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Indiana Department of Revenue

Schedule

IT-2220

Penalty for Underpayment of Corporate Income Tax

State Form 440

(R10 / 8-11)

or Other Tax Year Beginning

2011 and Ending

Page attachment sequence #7

(See instructions on page XX of booklet)

Check box if using annualization method

Name of Corporation or Organization

Federal Identiﬁ cation Number

Part I - How to Figure Underpayment of Corporate Tax

Round all entries

1. Enter Indiana adjusted gross income tax (if less than $2,500, enter -0-) ................................ 1

2. Enter total tax reduction credits excluding estimated taxes paid for the taxable period

(cannot exceed amount on line 1) ............................................................................................... 2

3. Subtract line 2 from line 1. If zero, stop; you do not owe an underpayment penalty ................. 3

Part II - How to Figure Exception to Underpayment Penalty

4. Enter the portion of your prior year's ﬁ nal income tax liability, net of tax reduction credits (do

not reduce by estimated taxes paid), that is relative to the number of months in the current

taxable period. See instructions .................................................................................................. 4

Short-period ﬁ lers see note following line 18 instructions on page XX.

(a)

(b)

(c)

(d)

1st quarter

2nd quarter

3rd quarter

4th quarter

Quarterly Estimated Tax Paid for Taxable Year

5. Enter in columns (a) through (d) the quarterly installment

dates corresponding to the 20th day of the 4th, 6th, 9th,

and 12th months of the tax year ..........................................

6. Enter estimated income tax paid/credited on or before

the due date of the installment for each quarter ..................

7. Enter the overpayment, if any, from the preceding

column that exceeds any remaining prior underpayments

shown on line 10 (use minus sign for negative amounts) .... 7

8. Add line 6 and line 7 for each column ..................................

9. Divide line 4 by 4 or by the number of quarters in the

tax period; enter the result in columns (a) through (d) .........

10. Subtract line 9 from line 8 for each quarter. If the result

is a negative ﬁ gure, you have not met any exception to

the penalty for the quarter .................................................... 10

Part III - How to Figure Penalty

11. Enter the overpayment, if any, from the preceding

column that exceeds any remaining prior underpayments

shown on line 14 (use minus sign for negative amounts) .... 11

12. Add line 6 in Part II and line 11 above for each quarter ....... 12

13. Divide line 3 in Part I by 4 or the number of quarters in

the tax period; divisor cannot be less than 1. Enter result

in applicable columns .......................................................... 13

14. Subtract line 13 from line 12. If the result is a negative ﬁ gure,

this is your underpayment for the quarter (use minus sign

for negative amounts) .......................................................... 14

15. If line 10 shows zero or more for the quarter, the

overpayment exception is met. Enter zero on line 15.

Otherwise, compute 10% penalty on the underpayment

shown on line 14 for each column (use minus sign for

negative amounts). Enter the penalty, if any, for the quarter

as a positive ﬁ gure ............................................................... 15

16. Add line 15, columns (a) through (d). This is your total underpayment penalty.

Enter it here and carry to the appropriate line of Form IT-20 or IT-20NP ............................................................ 16

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24100000000

State Form 440 - Schedule It-2220 - Penalty For Underpayment Of Corporate Income Tax

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