Form M-2220 - Underpayment Of Massachusetts Estimated Tax By Corporations - 2015

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2015
Form M-2220
Massachusetts
Underpayment of Massachusetts
Department of
Estimated Tax by Corporations
Revenue
Enclose this form with your return. Please print in ink or type.
Name of corporation
Federal Identification number
355 
355U 
355S 
Other _____________________________________________________________________
Check type of return to be filed: 
Figuring your underpayment.
See instructions.
11 2015 tax (from Form 355, line 11; Form 355S, line 14; or Form SBC, line 6). Commercial banks, insurance companies,
and public service companies enter total excise due from return. Form 355U filers enter the amount from Schedule CG,
Part 1, line 1 reduced by any voluntary contributions included in that amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 Enter 90% of line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 Enter 90% of 2015 tax using 2014 income apportionment percentage. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Enter 2014 tax (from 2014 Form 355, line 11; 2014 Form 355S, line 14; or 2014 Form SBC, line 6). Large corporations
or short taxable year corporations, see instructions. If 2014 return not filed, leave blank . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 Enter line 2, 3 or 4, whichever is smallest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16 Enter in col’s. a through d (respectively) the
installment dates of the 15th day of the 3rd,
a
b
c
d
6th, 9th and 12th months of your taxable year
3
17 Enter in col. a line 5 × 40%
Enter in col. b line 5 × 25%
Enter in col. c line 5 × 25%
Enter in col. d line 5 × 10%. . . . . . . . . . . . . . . . . .
If you are a new corporation,
check and see instructions.
18 Amount paid or credited for each period. . . . . . . .
19 Overpayment of previous installment . . . . . . . . . .
10 Total. Add lines 8 and 9. . . . . . . . . . . . . . . . . . . . .
11 Overpayment. Subtract line 7 from line 10 . . . . . .
12 Underpayment. Subtract line 10 from line 7 . . . . .
Complete reverse to calculate underpayment penalty.
General Information
Who should use this form. Corporations taxed under Ch. 63 of the
Commercial banks, insurance companies and public service com -
Massachusetts General Laws should use Form M-2220 to determine
panies. Enter in line 1 the Total Excise Due amount from the re turn being
whether they paid the correct amount of estimated tax by the proper due
filed. Also, if an underpayment penalty is due, show this amount in the
date. If not, a penalty may be imposed on the underpayment amount.
bottom margin of page 1 of your respective return as “underpayment pen -
alty” and increase your total payment due or de crease excess payment
Note: If you are claiming a refundable film credit on your return, you are
to be refunded.
not subject to the underpayment penalty. Do not file this form.
Line Instructions
Short year. Corporations are liable for estimated payments even if there
Line 3. Multiply 2015 income measure of excise and non-income measure
was no return filed for 2014 or if a return filed for 2014 was for less than
of excise (tangible property or taxable net worth) by 2014 apportionment
12 months. Corporations meeting either of these conditions should enter
factor. Then multiply the result by 2015 tax rate. Multiply that result by .90
the smaller of lines 2 or 3 in line 5. See Massachusetts Regulation 830
(90%) and enter the result on line 3.
CMR 63B.2.2 for additional information.
Lines 7 through 12. To determine the underpayment amount, complete
Large corporation. Any corporation having $1 million or more of federal
lines 7 through 12 for each appropriate column. If line 11 shows an
taxable income in any of its three preceding taxable years (IRC Sec.
overpayment, that overpayment may first be used as a payment of any
6655(g)) may only use its prior year tax liability to calculate its first quar-
existing underpayment amount. Overpayments used as payments of
terly estimated payment. Any reduction in the first installment payment
prior underpayment amounts do not decrease the actual underpayment
must be added to the second installment payment.
amount but serve to reduce instead the period of underpayment sub-
Note: New corporations in their first full taxable year with less than 10 em -
ject to penalty. If there are no existing underpayment amounts, the over-
ployees have lower payment percentages — 30-25-25-20%; 55-25-20%;
payment is applied as a credit against the next installment. If more than
and 80-20%. New corporations should check the box in line 7 and use
one payment is made for a given installment, attach separate computa-
these percentage amounts to complete line 7.
tions for each payment.

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