-

Instructions for Form 2220 (2013)

Instructions For Form 2220 Draft - Underpayment Of Estimated Tax By Corporations - 2013 Page 5

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