Form 2220-K (State Form 41a720-S6) - Underpayment And Late Payment Of Estimated Income Tax And Llet - 2015
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42015
2220-K
*1500030209*
41A720-S6 (10-15)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
➤ See instructions.
UNDERPAYMENT AND LATE PAYMENT
➤ Attach to Form 720, 720S, 725 or 765.
OF ESTIMATED INCOME TAX AND LLET
Name of Entity
Federal Identification Number
Kentucky Corporation/LLET
Account Number
__ __ __ __ __ __
__ __ __ __ __ __ __ __ __
PART I—EXCEPTION
The exception shall apply if the entity’s prior year combined tax liability was equal to or less than $25,000 and
estimated tax payments equal or exceed the prior year combined tax liability as provided by KRS 141.990. If the
exception does not apply, go to Part II.
The estimated tax payments equal or exceed the prior year combined tax liability and the prior year combined
tax liability was equal to or less than $25,000. Check this box and complete lines 1 and 2 of this part.
1.
Enter the combined tax liability from the 2014 tax return: Form 720, Part I, line 6 and
Part II, line 8; Form 720S, Part I, line 6 and Part II, line 4; or Form 725 or 765, Part II,
line 6 .........................................................................................................................................
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2.
Enter the total tax payments from the 2015 tax return: Form 720, the total of Part I,
lines 7, 8, 9, 10 and 12 and Part II, lines 9 and 11; Form 720S, Part I, lines 7, 8, 9 and
11 and Part II, lines 5 and 7; or Form 725 or 765, Part II, lines 7, 8, 9 and 11 ........................
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PART II—FIGURING THE UNDERPAYMENT AND PENALTY
1. Enter the LLET liability from the 2015 tax return: Form 720 or 720S, Part I, line 6; or
Form 725 or 765, Part II, line 6 ...............................................................................................
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2. Enter the income tax liability from the 2015 tax return: Form 720, Part II, line 8; or
Form 720S, Part II, line 4 .........................................................................................................
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3. Enter the total of lines 1 and 2 ................................................................................................
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4. Enter 70% (0.70) of line 3 .......................................................................................................
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$5,000
5. Statutory exemption ...............................................................................................................
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6. Enter the total tax payments from the 2015 tax return: Form 720, the total of Part I,
lines 7, 8, 9, 10 and 12 and Part II, lines 9 and 11; Form 720S, Part I, lines 7, 8, 9 and 11
and Part II, lines 5 and 7; or Form 725 or 765, Part II, lines 7, 8, 9 and 11 ...........................
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7. Line 4 less lines 5 and 6 ..........................................................................................................
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x
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8. Penalty percentage is 10% ......................................................................................................
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9. Multiply line 7 by line 8 and enter the greater of this amount or $25 ................................
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10. LLET penalty (multiply the amount on line 9 by a percentage, the numerator of which
is the amount on line 1 and the denominator of which is the amount on line 3), and
enter the amount on this line and on the LLET Payment Summary of the applicable
form .......................................................................................................................................... 10
11. Income tax penalty (multiply the amount on line 9 by a percentage, the numerator of
which is the amount on line 2 and the denominator of which is the amount on line 3),
and enter the amount on this line and on the Income Tax Payment Summary of the
applicable form ........................................................................................................................
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