Form N-220 - Underpayment Of Estimated Tax By Corporations And S Corporations - 2014 Page 2
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4FORM N-220
(REV. 2014)
PAGE 2
Part III
Figuring the Penalty
(a)
(b)
(c)
(d)
16 Enter the amount of underpayment(s) from Part II, line 14
16
in the respective columns (a) through (d) ..........................
17 Enter the estimated tax installment due dates used in Part
17
II, line 6 in the respective columns (a) through (d) ............
18 Enter the date each estimated tax installment was paid or
the 20th day of the fourth month following the close of the
18
tax year, whichever is earlier for columns (a) through (d) ..
19 Enter the number of months from the date shown on line
17 to the date on line 18 for columns (a) through (d) (See
19
instructions) .......................................................................
20 Multiply the following: Number of months on line 19 x .00667
20
x underpayment on line 16 for columns (a) through (d) ...........
21 Underpayment penalty — Add line 20, columns (a) through (d). Enter the total here and on Form N-30, line 17; Form
21
N-35, line 24; or Form N-70NP, line 22 .............................................................................................................................
Schedule A
Required Installments Using the Annualized Income Installment Method and/or the Adjusted
Seasonal Installment Method Under IRC Section 6655(e)
Form N-35 filers: For lines 2, 12, 13, and 14 below, “taxable income” refers to excess net passive income or the amount on which tax is imposed under
IRC section 1374(a) (or the corresponding provisions of prior law), whichever applies.
Part I — Annualized Income Installment Method
(a)
(b)
(c)
(d)
First _______
First _______
First _______
First _______
1 Annualization period (see Instructions).
1
months
months
months
months
2 Enter taxable income for each annualization period.
2
3 Annualization amount (see Instructions).
3
4 Annualized taxable income. Multiply line 2 by line 3.
4
5 Figure the tax on the net capital gains and ordinary
income in each column on line 4 by following the instruc-
tions for Form N-30, Schedule J, lines 13 thru 16; Form
5
N-35, lines 22a and 22b; or Form N-70NP, Part I or Part II.
6 Enter other taxes for each payment period (see
6
Instructions).
7 Total tax. Add lines 5 and 6.
7
8 For each period, enter the same type of credits as al-
8
lowed for Form N-220, line 2 (see Instructions).
9 Total tax after credits. Line 7 minus line 8. If zero or less,
9
enter -0-.
10 Applicable percentage.
10
25%
50%
75%
100%
11 Multiply line 9 by line 10.
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Form N-220
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