Schedule Mo-2220 - Corporation Underpayment Of Estimated Tax Schedule - 2012 Page 2
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22012 SCHEDULE MO-2220
PAGE 2
PART 4 — MONTHLY MISSOURI TAXABLE INCOME
If 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
Missouri Taxable Income
Missouri Taxable Income
Taxable Year
Taxable Year
00
00
1
First
7
Seventh
00
00
2
Second
8
Eighth
00
00
3
Third
9
Ninth
00
00
4
Fourth
10
Tenth
00
00
5
Fifth
11
Eleventh
00
00
6
Sixth
12
Twelfth
Instructions
Purpose of Schedule
Line 11
Schedule MO‑2220 is used by a corporation to determine whether it is subject
Exception 2, tax on annualized income — This exception applies if the estimated
to addition to tax for underpayment of estimated tax, and if so, the amount of
tax payment(s) equals or exceeds 90 percent of the tax on the annualized Missouri
addition to tax. Estimated tax is a corporation’s expected income tax liabil‑
taxable income for periods from the first of the year to the end of the month
ity. For further information regarding underpayment of estimated tax, see 12 CSR
preceding that in which an installment is due (Section 143.761.4(2), RSMo). A
10‑2.067. Estimated tax payments are required if Missouri estimated tax can rea‑
corporation may annualize its income as follows:
sonably be expected to be $250 or more.
(1) Compute the Missouri taxable income from the first of the tax year up to and
including the month prior to that in which an installment is due.
Large Corporation
A corporation, or any predecessor corporation, that in any of the three preceding
(2) Multiply the result of step (1) by 12.
taxable years had a federal taxable income of at least one million dollars and had
(3) Divide the result of step (2) by the number of months in the computation period.
a Missouri taxable income of at least one hundred thousand dollars is a large
Computations must be attached.
corporation. Large corporations use Exception 2, 3, or 5. All other corporations use
Exception 1, 2, 3, or 4 (Section 143.761.4 and 6, RSMo).
Line 12
Exception 3, tax on income over periods of 3, 5, 8, and 11 months — This
How to Use This Schedule
exception applies if the estimated tax payment(s) equals or exceeds 90 percent of
Complete Part 1 of Schedule MO‑2220 to find out if there is an underpayment for
the tax computed, at the rate applicable to the current taxable year, on the basis
any of the four payment periods. If there is an underpayment on Line 7 (Column a,
of the actual Missouri taxable income for the calendar months in the taxable year
b, c, or d) go to Part 2 — Exceptions to the Addition to Tax. If no exceptions apply
preceding the date prescribed for payment (Section 143.761.4(3), RSMo).
for a payment period, go to Part 3 — How to Figure the Addition to Tax. If using
Computations must be attached.
Schedule MO‑2220 to show Exception 2, 3, or 5, complete Part 4.
Line 13
Part 1 — How to Figure the Underpayment
Exception 4, tax on prior year’s income using current year’s rates — This excep‑
Complete Part 1, Lines 1 through 8. The instructions for most of these lines are on
tion applies if the estimated tax payment(s) equals or exceeds the tax computed
the form itself. Follow the instructions below for Lines 1, 4, 5, and 7.
by using the current year’s rates, but based on the facts shown on the prior year’s
return and the law that applies to the prior year (Section 143.761.4(4), RSMo).
Line 1
Exception 4 does not apply to large corporations.
Approved corporation tax credits cannot exceed Form MO‑1120, Lines 14 and 15.
Line 14
Line 4
Exception 5, tax on annualized income — This exception applies if the estimated
A prior year’s overpayment will be applied against the earliest installment unless
tax payment(s) equals or exceeds 90 percent of the amount the corporation would
the corporation has requested otherwise.
owe if its estimated tax was a tax figured on annualized Missouri taxable income
Line 5
for the months preceding an installment date (Section 143.761.4(5), RSMo). A
Apply as a credit against the next installment any overpayment shown on Line 8
corporation may annualize its income as follows:
that is greater than all prior underpayments.
(1) For the first three months if the installment was required to be paid in the fourth
month.
Line 7
(2) For the first three months or the first five months if the installment was required
If Line 7 shows an underpayment, complete Part 2 to see if any of the exceptions
to be paid in the sixth month.
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
(4) For the first nine months or for the first 11 months if the installment was required
shown on Line 9) equal or exceed any amount determined for the same period
to be paid in the 12th month.
under the following exception provisions. However, filing an estimated tax payment,
To annualize, multiply Missouri taxable income for the period by 12 and divide
amended estimated tax payment, or payment on the last installment date of the
the result by the number of months in the period (3, 5, 6, 8, 9, or 11 as the case
taxable year will not relieve the corporation of addition to tax for failure to pay
may be). Only a large corporation may use this exception. Computations must be
by the designated due dates. A different exception may be applied for each
attached.
underpayment, but a separate computation page must be attached. If none of the
ex c ep t ions apply, complete Lines 15 through 26.
Part 3 — How to Figure the Addition to Tax
Line 10
If no exception applies, complete Lines 15 through 26 to determine the amount of
addition to tax.
Exception 1, prior year’s tax — This exception applies if the current year estimated
tax payment(s) equals or exceeds the tax shown on the prior year return. The prior
Line 24
year tax return must cover a period of 12 months and show a tax liability (Section
For underpayments after January 1, 2014, a corporation must use an interest rate
143.761.4(1), RSMo). If there was no tax liability see Exception 4. Exception 1 does
that the Department of Revenue will announce by November 1, 2013.
not apply to large corporations.
MO-2220 (12-2012)
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