Form 2220me - Maine Underpayment Of Estimated Tax - 2014 Page 2
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1
2INSTRUCTIONS FOR FORM 2220ME
PURPOSE OF FORM:
ACTUAL LIABILITY FOR EACH QUARTER:
Form 2220ME enables corporations and fi nancial institutions
Taxpayers are required to make four equal installments of
to determine if suffi cient estimated tax was paid by the
estimated tax unless the actual liability can be established,
proper due date. If the minimum amount was not paid
by adequate record, for each required installment payment
timely, an underpayment penalty is imposed for the period
of estimated tax.
The Annualized Income Installment
of underpayment. This form helps determine whether or not
Worksheet for Underpayment of Estimated Tax is used to
you are subject to this penalty.
determine actual liability.
WHO
MUST
PAY
THE
UNDERPAYMENT
COMPUTATION
OF
UNDERPAYMENT
PENALTY:
PENALTY:
If you did not pay enough estimated tax by any due date for
If no exception applies for an installment date, complete
paying estimated tax, you may be charged a penalty.
lines 9 through 13 to determine the amount of the penalty.
The penalty is based on the amount of the underpayment of
In general, you may owe the penalty if, for 2014 you did not
the required installment for the period of underpayment. It is
pay the lesser of 90% of your tax liability for 2014 or 100% of
computed at the stated rate for each month or fraction thereof
the tax liability for 2013 if the 2013 return covered 12 months.
in the period of underpayment. For calendar year 2014,
Large corporations, as defi ned by IRC § 6655(g)(2)(A), must
the penalty rate is .5833% per month or fraction thereof,
also meet the test required by 36 M.R.S. § 5228(5)(C).
compounded monthly. For calendar year 2015, the penalty
EXCEPTIONS TO THE PENALTY:
rate is .5833% per month or fraction thereof, compounded
monthly. The effective penalty rate for the number of months
You will not have to pay the penalty or fi le this form if either
shown on line 10 is listed below.
of the following two situations applies:
1. Your tax liability for 2014, reduced by allowable credits,
is less than $1,000.
2. Your 2013 tax liability was less than $1,000.
The penalty may be avoided if at least 90% of the 2014 tax
was paid when due, even though you may be required to fi le
this form.
Fiscal year fi lers may not use the table below.
Number of Months
1
2
3
4
5
6
7
8
9
10
11
shown on line 10
Enter this Rate
0.005833 0.011701 0.017602 0.023538 0.029509 0.035514 0.041555 0.047631 0.053742 0.059889
0.066071
on line 11, Column A
Enter this Rate
0.005833 0.011701 0.017602 0.023538 0.029509 0.035514 0.041555 0.047631 0.053742
on line 11, Column B
Enter this Rate
0.005833 0.011701 0.017602 0.023538 0.029509 0.035514
on line 11, Column C
Enter this Rate
0.005833 0.011701 0.017602
on line 11, Column D
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