Arizona Form 120s - S Corporation Income Tax Return

Arizona Form 120S

amount of the information return penalty on this line. The

Computation of Total Due or Overpayment

information return penalty is $100 for each month, or fraction

Line 22 - Balance of Tax Due

of a month, that the failure continues, up to a maximum

If the amount on line 17 is larger than the amount on line 21,

penalty of $500.

there is a balance of tax due. Subtract line 21 from line 17,

Amended Returns: Do not recompute the information return

and enter the difference. Skip line 23.

penalty. Enter the amount from line 26 of the original return

Line 23 - Overpayment of Tax

or the amount from an Arizona Department of Revenue

correction notice.

If the amount on line 21 is larger than the amount on line 17,

there is an overpayment of tax. Subtract line 17 from line 21,

Line 27 - Total Due

and enter the difference.

If the taxpayer had a balance of tax due on line 22, add line 22,

Line 24 - Penalty and Interest

line 24 and line 25. Enter the total on line 27. S corporations

that do not have a tax liability, enter the amount from line 26.

Calculate any penalty and interest due as a result of late filing or

This is the total amount due. Payments can be made via check,

late payment of tax. Calculate interest on the amount shown on

electronic check, money order, or credit card.

line 22 at the prevailing rate. The interest period is from the

original due date of the return to the payment date. See the

Check or Money Order

"Penalties and Interest" section beginning on page 2 of these

Make checks payable to Arizona Department of Revenue.

instructions. Do not include or enter the amount from Form 220.

Include the taxpayer's EIN on the front of the check or money

Do not include or enter the amount of the information return

order. Include the check or money order with the return.

penalty for late or incomplete filing on this line.

Internet Payments

Line 25 - Estimated Tax Underpayment Penalty

Corporate taxpayers must be licensed by the department before

Original returns: The S corporation DOES NOT HAVE TO

they can register to pay taxes online. Visit to

COMPLETE Form 220, Underpayment of Estimated Tax by

Corporations, if the S corporation made estimated tax

Electronic payment from checking or savings account

payments equal to 90 percent of the current taxable year’s tax

Payments can be made electronically from a checking or

liability, and paid in four equal installments. The department

savings account. Visit and choose the

will compute the underpayment of estimated tax penalty

e-check option. There is no fee to use this method. This

based on this method and notify the S corporation of any

payment method will debit the amount from the specified

amount due. If the S corporation elects to have the

checking or savings account on the date specified. If an

department compute the penalty, do not check box

electronic payment is made from a checking or savings

enter an amount on line 25.

account, a confirmation number will be generated. Please

The S corporation MUST COMPLETE Form 220, even

keep this confirmation number as proof of payment.

though no penalty is due, if it made its estimated tax

Credit card payment

payments based on any of the following methods:

Payments can be made via American Express, Discover,



The annualized income installment method;

MasterCard or VISA credit cards. Visit and



The adjusted seasonal installment method; or

choose the credit card option. This will take you to the website

of the credit card payment service provider. The service



An amount, paid in four equal installments, that is equal

provider will charge a convenience fee based on the amount of

to the sum of:

the tax payment. The service provider will disclose the amount

Ninety percent of the portion of the current taxable year's

of the convenience fee during the transaction and the option to

Arizona tax liability that is attributable to built-in gains

continue or cancel the transaction will be presented. If you

income or certain capital gains income; plus

accept the convenience fee and complete the credit card

transaction, a confirmation number will be generated. Please

One hundred percent of the portion of the prior taxable

keep this confirmation number as proof of payment.

year's Arizona tax liability that is attributable to excess

net passive income.

Line 28 - Overpayment

Enter the total penalty from Form 220, Part C, line 37. Attach the

If the taxpayer had an overpayment of tax on line 23, subtract

completed Form 220 to the return and check box

the total of line 24 and line 25 from line 23. Enter a positive

difference on line 28. This is the total overpayment. If the

Amended returns: Do not recompute the estimated tax

difference is negative, enter the difference as a positive

underpayment penalty. Enter the amount from line 25 of the

number on line 27.

original return or the amount from an Arizona Department of

Revenue correction notice.

Line 29 - Overpayment Applied to Estimated Tax

Line 26 - Information Return Penalty

Original Returns: The taxpayer may apply part or all of an

overpayment reported on line 28 as a 2014 estimated tax

Original Returns: If no tax liability is due, and this return is

payment. Enter the applicable amount on line 29.

filed late (including extension) or incomplete, enter the

Arizona Form 120s - S Corporation Income Tax Return - 2013 Page 7

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