Maine Annualized Income Installment Worksheet - 2014 Page 2
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1
2INFORMATION
PURPOSE OF WORKSHEET: Taxpayers are required to
WHO MAY USE THIS WORKSHEET: You may use this
make four equal installments of estimated tax unless the
worksheet if your income varied signifi cantly during the year.
actual liability can be established, by adequate record, for
Signifi cant income variation may occur if, for example, you
each required installment payment of estimated tax. This
own a seasonal business or the majority of your income was
worksheet will enable corporations and fi nancial institutions
received at one time.
to determine the actual amount of tax liability for each of the
USE WITH FORM 2220ME: This worksheet is used in
estimated tax payment due dates in the tax year. You may
conjunction with Form 2220ME, Underpayment of Estimated
be able to lower or eliminate the amount of your quarterly
Tax. Enter the actual tax liability amounts from line 19 on
estimated tax payments by using the annualized income
Form 2220ME, line 5.
installment method.
GENERAL INSTRUCTIONS
1. You must complete Form 2220ME, lines 1 through 4,
3. If line 1 or line 3 of Form 2220ME is less than $1,000,
before completing this worksheet.
do not complete this worksheet. You are not required to
pay estimated tax if your estimated tax liability for either
2. You must complete lines 1-18 in each column before
2013 or 2014, reduced by allowable credits, is less than
going on to the next column.
$1,000.
SPECIFIC INSTRUCTIONS
Line 1 Annualization periods. These periods may or may
Line 7 Alternative minimum tax.
For the annualized
not be the same as your federal periods. See 36
income amounts on line 4 in each column, calculate
M.R.S. § 5228(5).
the alternative minimum tax using federal Form
4626 and Maine Form 1120ME, Schedule B. If the
Line 2 Adjusted federal taxable income. Enter adjusted
annualization amounts on line 3 are the same as
federal taxable income from Form 1120ME, Line 5.
those used for federal purposes (federal Form 2220,
Enter the amount applicable to the annualization
Schedule A, line 22), the federal alternative minimum
period on line 1.
taxable income (“AMTI”) used for calculating the
Line 5 Calculate gross tax. Calculate the gross tax on the
minimum tax on federal Form 2220, Schedule A,
amount on line 4 in each column using the tax table
line 25 may be used. Otherwise, a separate AMTI
below.
must be calculated.
If line 4 is:
Line 9 Credits. Enter the dollar amount of credits from
1120ME, line 8c. Enter the total amount in each
Greater
But not
column.
than
over
The tax is:
Line 15 Large corporations. A large corporation is defi ned
$ 0
$ 25,000
3.5% of Maine net income
by IRC § 6655(g)(2)(A). Such large corporations
25,000
75,000
$875 plus 7.93% of the
may elect to determine the fi rst required installment
excess over $ 25,000
for any taxable year based on the preceding
75,000
250,000
$4,840 plus 8.33% of the
year’s state income tax liability, if that preceding
excess over $ 75,000
year was a taxable year of 12 months. However,
if the corporation so elects, the second required
250,000
or more
$19,418 plus 8.93% of the
installment for the taxable year must equal 90%
excess over $250,000
of the corporation’s income tax liability for the fi rst
half of the current year, less the amount of the fi rst
installment for the taxable year as determined under
this provision.
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