Form Cit-Ut - Underpayment Of Estimated Tax By Corporation - 2014 Page 2
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Annualized Income and Adjusted Seasonal Installment Method Worksheet (15-31-510, MCA)
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Please include a completed copy of federal Form 2220.
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A
B
C
D
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Part I
Calculate Annualized Income Installments
Period
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8
See instructions.
First 3 months First 3 months First 6 months First 9 months
120
130
100
110
9
9
1. Enter your taxable income for each period ...............1.
10
10
2. Annualization amounts .............................................2.
4
4
2
1.33333
11
11
3. Multiply line 1 by line 2 and enter the result .............3.
160
170
140
150
12
12
Period
13
13
First 3 months First 5 months First 8 months First 11 months
200
210
180
190
14
14
4. Enter your taxable income for each period ...............4.
15
15
5. Annualization amounts .............................................5.
4
2.4
1.5
1.09091
16
240
250
16
220
230
6. Multiply line 4 by line 5 and enter the result .............6.
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17
7. In columns A through D enter one of the following
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18
three options (see instructions): (1) the amounts
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19
in each column on line 3; (2) the amounts in each
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20
column on line 6; (3) the lesser of the amounts in
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290
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260
270
21
each column, line 3 or 6. This is your annualized
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22
taxable income .........................................................7.
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23
320
330
8. Multiply line 7 in each column by your current tax rate
300
310
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24
and enter the result...................................................8.
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25
9. For each period, enter the amount of any tax credits
360
370
340
350
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being claimed on Form CIT, page 4, line 13 .............9.
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27
10. Subtract line 9 from line 8. If less than zero, enter
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400
410
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380
390
zero. Otherwise, enter the result ............................10.
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11. Applicable percentage ............................................ 11.
20%
40%
60%
80%
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12. Multiply line 10 by line 11 and enter the result ........12.
440
450
420
430
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Complete lines 36 through 41 for one column before completing lines 13 and 14 of the next column.
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13. For each column enter the combined amounts of all previous
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480
460
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columns on line 41 (i.e. - Add columns A and B from line 41 and
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enter result in column C on this line.) ..............................................13.
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35
14. Subtract line 13 from line 12. If less than zero, enter
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36
zero. Otherwise, enter the result. If you are using
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the seasonal method, go to line 15, otherwise, go to
510
520
490
500
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line 36 .....................................................................14.
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Part II Calculate Adjusted Seasonal Installments. You can only use this method if the base period percentage for any
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6 consecutive months of your tax year is at least 70%. See instructions for more information.
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Period
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42
First 3 months First 5 months First 8 months First 11 months
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15. Enter your taxable income for the following periods:
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44
530
560
540
550
a. Third preceding taxable year .........................15a.
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45
570
580
590
600
b. Second preceding taxable year .....................15b.
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610
c. First preceding taxable year ........................... 15c.
640
620
630
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16. Enter your taxable income for each period for your
650
680
660
670
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current taxable year ................................................16.
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Period
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50
First 4 months First 6 months First 9 months
Entire year
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17. Enter your taxable income for the following periods:
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690
700
710
720
a. Third preceding taxable year .........................17a.
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b. Second preceding taxable year .....................17b.
730
760
740
750
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c. First preceding taxable year ........................... 17c.
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770
800
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780
790
18. Divide the amount in each column on line 15a by
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the amount in column D on line 17a and enter the
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810
840
820
830
result .......................................................................18.
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19. Divide the amount in each column on line 15b by
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850
the amount in column D on line 17b and enter the
860
870
880
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result .......................................................................19.
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