Schedule Mo 2220 - Corporation Underpayment Of Estimated Tax Schedule - 2013 Page 2
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1
2If claiming Exception 2, 3, or 5 on the Schedule MO-2220, provide the Missouri taxable income for the appropriate months used to make the
calculations.
Month of
Month of
Month of
Missouri Taxable Income
Missouri Taxable Income
Missouri Taxable Income
Taxable Year
Taxable Year
Taxable Year
1
First
00
5
Fifth
00
9
Ninth
00
2
Second
00
6
Sixth
00
10
Tenth
00
3
Third
00
7
Seventh
00
11
Eleventh
00
4
Fourth
00
8
Eighth
00
12
Twelfth
00
Instructions
Purpose of Schedule
Line 11 — Exception 2, tax on annualized income — This exception applies
Schedule MO-2220 is used by a corporation to determine whether it is
if the estimated tax payment(s) equals or exceeds 90 percent of the tax
subject to addition to tax for underpayment of estimated tax, and if so, the
on the annualized Missouri taxable income for periods from the first of the
amount of addition to tax. Estimated tax is a corporation’s expected
year to the end of the month preceding that in which an installment is due
income tax liability. For further information regarding underpayment
(Section 143.761.4(2),
RSMo). A corporation may annualize its income as follows:
of estimated tax, see
12 CSR
10‑2.067. Estimated tax payments are
(1) Compute the Missouri taxable income from the first of the tax year up to
required if Missouri estimated tax can reasonably be expected to be $250
and including the month prior to that in which an installment is due.
or more.
(2) Multiply the result of step (1) by 12.
Large Corporation
(3) Divide the result of step (2) by the number of months in the computation
A corporation, or any predecessor corporation, that in any of the three
period. Computations must be attached.
preceding taxable years had a federal taxable income of at least one million
dollars and had a Missouri taxable income of at least one hundred thousand
Line 12 — Exception 3, tax on income over periods of 3, 5, 8, and 11
dollars is a large corporation. Large corporations use Exception 2, 3, or 5. All
month — This exception applies if the estimated tax payment(s) equals
other corporations use Exception 1, 2, 3, or 4
(Section 143.761.4 and 6,
RSMo).
or exceeds 90 percent of the tax computed, at the rate applicable to
the current taxable year, on the basis of the actual Missouri taxable
How to Use This Schedule
income for the calendar months in the taxable year preceding the date
Complete Part 1 of Schedule MO-2220 to find out if there is an underpayment
prescribed for payment
(Section 143.761.4(3),
RSMo). Computations must be
for any of the four payment periods. If there is an underpayment on Line 7
attached.
(Column a, b, c, or d) go to Part 2 — Exceptions to the Addition to Tax. If
no exceptions apply for a payment period, go to Part 3 — How to Figure the
Line 13 — Exception 4, tax on prior year’s income using current year’s rates —
Addition to Tax. If using Schedule MO-2220 to show Exception 2, 3, or 5,
This exception applies if the estimated tax payment(s) equals or exceeds
complete Part 4.
the tax computed by using the current year’s rates, but based on the facts
Part 1 — How to Figure the Underpayment
shown on the prior year’s return and the law that applies to the prior year
(Section 143.761.4(4),
RSMo). Exception 4 does not apply to large corporations.
Complete Part 1, Lines 1 through 8. The instructions for most of these lines
are on the form itself. Follow the instructions below for Lines 1, 4, 5, and 7.
Line 14 — Exception 5, tax on annualized income — This exception applies
if the estimated tax payment(s) equals or exceeds 90 percent of the
Line 1 — Approved corporation tax credits cannot exceed
Form
MO‑1120,
amount the corporation would owe if its estimated tax was a tax figured on
Lines 14 and 15.
annualized Missouri taxable income for the months preceding an installment
Line 4 — A prior year’s overpayment will be applied against the earliest
date
(Section 143.761.4(5),
RSMo). A corporation may annualize its income
installment unless the corporation has requested otherwise.
as follows:
Line 5 — Apply as a credit against the next installment any overpayment
(1) For the first three months if the installment was required to be paid in the
shown on Line 8 that is greater than all prior underpayments.
fourth month.
(2) For the first three months or the first five months if the installment was
Line 7 — If Line 7 shows an underpayment, complete Part 2 to see if any of
required to be paid in the sixth month.
the exceptions apply.
(3) For the first six months or for the first eight months if the installment was
Part 2 — Exceptions to the Addition to Tax
required to be paid in the ninth month.
The corporation will not be liable for addition to tax if the tax payments
(amounts shown on Line 9) equal or exceed any amount determined for the
(4) For the first nine months or for the first 11 months if the installment was
same period under the following exception provisions. However, filing an
required to be paid in the 12th month.
estimated tax payment, amended estimated tax payment, or payment on
To annualize, multiply Missouri taxable income for the period by 12 and
the last installment date of the taxable year will not relieve the corporation of
divide the result by the number of months in the period (3, 5, 6, 8, 9, or
addition to tax for failure to pay by the designated due dates. A different
11 as the case may be). Only a large corporation may use this
exception may be applied for each underpayment, but a separate computation
exception. Computations must be attached.
page must be attached. If none of the ex cep tions apply, complete Lines 15
Part 3 — How to Figure the Addition to Tax
through 26.
If no exception applies, complete Lines 15 through 26 to determine the amount
Line 10 — Exception 1, prior year’s tax — This exception applies if the
of addition to tax.
current year estimated tax payment(s) equals or exceeds the tax shown
on the prior year return. The prior year tax return must cover a period of 12
Line 24 — For underpayments after January 1, 2015, a corporation must
months and show a tax liability
(Section 143.761.4(1),
RSMo). If there was no
use an interest rate that the Department of Revenue will announce by
tax liability see Exception 4. Exception 1 does not apply to large corporations.
November 1, 2014.
Form MO-2220 (Revised 10-2013)
Mail to:
Taxation Division
Phone: (573) 751-4541
P.O. Box 3365
Fax: (573) 522-1721
Visit
Jefferson City, MO 65105-3365
E‑mail:
corporate@dor.mo.gov
for additional information.
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