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Indiana Penalty for Underpayment of Corporate Income Taxes for Tax Year
Extracted from PDF file 2023-indiana-form-it-2220.pdf, last modified March 2021Penalty for Underpayment of Corporate Income Taxes for Tax Year
Schedule IT-2220 State Form 440 (R22 / 8-23) □ Indiana Department of Revenue Penalty for Underpayment of Corporate Income Tax For Tax Year Beginning Check box if using annualization method 2023 and Ending (See instructions in the booklet) Page attachment sequence #7 Name of Corporation or Organization Federal Employer Identification Number Part I - How to Figure Underpayment of Corporate Tax Round all entries 1. Enter Indiana adjusted gross income tax (if less than $2,500, enter -0-).................................... 1 2. Enter total tax reduction credits excluding estimated taxes paid for the taxable period (cannot exceed amount on line 1, see instructions)....................................................................... 00 2 3. Subtract line 2 from line 1. If zero, stop; you do not owe an underpayment penalty...................... 3 00 00 Part II - How to Figure Exception to Underpayment Penalty 4. Enter the portion of your prior year’s final income tax liability, net of tax reduction credits (do not reduce by estimated taxes paid), that is relative to the number of months in the current taxable period (see instructions)................................................................................................................. Short-period filers see note following line 16 instructions in the booklet. (a) 1st quarter Quarterly Estimated Tax Paid for Taxable Year 5. Enter in columns (a) through (d) the quarterly installment dates corresponding to the 20th day of the 4th, 6th, 9th, and 12th months of the tax year..................................................... 5 6. Enter estimated income tax paid/credited on or before the due date of the installment for each quarter............................ 6 7. Enter the overpayment, if any, from the preceding column that exceeds any remaining prior underpayments shown on line 10 (use minus sign for negative amounts)........................ 7 8. Add line 6 and line 7 for each column..................................... 9. Divide line 4 by 4 or by the number of quarters in the tax period; enter the result in columns (a) through (d).................... (b) 2nd quarter 00 4 (c) 3rd quarter (d) 4th quarter 00 00 00 00 8 00 00 00 00 00 00 00 9 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 16 00 10. Subtract line 9 from line 8 for each quarter. If the result is a negative figure, you have not met any exception to the penalty for the quarter.............................................................. 10 Part III - How to Figure Penalty 11. Enter the overpayment, if any, from the preceding column that exceeds any remaining prior underpayments shown on line 14 (use minus sign for negative amounts)........................ 11 12. Add line 6 in Part II and line 11 above for each quarter.......... 12 13. Divide line 3 in Part I by 4 or the number of quarters in the tax period; divisor cannot be less than 1. Enter result in applicable columns ................................................................. 13 14. Subtract line 13 from line 12. If the result is a negative figure, this is your underpayment for the quarter (use minus sign for negative amounts).............................................................. 14 15. If line 10 shows zero or more for the quarter, the overpayment exception is met. Enter zero on line 15. Otherwise, compute 10% penalty on the underpayment shown on line 14 for each column (use minus sign for negative amounts). Enter the penalty, if any, for the quarter as a positive figure................ 15 16. Add line 15, columns (a) through (d). This is your total underpayment penalty. Enter it here and carry to the appropriate line of Form IT-20 or IT-20NP................................................................ *24100000000* 24100000000
Form IT-2220
More about the Indiana Form IT-2220 Corporate Income Tax TY 2023
We last updated the Penalty for Underpayment of Corporate Income Taxes for Tax Year in February 2024, so this is the latest version of Form IT-2220, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-2220 directly from TaxFormFinder. You can print other Indiana tax forms here.
Other Indiana Corporate Income Tax Forms:
TaxFormFinder has an additional 69 Indiana income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form NP-20 | Nonprofit Organization's Annual Report |
| IT-65 Booklet | Current Year Partnership Return Booklet with Forms and Schedules |
| Form IT-20 | Corporate Adjusted Gross Income Tax Forms and Schedules |
| IT-20 Booklet | Current Year Corporate Adjusted Gross Income Tax Booklet with Forms and Schedules |
| Schedule IN K-1 | Shareholder's/Partner's Share of IN AGI, Deductions, Modifications and Credits |
View all 70 Indiana Income Tax Forms
Form Sources:
Indiana usually releases forms for the current tax year between January and April. We last updated Indiana Form IT-2220 from the Department of Revenue in February 2024.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Indiana Form IT-2220
We have a total of thirteen past-year versions of Form IT-2220 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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