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F-2220

R. 01/15

Page 2

Instructions for Florida Form F-2220

Generally, the declaration or the payment of estimated

Computation of Penalty and Interest – Follow the

tax is due on or before the last day of the 4th month, the

instructions on the form to complete Lines 9

last day of the 6th month, the last day of the 9th month,

through 14. For purposes of determining the date

and the last day of the tax year.

of payment on Line 10, a payment of estimated tax

on any installment date is considered a payment of

Estimated Tax – Every domestic or foreign corporation or

any previous underpayment only to the extent the

other entity subject to taxation under Chapter 220, F.S.,

payment exceeds that amount of the installment

must report estimated tax for the taxable year if the amount

as computed on Line 3. If you made more than one

of income tax liability for the year is expected to be more

payment for a given installment, attach a separate

than $2,500.

computation for each payment.

Purpose of Form – This form will enable taxpayers to

Line 13 — Interest on underpayments – The interest

determine if they paid the correct amount of each

rate on each underpayment will vary depending

installment of estimated tax by the proper due date.

on the date of the payment and the interest rate or

If the minimum amount was not paid timely, we may

rates in effect for the period. It may be necessary

impose penalty and interest.

to attach a separate schedule showing the

computation of interest on each underpayment. A

Computation of Underpayments – Make entries on

floating rate of interest applies to underpayments

Lines 1 through 6 following the instructions for

and late payments of estimated tax. The rate is

each line item. Enter on Line 4(c) the previous

updated January 1 and July 1 of each year by using

installment’s overpayment (Line 6) but only if the

the formula established in s. 220.807, F.S. To obtain

overpayment exceeds all prior underpayments. If

interest rates:

Line 6 shows an underpayment of any installment,

complete Lines 7 and 8 and Lines 9 through 14, to

•

Visit the Department’s website at

the extent applicable. If the requirements for filing

the declaration of estimated tax were met during the

tax year and fewer than four installment payments

•

Call Taxpayer Services, 8 a.m. to 7 p.m., ET,

were required, attach an explanatory statement

Monday through Friday, excluding holidays, at

including computations.

800-352-3671.

Exception to Avoid Penalty and Interest – You will not

owe penalty or interest for an underpaid installment

on Line 6 if the total amount of all payments made

by the installment date equals or exceeds the

amount that would have been required to be paid

using the preceding year’s tax (see s. 220.34, F.S.).

Calculate the exception using Lines 7 and 8. The

prior year exception calculation includes donations

to nonprofit scholarship-funding organizations made

in the current year. The certificate of contribution

must be issued on or before the installment due

date.

A taxpayer may not use the prior year exception if

the previous tax year was for a short tax year (not

a full 12 months), except where the short period is

due to a change in accounting period. You may not

use the prior period exception in your first year of

operation.

Note: The Florida Income Tax Code does not

allow annualizing taxable income to determine

the requirement for making an individual

installment.

Form F-2220 - Underpayment Of Estimated Tax On Florida Corporate Income/franchise Tax Page 2

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