Form Ia 2220 - Underpayment Of Estimated Tax By Corporations And Financial Institutions - 2014
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1
2Iowa Department of Revenue
2014 IA 2220
Underpayment of Estimated Tax by Corporations and Financial Institutions
Federal Employer
NAME
Identification Number (FEIN)
Computation of Underpayment
Note: If you meet any of the exceptions (see Instruction D) that avoid the underpayment penalty for all quarters, omit
lines 1 through 8, and go directly to line 9.
1.
2014 tax from line 19, IA 1120, or line 15, IA 1120F ....................................................... 1.
2.
Total credits from line 20, IA 1120, or line 16, IA1120F .................................................. 2.
3.
Balance. Subtract line 2 from line 1. ................................................................................ 3.
st
nd
rd
th
1
Quarter
2
Quarter
3
Quarter
4
Quarter
4. Enter in columns 1 through 4 the installment dates that correspond to
the last day of the 4th, 6th, 9th, and 12th months of your taxable year
5. Enter 25% of line 3 in columns 1 through 4
6. (a) Amount paid or credited for each period
6. (b) Overpayment of previous installment. An overpayment on line 8 in
excess of all prior underpayments is to be applied as a credit against
the next installment.
7. Total of lines 6(a) and 6(b)
8. Underpayment: Subtract line 7 from line 5
Overpayment: Subtract line 5 from line 7
Exceptions that avoid the underpayment penalty (See Instruction D); Exceptions 1 and 2 not applicable for initial year filers.
9. Total cumulative amount paid or credited from the beginning of the
taxable year through the installment dates that correspond to the
last day of the 4th, 6th, 9th and 12th months of your taxable year
25% of tax
50% of tax
75% of tax
100% of tax
10. Exception 1: Prior year’s tax
25% of tax
50% of tax
75% of tax
100% of tax
11. Exception 2: Tax on prior year’s income using current year’s rates
25% of tax
50% of tax
75% of tax
100% of tax
12. Exception 3: Tax on annualized income. Include schedule.
Computation of Underpayment Penalty
13. Enter same installment dates used in line 4
14. Amount of underpayment from line 8
15. Date of payment. See Instruction F
16. (a) Number of days from due date of installment to date of payment or
12/31/14, whichever is earlier
16. (b) Number of days inclusively from 01/01/15, or due date of installment,
whichever is later, to the date of payment or the last day of the 4th month
after the close of the tax year, whichever is earlier
17. (a) 5% a year on the amount shown on line 14, for the number of
days shown on line 16(a). See Instruction F.
17. (b) 5% a year on the amount shown on line 14 for the number of days
shown on line 16(b). See Instruction F.
18. Total of lines 17(a) and 17(b) .
19. Penalty: Add the four columns of line 18 and enter here. Also, show the amount on line 25, form IA 1120, or line 20,
form IA 1120 F.
45-006a (10/27/14)
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