Free F-2220 - Florida


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Underpayment of Estimated Tax on Florida Corporate Income/Franchise and Emergency Excise Tax

F-2220 R. 01/09
Rule 12C-1.051 Florida Administrative Code Effective 01/09

For Tax Year: Beginning Ending / / / /

Federal Employer Identification Number (FEIN): ______________________________________________ Name: __________________________________________________________________________________ Address: ________________________________________________________________________________ City/State/ZIP: __________________________________________________________________________

1. 2.

Total income/franchise and emergency excise tax due for the year (enter from Form F-1120, Line 14) 90% of Line 1

Enter in Columns 1 through 4 the installment dates that correspond to the last day of the 4th, 6th, and 9th month and the last day of the tax year.

Computation of Underpayments Due Dates of Installments
(1st) (2nd) (3rd) (4th)

3. 4.

Enter 25% of Line 2 in Columns 1 through 4 (a) Amount paid for each period (b) Overpayment credit from prior year (c) Overpayment of previous installment

5. 6.

Total of Lines 4(a), 4(b), and 4(c) Underpayment (Line 3 less Line 5) or overpayment (Line 5 less Line 3). An overpayment on Line 6 in excess of all prior underpayments is to be applied as a credit against the next installment. (See Line 4c)

Exception that avoids penalty and interest (See Instructions, Item D)
7. 8. Total cumulative amount paid (or credited) from the beginning of taxable year through the installment date indicated Exception: Tax on prior year's income using current year's rates
25% of tax 50% of tax 75% of tax 100% of tax

Check below if the exception applies for each underpaid installment.
Attach a schedule showing the computation. If the exception does not apply, complete Lines 9 through 14 to determine the amount of the penalty and interest. Exception: 1st Installment 2nd Installment 3rd Installment 4th Installment

If Line 6 shows an underpayment and the exception does not apply, compute the underpayment penalty and interest by completing the portion(s) of this schedule applicable to the installments. Enter same installment dates used above 9. Amount of underpayment

Computation of Penalty and Interest Due Dates of Installments
(1st) (2nd) (3rd) (4th)

10. Enter the date of payment or the 1st day of the 4th month after the close of the taxable year, whichever is earlier 11. Number of days from due date of installment to the dates shown on Line 10 12. Penalty on underpayment (12% per year on the amount of underpayment on Line 9 for the number of days shown on Line 11) 13. Interest on underpayments. In general, interest will be the appropriate interest rate on the amount of underpayment on Line 9 for the number of days shown on Line 11 14. Total of amounts shown on Lines 12 and 13. If this Form F-2220 is being filed with your return, the amounts shown as penalty and interest should be entered on appropriate line of Form F-1120 ...............................................................
Total Penalty

Total Interest

F-2220 R. 01/09 Page 2

Instructions for Form F-2220
Effective January 1, 2009, the due dates for declarations of estimated tax and the due dates for payments of estimated tax are one day earlier than in previous years. This change will require the declaration or the payment to be made on or before the last day of the 4th month, 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 for estimated tax payments due prior to 2009 use due dates one day later. Estimated Tax ­ Every domestic or foreign corporation or other entity subject to taxation under Chapter 220, or Chapter 221, Florida Statutes (F.S.), must report estimated tax for the taxable year if the combined amount of income tax liability and the emergency excise tax liability for the year is expected to be more than $2,500. Purpose of Form ­ This form will enable taxpayers to determine if they paid the correct amount of each installment of estimated tax by the proper due date. If the minimum amount was not paid timely, we may impose penalty and interest. Computation of Underpayments ­ Make entries on Lines 1 through 6 following the instructions for each line item. Enter on Line 4(c) the previous installment's overpayment (Line 6) but only if the overpayment exceeds all prior underpayments. If 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 the declaration of estimated tax were met during the tax year and fewer than four installment payments were required, attach an explanatory statement including computations. 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. Note: The Florida Income Tax Code does not allow annualizing taxable income to determine the requirement for making an individual installment. Computation of Penalty and Interest ­ Follow the instructions on the form to complete Lines 9 through 14. For purposes of determining the date of payment on Line 10, a payment of estimated tax on any installment date is considered a payment of any previous underpayment only to the extent the payment exceeds that amount of the installment as computed on Line 3. If you made more than one payment for a given installment, attach a separate computation for each payment. Line 13 -- Interest on underpayments ­ The interest rate on each underpayment will vary depending on the date of the payment and the interest rate or rates in effect for the period. It may be necessary to attach a separate schedule showing the computation of interest on each underpayment. A floating rate of interest applies to underpayments and late payments of estimated tax. The rate is updated January 1 and July 1 of each year by using the formula established in s. 220.807, F.S. To obtain interest rates: · · Visit the Department's Internet site at www.myflorida.com/dor or Call Taxpayer Services, Monday - Friday, 8:00 a.m. to 7:00 p.m., ET, at 800-352-3671. Persons with hearing or speech impairments may call our TDD at 800-367-8331 or 850-922-1115.