Hawaii Underpayment of Estimated Tax by Corporations and S Corporations

Underpayment of Estimated Tax by Corporations and S Corporations
Form N-220, Rev 2022, Underpayment of Estimated Tax by Corporations and S Corporations
Clear Form

STATE OF HAWAII - DEPARTMENT OF TAXATION

Underpayment of Estimated Tax by Corporations
and S Corporations

FORM

N-220

Federal Employer I.D. Number

Name as shown on tax return	

Part I
a
b
c

2023

† Attach this form to your tax return  † See separate instructions

(REV. 2023)

Reasons For Filing—Check whichever box(es) applies. If none of the boxes apply to the corporation
or S corporation, go on to Part II. File Form N-220 with Form N-30, Form N-35, or Form N-70NP.

The corporation or S corporation is using the annualized income installment method.
The corporation or S corporation is using the adjusted seasonal installment method.
The corporation is a “large corporation” computing its first installment based on the prior year’s tax.

Part II

Figuring Your Underpayment

	 1	 Total tax (see Instructions)........................................................................................................................................	
1
	 2a	 Total credits. (see Instructions) (S Corporations, enter -0-) ................................. 2a
	b	Look-back interest included on line 1 for completed long-term contracts ............ 2b
	 c	 Total. Add lines 2a and 2b.........................................................................................................................................	 2c
	 3	 Line 1 minus line 2c. If the result is less than $500, do not complete or file this form. The corporation
does not owe the penalty..........................................................................................................................................	
3
	 4	 Enter the tax shown on the corporation’s 2022 income tax return. (CAUTION: See Instructions before
completing this line.)..............................................................................................................................................	
4
	 5	 Enter the smaller of line 3 or line 4. If the corporation must skip line 4, enter the amount from line 3 on line 5......	
5
	
(a)	(b)	(c)	(d)
	 6	 Installment due dates. Enter in columns (a) through (d)
the 20th day of the 4th, 6th, and 9th months of the corporation’s tax year and the 20th day of the 1st month following
the close of the tax year.................................................. †	
6
	 7	 Required installments. If box a and/or b above is
checked, enter the amounts from Schedule A, line 38. If
box c (but not a or b) is checked, see page 2 of the instructions for the amounts to enter. If none of these boxes are
checked, enter 25% of line 5 above in each column.......... 	
7
	 8	 Estimated tax paid or credited for each period (see Instructions). For column (a) only, enter the amount from line 8
on line 12............................................................................ 	
8
		 Complete lines 9 through 15 of one column before going to the
next column.
	 9	 Enter amount, if any, from line 15 of the preceding column..... 	
9
	 10	 Add lines 8 and 9................................................................ 	

10

	 11	 Add amounts on lines 13 and 14 of the preceding column..... 	
	 12	 Line 10 minus line 11. If zero or less, enter -0-. For column
(a) only, enter the amount from line 8................................. 	
	 13	 If the amount on line 12 is zero, subtract line 10 from line
11. Otherwise, enter -0-..................................................... 	

11
12
13

	 14	 Underpayment. If line 7 is equal to or more than line 12,
subtract line 12 from line 7, then go to line 9 of the next column. Otherwise go to line 15. (see Instructions)................ 	
14
	 15	 Overpayment. If line 12 is more than line 7, subtract line 7
from line 12, then go to line 9 of the next column............... 	
15
Complete Part III on page 2 to figure the penalty. If there are no entries on line 14, no penalty is owed.

N220_I 2023A 01 VID01

ID NO 01

Form N-220

FORM N-220
(REV. 2023)
PAGE 2

Part III

Figuring the Penalty	

	 16	 Enter the amount of underpayment(s) from Part II, line 14
in the respective columns (a) through (d)........................... 	
	 17	 Enter the estimated tax installment due dates used in Part
II, line 6 in the respective columns (a) through (d)............. 	
	 18	 Enter the date each estimated tax installment was paid or
the 20th day of the fourth month following the close of the
tax year, whichever is earlier for columns (a) through (d).. 	
	 19	 Enter the number of months from the date shown on line
17 to the date on line 18 for columns (a) through (d) (See
instructions)........................................................................ 	
	 20	 Multiply the following: Number of months on line 19 x .00667
x underpayment on line 16 for columns (a) through (d)........... 	

(a)	(b)	(c)	(d)
16
17

18

19
20

	 21	 Underpayment penalty — Add line 20, columns (a) through (d). Enter the total here and on Form N-30, line 17; Form
N-35, line 24; or Form N-70NP, line 22.............................................................................................................................	

21

Schedule A Required Installments Using the Annualized Income Installment Method and/or the Adjusted

Seasonal Installment Method Under IRC Section 6655(e)

Form N-35 filers: For lines 2, 12, 13, and 14 below, “taxable income” refers to excess net passive income or the amount on which tax is imposed under
IRC section 1374(a) (or the corresponding provisions of prior law), whichever applies.
Part I — Annualized Income Installment Method	
(a)	(b)	(c)	(d)
				
First _______	
First _______	
First _______	
First _______
	 1	 Annualization period (see Instructions).	
1	
months	months	months	months
	 2	 Enter taxable income for each annualization period.	

