Instructions For Alaska Underpayment Of Estimated Tax By Corporations (Page 2 of 2) in pdf

Penalty Worksheet and Instructions

Line 8: If the amount on line 7 is zero, subtract line 5 from line 6

and enter the result on line 8. Otherwise, enter zero.

Use the worksheet below to estimate the penalty for underpayment

Line 9: If line 7 is less than or equal to line 2, subtract line 7 from

of estimated tax payments. Use additional worksheets to account

line 2, enter the result, compute the penalty on line 13, and then go

for payments if more than four estimated payments were made for

to line 4 of the next column. Otherwise, go to line 10.

the tax year.

Line 10: If line 2 is less than line 7, subtract line 2 from line 7 and

Do not attach the Penalty Worksheet to the tax return. Keep the

enter the result on line 10. Then go to line 4 of the next column.

Penalty Worksheet with your other tax records.

Line 11: Enter the date of payment or the 15th day of the 3rd

Line 1: Enter in column A through D the installment due dates

month after the close of the tax year, whichever is earlier.

from Form 6220 line 5.

A payment of estimated tax is applied against underpayment of

Line 2: Enter in columns A through D the requirement installment

required installments in the order in which such installments are

from Form 6220, line 6

required to be paid, regardless to which installment the payment

pertains. If the corporation has made more than one payment for

Line 3: In column A, enter the estimated tax payments deposited

a required installment, compute the penalty separately for each

by the 15th day of the 4th month of your tax year; in column B,

payment.

enter payments made after the 15th day of the 4th month through

the 15th day of the 6th month of your tax year; in column C, enter

Line 12: Enter the number of days from the due date of the

payments made after the 15th day of the 6th month through the

installment on line 1 to the date shown on line 11

15th day of the 9th month of your tax year; and in column D, enter

payments made after the 15th day of the 9th month through the

Line 13: Enter the amount that is equal to the number of days on

15th day of the 12th month of your tax year. For column A only,

line 12 divided by the number of days in the tax year times the

enter the amount from line 3 on line 7.

Generally, a prior year’s overpayment will be applied against the

applicable rate times the amount on line 9. The applicable rate is

the Alaska interest rate in effect. For interest rates, refer to DOR’s

earliest installment, unless the taxpayer instructs the Department

website at

otherwise.

Line 14: Add amounts on line 13 columns A–D. Enter on line 14

Line 7: Subtract line 6 from line 5. If less than zero, enter zero (for

and on Schedule A, line 14 of Form 6000, 6100, or 6150.

column A only, enter the amount from line 3)

Penalty Worksheet

1. Installment due dates from Form 6220, line 5

2. Requirement installment from Form 6220, line 6

3. Amount paid or credited for each period

Complete lines 4 through 10 for one column before completing the next column

4. Enter the amount, if any, from line 10 of the previous column

5. Add lines 3–4

6. Add amounts on lines 8–9 of the preceeding column

7. Subtract line 6 from line 5 (see instructions)

8. Remaining underpayment from previous period

9. Underpayment (see instructions)

10. Overpayment (see instructions)

11. Enter the date of payment (see instructions)

Number of days from the due date of the installment on line 1

12.

to the date shown on line 11

13. Penalty for each period

14. Total penalty for underpayment of estimated tax

0405-6220i Rev 01/01/16 - page 2

Instructions For Alaska Underpayment Of Estimated Tax By Corporations Page 2

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