RI-2220
2013
UNDERPAYMENT OF ESTIMATED TAX BY CORPORATIONS
Name:
FEIN:
Part I - How to Figure Your Underpayment (Note: If your tax for prior year was $500.00 or less, you do
not have to file Form RI-2220. If you meet the exception, complete only lines 7 and 8.)
1.
2013 tax amount from RI-1120C, line 17, RI-1120S, line 9 or RI-1065, line 9...
2.
80% of line 1.………………………………………………………………………….
(a)
(b)
3.
Enter in columns (a) and (b) the installment due dates which
are the 15th day of the 3rd month and the 15th day of the
sixth month.…………………………….......................................
4.
Enter 40% of line 2 in column (a) and
60% of line 2 in column (b)………………………………………
5.
a) Amount paid or credited for each period ………………......
b) Overpayment of prior installment ……………………..……
c) Add lines 5a and 5b……………………………………………
6.
Underpayment (line 4 less line 5c) ………………………...…
Part II - Exception to the Underpayment Interest
7.
Enter the amount from line 5c, columns (a) and (b)…..……….
8.
Exception. Tax on the prior year’s income based on the facts
shown on the prior year’s return, but using the current year’s
rates.
If line 8 is equal to or less than line 7, stop here. No interest is due
.
Part III - How to Figure the Interest
9. Enter the amounts from line 6, columns (a) and (b)…..………...
10. Underestimated Rate of Interest
…….........
(See chart on Page 2)
11. Multiply line 9 times line 10 ……………………………………..
12. Total Underestimated Interest. Add line 11, columns (a) and (b) ………….
(Carry amount from line 12 to RI-1120C, line 22C, RI-1120S, line 13C or
RI-1065, line 13C)