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F-2220

R. 01/13

Page 2

Instructions for Florida Form F-2220

The payment for June 2013 is due on or before June

Note: The Florida Income Tax Code does not

28, 2013. Generally, the declaration or the payment of

allow annualizing taxable income to determine

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

the requirement for making an individual

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

installment.

9th month, and the last day of the tax year. If you are

using this form for estimated tax payments due prior to

Computation of Penalty and Interest – Follow the

2009 use due dates one day later.

instructions on the form to complete Lines 9

through 14. For purposes of determining the date

Estimated Tax – Every domestic or foreign corporation or

of payment on Line 10, a payment of estimated tax

other entity subject to taxation under Chapter 220,

on any installment date is considered a payment of

Florida Statutes (F.S.), must report estimated tax for

any previous underpayment only to the extent the

the taxable year if the combined amount of income

payment exceeds that amount of the installment

tax liability for the year is expected to be more than

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

$2,500.

payment for a given installment, attach a separate

computation for each payment.

Purpose of Form – This form will enable taxpayers to

determine if they paid the correct amount of each

Line 13 — Interest on underpayments – The interest

installment of estimated tax by the proper due date.

rate on each underpayment will vary depending

If the minimum amount was not paid timely, we may

on the date of the payment and the interest rate or

impose penalty and interest.

rates in effect for the period. It may be necessary

to attach a separate schedule showing the

Computation of Underpayments – Make entries on

computation of interest on each underpayment. A

Lines 1 through 6 following the instructions for

floating rate of interest applies to underpayments

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

and late payments of estimated tax. The rate is

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

updated January 1 and July 1 of each year by using

overpayment exceeds all prior underpayments. If

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

Line 6 shows an underpayment of any installment,

interest rates:

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

the extent applicable. If the requirements for filing

•

Visit the Department’s Internet site at

the declaration of estimated tax were met during the

tax year and fewer than four installment payments

were required, attach an explanatory statement

•

Call Taxpayer Services, Monday - Friday, 8:00

including computations.

a.m. to 7:00 p.m., ET, at 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

section [s.] 220.34, F.S.). Calculate the exception

using Lines 7 and 8.

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.

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

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