Florida Underpayment of Estimated Tax on Florida Corporate Income/Franchise Tax R.01/15

Underpayment of Estimated Tax on Florida Corporate Income/Franchise Tax R.01/15
Form F-2220
F-2220
R. 01/24

Underpayment of Estimated Tax on Florida
Corporate Income/Franchise Tax

Rule 12C-1.051, F.A.C.
Effective 01/24
Page 1 of 2

For Tax Year:

Federal Employer Identification Number (FEIN):__________________________________________

Beginning _________________

Name:___________________________________________________________________________

Ending ____________________

City/State/ZIP:_____________________________________________________________________

Address:_________________________________________________________________________

1. Total income/franchise tax due for the year (enter from Florida Form F-1120, Line 13)
2. 90% of Line 1

Computation of Underpayments
Due Dates of Installments

Enter in Columns 1 through 4 the installment dates.
(See Installment Dates in the instructions.)

(1st)

(2nd)

(3rd)

(4th)

75% of tax

100% of tax

3. Enter 25% of Line 2 in Columns 1 through 4
4. (a) Amount paid for each period
(b) Overpayment credit from prior year
(c) Overpayment of previous installment
5. Total of Lines 4(a), 4(b), and 4(c)
6. 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
7.	

Total cumulative amount paid (or credited) from the beginning of
the taxable year through the installment date indicated.

8(a).	Tax on prior year’s income using current year’s tax rate:

25% of tax

50% of tax

8(b).	 Credit earned for the taxable year under the Florida Tax Credit
Scholarship Program, New Worlds Reading Initiative, Strong
Families Tax Credit Program, Live Local Program, and Credit for
Manufacturing of Human Breast Milk Derived Human Milk Fortifiers.
Each corresponding certificate of contribution must be issued on or
before the return’s due date or valid extended due date.
8(c).	Line 8(a) less Line 8(b). This is the prior year’s income adjusted for
the contributions listed in Line 8(b).

Check below if the exception applies for each underpaid installment [Line 7 must equal or exceed Line 8(c)]
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 q		

2nd Installment q		

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.

3rd Installment q		

4th Installment q

Computation of Penalty and Interest
Due Dates of Installments
(1st)

(2nd)

(3rd)

(4th)

9.	 Amount of underpayment
10.	Enter the date of payment or the due date of the
corresponding Florida Corporate Income/Franchise Tax
return, 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)

Total Penalty

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.

Total Interest

14.	Total of amounts shown on Lines 12 and 13. If this Florida Form F-2220 is being filed with your return, the amounts shown as penalty
and interest should be entered on appropriate line of Florida Form F-1120.

Instructions for Florida Form F-2220

Installment Dates – Generally, for tax years ending
6/30, the declaration or payment of estimated tax is due
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. For tax years not ending on 6/30,
the declaration or payment of estimated tax is due on or
before the last day of the 5th month, the last day of the 6th
month, the last day of the 9th month, and the last day of
the tax year. Installment due dates that fall on a Saturday,
Sunday, or legal holiday extend to the next business day,
with the exception of installments due on the last day of
June, which must be paid on or before the last Friday of
June.
Estimated Tax – Every domestic or foreign corporation or
other entity subject to taxation under Chapter 220, Florida
Statutes (F.S.), must report estimated tax for the taxable
year if the amount of income 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. The prior year exception calculation
includes credit earned for the following:
•	 The Florida Tax Credit Scholarship Program under
s. 220.1875, F.S.;
•	 The New Worlds Reading Initiative under
s. 220.1876, F.S.;
•	 The Strong Families Tax Credit Program under
s. 220.1877, F.S.;

•	
•	

F-2220
R. 01/24
Page 2 of 2

The Live Local Program under s. 220.1878, F.S.;
and
The Credit for Manufacturing of Human Breast Milk
Derived Human Milk Fortifiers under s. 220.1991, F.S.;

If applicable, each certificate of contribution must be
issued on or after the beginning of the tax year and on or
before the due date of the return, or extended due date
with a valid extension of time.
A taxpayer’s noncompliance with the requirement to
pay tentative taxes may result in the revocation and
rescindment of a credit when the allocation for that credit
is made after a request for an extension of time. See ss.
220.1875, 220.1876, 220.1877, 220.1878 and 220.1991
F.S. In addition, each credit is required to be reduced by
the difference between the amount of federal corporate
income tax taking into account the credit and the amount
of federal corporate income tax without application of the
credit.
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 floridarevenue.com/taxes/rates.

Reference

The following document was mentioned in this form and is incorporated by reference in the rule indicated below.
The form is available online at floridarevenue.com/forms.
Form F-1120	

Florida Corporate Income/Franchise Tax Return	

Rule 12C-1.051, F.A.C.