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F-2220

R. 01/09

Page 2

Instructions for Form F-2220

Effective January 1, 2009, the due dates for declarations

Note: The Florida Income Tax Code does not

allow annualizing taxable income to determine

of estimated tax and the due dates for payments of

estimated tax are one day earlier than in previous years.

the requirement for making an individual

This change will require the declaration or the payment to

installment.

be made on or before the last day of the 4th month, the

Computation of Penalty and Interest – Follow the

last day of the 6th month, the last day of the 9th month,

and the last day of the tax year. If you are using this form

instructions on the form to complete Lines 9

for estimated tax payments due prior to 2009 use due

through 14. For purposes of determining the date

dates one day later.

of payment on Line 10, a payment of estimated tax

on any installment date is considered a payment of

Estimated Tax – Every domestic or foreign corporation or

any previous underpayment only to the extent the

other entity subject to taxation under Chapter 220,

payment exceeds that amount of the installment

or Chapter 221, Florida Statutes (F.S.), must report

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

estimated tax for the taxable year if the combined

payment for a given installment, attach a separate

amount of income tax liability and the emergency

computation for each payment.

excise tax liability for the year is expected to be

more than $2,500.

Line 13 — Interest on underpayments – The interest

rate on each underpayment will vary depending

Purpose of Form – This form will enable taxpayers to

on the date of the payment and the interest rate or

determine if they paid the correct amount of each

rates in effect for the period. It may be necessary

installment of estimated tax by the proper due date.

to attach a separate schedule showing the

If the minimum amount was not paid timely, we may

computation of interest on each underpayment. A

impose penalty and interest.

floating rate of interest applies to underpayments

and late payments of estimated tax. The rate is

Computation of Underpayments – Make entries on

updated January 1 and July 1 of each year by using

Lines 1 through 6 following the instructions for

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

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

interest rates:

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

overpayment exceeds all prior underpayments. If

•

Visit the Department’s Internet site at

Line 6 shows an underpayment of any installment,

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

the extent applicable. If the requirements for filing

•

Call Taxpayer Services, Monday - Friday,

the declaration of estimated tax were met during the

8:00 a.m. to 7:00 p.m., ET, at 800-352-3671.

tax year and fewer than four installment payments

Persons with hearing or speech impairments

were required, attach an explanatory statement

may call our TDD at 800-367-8331 or

including computations.

850-922-1115.

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 And Emergency Excise Tax Page 2

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