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Massachusetts Underpayment of Massachusetts Estimated Tax by Corporations
Extracted from PDF file 2023-massachusetts-form-m-2220.pdf, last modified November 2023Underpayment of Massachusetts Estimated Tax by Corporations
CAUTION: This tax return must be filed electronically. Paper versions of this return will not be accepted. If you have questions about filing electronically, contact us at 617-887-6367. See https://www.mass.gov/info-details/dor-e-filing-and-paymentrequirements for further information about our electronic filing and payment requirements. Massachusetts Department of Revenue Form M-2220 Underpayment of Massachusetts Estimated Tax by Corporations 2023 Enclose this form with your return. Electronic filing requirements may apply (see TIRs 16-9 and 21-9). Please print in ink or type. Name of corporation Federal Identification number Figuring your underpayment. See instructions. 1 Enter 2023 tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Enter 90% of line 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Enter 90% of 2023 tax using 2022 income apportionment percentage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 te d. nl y. 4 Enter 2022 tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Enter line 2, 3 or 4, whichever is smallest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 m tb fo r no w in ill 8 Amount paid or credited for each period. . . . . 8 m tu r ns or e 9 Overpayment of previous installment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Total. Add lines 8 and 9 . . . . . . . . . . . . . . . . . 10 fo r re 11 Overpayment. Subtract line 7 from line 10. . . 11 12 Underpayment. Subtract line 10 from line 7. . 12 21 -9 er Figuring your underpayment penalty. Pa p Enter same installment dates used in line 6. . . . . . . d 13 Amount of underpayment from line 12. . . . . . 13 16 -9 an 14 Enter the date of payment, or the 15th day of the third month after the close of the taxable year, whichever is earlier. . . . . . . . . . 14 15 Number of days from due date of installment to the date shown in line 14. . . . . . . . . . . . . . 15 Se e TI R s 16 Number of days in line 15 after 3/15/23 and before 4/1/23.. . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Number of days in line 15 after 3/31/23 and before 7/1/23.. . . . . . . . . . . . . . . . . . . . . . . . . 17 d. e E- Fi 7 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%. . . . . . . . . . . . . . . . 7 ● Fill in if you are a new corporation (see instructions). c. n. ac ce p b. le O a. at io 6 Enter in col’s. a through d (respectively) the in- stallment dates of the 15th day of the 3rd, 6th, 9th and 12th months of your taxable year. . . . 6 2023 FORM M-2220, PAGE 2 Name of corporation Federal Identification number Figuring your underpayment penalty. (cont’d.) a. b. c. d. Enter same installment dates used in line 6. . . . . . . 18 Number of days in line 15 after 6/30/23 and before 10/1/23. . . . . . . . . . . . . . . . . . . . . 18 19 Number of days in line 15 after 9/30/23 and before 1/1/24. . . . . . . . . . . . . . . . . . . . . . 19 20 Number of days in line 15 after 12/31/23 and before 4/1/24. . . . . . . . . . . . . . . . . . . . . . 20 O nl te y. e E- Fi 24 Number of days in line 15 after 12/31/24 and before 3/16/25. . . . . . . . . . . . . . . . . . . . . 24 in ill re t fo rm or ur ns e w 27 Underpayment in line 13 × (number of days in line 18 ÷ 365) × 8% . . . . . . . . . . . . . . . . . . 27 29 Underpayment in line 13 × (number of days in line 20 ÷ 365) × 9% . . . . . . . . . . . . . . . . . . 29 fo no 26 Underpayment in line 13 × (number of days in line 17 ÷ 365) × 8% . . . . . . . . . . . . . . . . . . 26 rm tb 25 Underpayment in line 13 × (number of days in line 16 ÷ 365) × 8% . . . . . . . . . . . . . . . . . . 25 28 Underpayment in line 13 × (number of days in line 19 ÷ 365) × 9% . . . . . . . . . . . . . . . . . . 28 at io le ac ce p 23 Number of days in line 15 after 9/30/24 and before 1/1/25. . . . . . . . . . . . . . . . . . . . . . 23 n. 22 Number of days in line 15 after 6/30/24 and before 10/1/24. . . . . . . . . . . . . . . . . . . . . 22 d. 21 Number of days in line 15 after 3/31/24 and before 7/1/24. . . . . . . . . . . . . . . . . . . . . . 21 Pa p -9 er 30 Underpayment in line 13 × (number of days in line 21 ÷ 365) × *%. . . . . . . . . . . . . . . . . . . 30 an d 21 31 Underpayment in line 13 × (number of days in line 22 ÷ 365) × *%. . . . . . . . . . . . . . . . . . . 31 32 Underpayment in line 13 × (number of days in line 23 ÷ 365) × *%. . . . . . . . . . . . . . . . . . . 32 16 - 9 33 Underpayment in line 13 × (number of days in line 24 ÷ 365) × *%. . . . . . . . . . . . . . . . . . . 33 s 34 Add lines 25 through 33. . . . . . . . . . . . . . . . . 34 e Se *Rate to be determined. TI R 35 Total of amounts in line 34. Enter the amount on line 35 of the corresponding line of the return. . . . . . . . . . . . . . . . . . . . . . . 