2

	 3	 Annualization amount (see Instructions).	

3

	 4	 Annualized taxable income. Multiply line 2 by line 3.	
	 5	 Figure the tax on the net capital gains and ordinary
income in each column on line 4 by following the instructions for Form N-30, Schedule J, lines 13 thru 16; Form
N-35, lines 22a and 22b; or Form N-70NP, Part I or Part II.	
	 6	 Enter other taxes for each payment period (see
Instructions).	

4

	 7	 Total tax. Add lines 5 and 6.	
	 8	 For each period, enter the same type of credits as allowed for Form N-220, line 2a (see Instructions).	
	 9	 Total tax after credits. Line 7 minus line 8. If zero or less,
enter -0-.	

7

	 10	 Applicable percentage.	

10	

	 11	 Multiply line 9 by line 10.	

11

5
6

8
9
25%	

50%	

75%	

100%

Form N-220

	
	
	

FORM N-220
(REV. 2023)
PAGE 3

Schedule A

Part II — Adjusted Seasonal Installment Method (Caution: Use this method only if the base period percentage for
any 6 consecutive months is at least 70%. See the Instructions for more information.)
(a)
First 3
months
	 12	 Enter the taxable income for the following periods:
	 a	 Tax year beginning in 2020	

12a

	 b	 Tax year beginning in 2021	

12b

	 c	 Tax year beginning in 2022	
	 13	 Enter taxable income for each period for the tax year
beginning in 2023.	

12c

(c)
First 8
months

(d)
First 11
months

13

	 14	 Enter the taxable income for the following periods:
	 a	 Tax year beginning in 2020	

14a

	 b	 Tax year beginning in 2021	

14b

	 c	 Tax year beginning in 2022	
	 15	 Divide the amount in each column on line 12a by the
amount in column (d) on line 14a.	
	 16	 Divide the amount in each column on line 12b by the
amount in column (d) on line 14b.	
	 17	 Divide the amount in each column on line 12c by the
amount in column (d) on line 14c.	

14c

	 18	 Add lines 15 through 17.	

18

	 19	 Divide line 18 by 3.	

19

	 20	 Divide line 13 by line 19.	
	 21	 Figure the tax on line 20 following the instructions for
Form N-30, Schedule J, lines 13 thru 16; Form N-35,
lines 22a and 22b; or Form N-70NP, Part I or Part II.	
	 22	 Divide the amount in columns (a) through (c) on line 14a
by the amount in column (d) on line 14a.	
	 23	 Divide the amount in columns (a) through (c) on line 14b
by the amount in column (d) on line 14b.	
	 24	 Divide the amount in columns (a) through (c) on line 14c
by the amount in column (d) on line 14c.	

20

	 25	 Add lines 22 through 24.	

25

	 26	 Divide line 25 by 3.	

26

	 27	 Multiply the amount in columns (a) through (c) of line 21
by the amount in the corresponding column of line 26. In
column (d), enter the amount from line 21, column (d). 	
(Continued on page 4)

(b)
First 5
months

(a)

(b)

(c)

(d)

First 4
months

First 6
months

First 9
months

Entire year

15
16
17

21
22
23
24

27

Form N-220

FORM N-220
(REV. 2023)
PAGE 4

Schedule A

Part II — Continued	

(a)	(b)	(c)	(d)

	 28	 Enter other taxes for each payment period (see
Instructions).	

28

	 29	 Total tax. Add lines 27 and 28.	

29

	 30	 For each period, enter the same type of credits as allowed for Form N-220, line 2a (see Instructions).	
	 31	 Total tax after credits. Line 29 minus line 30. If zero or
less, enter -0-.	

First 9
months

Entire year

1st
installment

2nd
installment

3rd
installment

4th
installment

31

Note:	 Complete lines 32 through 38 of one column before
completing the next column.

	 34	 Line 32 minus line 33. If zero or less, enter -0-.	
	 35	 Divide line 5, page 1 of Form N-220, by 4 and enter the
result in each column. (Note: “Large corporations” see
the instructions for line 7 for the amount to enter.)	
	 36	 Subtract line 38 of the preceding column from line 37 of
the preceding column.	

First 6
months

30

Part III — Required Installments

	 32	 If only one of the above parts is completed, enter the
amount in each column from line 11 or line 31. If both
parts are completed, enter the smaller of the amounts in
each column from line 11 or line 31.	
	 33	 Add the amounts in all preceding columns of line 38 (see
instructions)	

First 4
months

32
33
34

35
36

	 37	 Add lines 35 and 36.	37
	 38	 Required installments. Enter the smaller of line 34 or
line 37 here and on page 1 of Form N-220, line 7.	
38

Form N-220