Form K-220 - Kansas Underpayment Of Estimated Corporate Tax - 2013 Page 2
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1
2INSTRUCTIONS FOR SCHEDULE K-220
If any due date falls on a Saturday, Sunday, or legal holiday, substitute the next regular work day.
WHO MAY USE THIS SCHEDULE
c) for the first 6 months or for the first 8 months if
installment was required to be paid in the 9th month;
Schedule K-220 will help a corporation determine if it paid
and
the correct amount of estimated tax by the correct due date. If
d) for the first 9 months or first 11 months if installment
the minimum amount was not paid on time, an underpayment
was required to be paid in the 12th month.
penalty will be imposed for the period of underpayment.
PART II – FIGURING THE PENALTY
Every corporation is required to pay estimated tax for the
taxable year if its Kansas tax liability can reasonably be
LINE 8: Enter on line 8 the amount of underpayment of tax,
expected to exceed $500. A corporation is not required to file a
which is the lesser of one of the following computations:
declaration in its first year of existence in Kansas.
• Line 6 less line 5; or
Short Taxable Years. Any estimated tax, payable in
• Line 7 less line 5
installments, which is not paid before the 15th day of the last
month of a short taxable year shall be paid on the 15th day of
LINE 9: Enter the due date of each estimate payment
the last month of the short taxable year.
installment (15th day of the 4th, 6th, 9th and 12th months of
the tax year).
COMPLETING THIS SCHEDULE
IMPORTANT—You will need to compute the correct number of
Enter your name and your EIN (Employer Identification
days for each installment for lines 10 and 11 in order to compute
Number) in the space provided at the top of this schedule.
the applicable penalty rate for lines 12 and 13.
LINES 1 through 3: Complete these lines based on
information from your returns for this tax year and from the
LINE 10: Enter in the first column the number of days from
prior tax year.
the first installment due date to the next installment due date
and enter the same for the remaining installment due dates. Do
PART I – EXCEPTIONS TO THE PENALTY
not compute the number of days for this line past 12/31/13.
You will NOT be subject to a penalty if your 2013 tax
Days past that date are to be entered on line 11.
payments (line 5, columns 1 through 4) equal or exceed the
EXAMPLE: For the fiscal year ending 6/30/14 the installment
amounts for one of the exceptions (lines 6 or 7, columns 1
due dates are 10/15/13, 12/15/13, 3/15/14 and 6/15/14;
through 4) for the same payment period.
therefore, the taxpayer will enter on line 10 the following
number of days: Column 1 - 10/15/13 to 12/15/13 equals
LINE 4: Enter the due date of each estimate payment
61 days. Column 2 - 12/15/13 to 12/31/13 equals 16 days.
installment (15th day of the 4th, 6th, 9th and 12th months for
Columns 3 and 4 of this line will not be completed since the
the tax year).
number of days has been computed to 12/31/13. The
computation for this fiscal year will continue on line 11.
LINE 5: Enter the cumulative amount of timely paid
estimated tax payment made in each quarter.
LINE 11: Enter the number of days from 1/1/14 to the due
EXAMPLE: For a calendar year, column 3 will be the total of
date of the next installment (if one exists). From the last
your timely paid estimated payments made from January 1
installment date enter the number of days to the date paid or
through September 15, 2013.
the due date of the return, whichever is earlier. The following
example continues the computation example from line 10.
LINE 6: Exception 1. This exception applies if the amount
on line 5 of a column equals or exceeds the amount on line 6
EXAMPLE: Column 1 - blank since there are no days prior to
for the same column. Enter the amount from line 2 or line 3
1/1/13 on this line. Column 2 - 1/1/14 to 3/15/14 equals 74
(whichever is less) times the percentages shown in each
days. (Note: The 16 days previously entered on line 10 plus
column of the schedule.
the 74 days equals the total number of days from 12/15/13 to
3/15/14.) Column 3 - 3/15/14 to 6/15/14 equals 92 days.
LINE 7: Exception 2. This exception applies if the amount
Column 4 - to be computed from 6/15/14 to the date the tax
on line 5 of a column equals or exceeds the amount on line 7
was paid or 10/15/14 (due date of the return), whichever is
for the same column, if applicable. A corporation may annualize
earlier.
its income if the corporation made an estimated tax payment
LINES 12 and 13: Penalty is computed at 4% for both the
of at least 90% of the amount it would owe if its estimated tax
2013 and 2014 periods.
were a tax computed on annualized taxable income for the
months preceding an installment date. The computation is as
LINE 14: For each column, add lines 12 and 13 and enter
follows:
the result.
LINE 15: Add amounts in each column of line 14 and enter
a) for the first 3 months, if the installment was required
to be paid in the 4th month;
the total on line 15 and on the Estimated Tax Penalty line of
b) for the first 3 months or first 5 months, if installment
Form K-120. If you are annualizing to meet an exception (line
was required to be paid in the 6th month;
7, K-220) check the box within the Estimated Tax Penalty line.
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