35 Form M-2220 Instructions General Information Line Instructions 2023 Massachusetts Tax Change Line 3. Multiply 2023 income measure of excise and non-income measure of excise (tangible property or taxable net worth) by 2022 apportionment factor. Then multiply the result by 2023 tax rate. Multiply that result by .90 (90%) and enter the result on line 3. Massachusetts General Laws (MGL) ch 62, §§ 11 and 12 require C cor porations to file their tax returns on or before the 15th day of the fourth month following the close of each taxable year (April 15 in the case of corporations filing on a calendar year basis). The filing due date for S corporation tax returns is the 15th day of the third month following the close of each taxable year. For more information, see TIR 17-5: 2017 Supplemental Budget: Conforming Massachusetts Partnership and C Corporation Tax Return Filing Due Dates to Federal Due Dates. Lines 7 through 12. To determine the underpayment amount, complete lines 7 through 12 for each appropriate column. If line 11 shows an overpayment, that overpayment may first be used as a payment of any existing underpayment amount. Overpayments used as payments of prior underpayment amounts do not decrease the actual underpayment amount but serve to reduce instead the period of underpayment subject to penalty. If there are no existing underpayment amounts, the overpayment is applied as a credit against the next installment. If more than one payment is made for a given installment, attach separate computations for each payment. y. d. For calendar year filers, April 15, 2024, when 2023 returns and payments would normally be due, is Patriot’s Day, a legal holiday in the Commonwealth which extends the filing due date to the next business day. As a result, returns, payments made with returns, and estimated payments otherwise due on April 15, 2024, will be treated as timely if they are filed and/or paid on or before April 16, 2024. te Line 35. Enter the line 35 amount on the corresponding line item of the taxpayer’s tax return as follows: Form 355, line 25a; Form 355U, line 41; Form 355S, line 28a; Form 355SC, line 21a; Form 355SBC, line 14; Form 63 FI, line 25a; Form 63-20P, line 34a; Form 63-23P, line 41a; Form 63-29A, line 39a; or Form M-990T, line 36a. n. at io e re t rm in e or ur ns Short year. Corporations are liable for estimated payments even if there was no return filed for 2022 or if a return filed for 2022 was for less than 12 months. Corporations meeting either of these conditions should enter the smaller of lines 2 or 3 in line 5. See 830 CMR 63B.2.2 for additional information. To avoid underpayment penalties the first estimated tax installment should be paid on or before the first installment due date, not the return due date. fo rm w ill Corporations taxed under Ch. 63 of the Massachusetts General Laws should use Form M-2220 to determine whether they paid the correct amount of estimated tax by the proper due date. If not, a penalty may be imposed on the underpayment amount. fo no Who should use this form Note: Payments made with a return, including extension payments, estimated tax payments and withholding, are considered to be paid on the last day prescribed for the filing of the return and/or the payment of the tax, without regard to any extensions. See MGL ch 62C, § 79. Therefore, any overpayment from a prior year return will be considered to be paid as of the prior year return due date. For example, if a calendar year C corporation reported an overpayment on its 2022 corporation excise tax return and elected to apply it as a credit to its 2023 estimated tax, the payment will be credited as of April 15, 2023, which is the 2022 return due date and about one month after the due date of the first estimated tax installment payment for the 2023 tax year. tb E- Fi le Effective for tax periods ending on or after December 31, 2021, electronic filing and payment of tax will be required of all business corporations and financial institutions subject to tax under MGL ch 63, with no income threshold. For more information, see TIR 21-9: Expansion of Certain Electronic Filing and Payment Requirements. ac ce p O nl Expansion of Mandatory Electronic Filing for Corporate Excise Returns Se e TI R s -9 21 16 - 9 Note: New corporations in their first full taxable year with less than 10 employees have lower payment percentages — 30-25-25-20%; 55- 2520%; and 80-20%. New corporations should check the box in line 7 and use these percentage amounts to complete line 7. an d Pa p er Large corporation. Any corporation having $1 million or more of federal taxable income in any of its three preceding taxable years (IRC § 6655(g)) may only use its prior year tax liability to calculate its first quarterly estimated payment. Any reduction in the first installment payment must be added to the second installment payment.
Form M-2220
More about the Massachusetts Form M-2220 Corporate Income Tax Tax Credit TY 2023
We last updated the Underpayment of Massachusetts Estimated Tax by Corporations in January 2024, so this is the latest version of Form M-2220, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form M-2220 directly from TaxFormFinder. You can print other Massachusetts tax forms here.
Other Massachusetts Corporate Income Tax Forms:
TaxFormFinder has an additional 126 Massachusetts income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 2 | Fiduciary Income Tax Return |
| Schedule DRE | Disclosure of Disregarded Entity |
| Schedule D-IS | Long-Term Capital Gains and Losses Excluding Collectibles |
| Form 355-7004 | Corporate Extension Worksheet |
| Form 3 | Partnership Return |
View all 127 Massachusetts Income Tax Forms
Form Sources:
Massachusetts usually releases forms for the current tax year between January and April. We last updated Massachusetts Form M-2220 from the Department of Revenue in January 2024.
Form M-2220 is a Massachusetts Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
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 Massachusetts Form M-2220
We have a total of thirteen past-year versions of Form M-2220 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2011 Form M-2220
M-2220
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