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Maine Free Printable  for 2024 Maine Underpayment of Estimated Tax

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Underpayment of Estimated Tax
Form 2220ME

Print Clear FORM 2220ME 2022 Underpayment of Estimated Tax by Corporations or Financial Institutions Enclose with your Form 1120ME or Form 1120B-ME (See instructions on back) For calendar year 2022, or fiscal year beginning ___________________________ , 2022 and ending _____________________________ , 20________ Name as shown on Form 1120ME or 1120B-ME Your FEIN (do not enter / or -) Part I - Calculating Your Underpayment 1 2022 tax (check the applicable box below)..................................................................................................................... 1._________________________ c Form 1120ME, line 6c minus lines 7c and 7d. c Form 1120B-ME, line 3f minus lines 4b and 4d. 2. Multiply tax on line 1 by 90%.......................................................................................................................................... 2._________________________ 3. 2021 tax (If 2021 is a short-year, enter amount from line 2) (If this line or line 1 is less than $1,000, do not complete rest of form)........................................................................... 3._________________________ 4. Enter the smaller of line 2 or line 3................................................................................................................................. 4._________________________ Payment Due Dates A B C D Enter in columns A through D the installment dates that correspond to the 15th day of the 4th, 6th, 9th and 12th months of the taxable year. 5. Enter 25% of line 4 in columns A through D, unless (a) or (b) below applies: c a. Actual Liability: Check here and the box on Form 1120ME, line 9. Enter amount from line 17 of the annualization worksheet. b. c If the corporation is a “large” corporation under IRC § 6655(g)(2)(A), enter the required estimated tax amount by statute and check . this box........................................................................................... 5. 6. a. Estimated tax paid and carryover of prior year overpayment........... 6a. (See instructions.) b. Overpayment on line 8b from prior column...................................... 6b. 7. Line 6a plus line 6b................................................................................ 7. 8. a. Underpayment (line 5 minus line 7) or............................................. 8a. b. Overpayment (line 7 minus line 5)................................................... 8b. Part II - Calculating the Penalty 9. Enter the due date of the return (or the date the underpayment on line 8a was paid to MRS, if earlier)........................................................ 9. 10. Number of months or fraction thereof from the payment due date to the date shown on line 9...................................................................... 10. 11. Enter the rate from the table included in the instructions..................... 11. 12. Underpayment penalty. Underpayment on line 8a multiplied by the rate on line 11....................................................................................... 12. 13. Total of amounts shown on line 12. Enter result here and on Form 1120ME, line 9 or Form 1120B-ME, line 5b........................... 13. Revised: March 2023 General Instructions Purpose of form: Form 2220ME enables corporations and financial institutions to determine if sufficient estimated tax was paid by the proper due date. If the minimum amount was not paid timely, an underpayment penalty is imposed for the period of underpayment. This form helps determine whether or not you are subject to this penalty. Actual liability for each quarter: Taxpayers are required to make four equal installments of estimated tax unless the actual liability can be established, by adequate record, for each required installment payment of estimated tax. The Annualized Income Installment Worksheet for Underpayment of Estimated Tax is used to determine actual liability. Who must pay the underpayment penalty: If you did not pay enough estimated tax by any due date for paying estimated tax, you may be charged a penalty. In general, you may owe the penalty if, for 2022 you did not pay the lesser of 90% of your tax liability for 2022 or 100% of the tax liability for 2021, if the 2021 return covered 12 months. Large corporations, as defined by IRC § 6655(g)(2)(A), must also meet the test required by 36 M.R.S. § 5228(5)(C). Carryover of Prior Year Overpayment: Line 6a. Enter the carryover of the 2021 overpayment in the column that corresponds to the due date of the 2021 Form 1120ME or Form 1120B-ME, without regard to extension, or the date the payment resulting in the 2021 overpayment was made, whichever is later. Exceptions to the penalty: You will not have to pay the penalty or file this form if either of the following two situations applies: 1. Your tax liability for 2022, reduced by allowable credits, is less than $1,000. 2. Your 2021 tax liability was less than $1,000. The penalty may be avoided if at least 90% of the 2022 tax was paid when due, even though you may be required to file this form. Computation of underpayment penalty: If no exception applies for an installment date, complete lines 9 through 13 to determine the amount of the penalty. The penalty is based on the amount of the underpayment of the required installment for the period of underpayment. It is computed at the stated rate for each month or fraction thereof in the period of underpayment. For calendar year 2022, the penalty rate is .4167% per month or fraction thereof, compounded monthly. For calendar year 2023, the penalty rate is .5833% per month or fraction thereof, compounded monthly. The effective penalty rate for the number of months shown on line 10 is listed below. Fiscal year filers may not use the table below. Number of months shown on line 10 1 2 3 4 5 6 7 8 9 10 11 12 Enter this rate on line 11, Column A .004167 .008351 .012552 .016771 .021008 .025262 .029534 .033824 .039854 .045920 .052021 .058158 Enter this rate on line 11, Column B .004167 .008351 .012552 .016771 .021008 .025262 .031243 .037258 .043309 .049395 Enter this rate on line 11, Column C .004167 .008351 .012552 .018459 .024400 .030375 .036386 Enter this rate on line 11, Column D .005833 .011701 .017602 .023538
Extracted from PDF file 2023-maine-form-2220me.pdf, last modified March 2023

More about the Maine Form 2220ME Corporate Income Tax TY 2023

We last updated the Underpayment of Estimated Tax in April 2023, so this is the latest version of Form 2220ME, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 2220ME directly from TaxFormFinder. You can print other Maine tax forms here.

Other Maine Corporate Income Tax Forms:

TaxFormFinder has an additional 61 Maine income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 1120X-ME Amended income Tax Return
Form 1041ME-PV Payment Voucher For Electronically Filed Returns
Form 1041ME Fiduciary Income Tax Return for Resident and Nonresident Estates and Trusts
Form 1041ME-EXT Extension Payment Voucher
Form 2220ME Underpayment of Estimated Tax

Download all ME tax forms View all 62 Maine Income Tax Forms


Form Sources:

Maine usually releases forms for the current tax year between January and April. We last updated Maine Form 2220ME from the Revenue Services in April 2023.

Show Sources >

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 Maine Form 2220ME

We have a total of twelve past-year versions of Form 2220ME in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2021 Form 2220ME

21_2220me.indd

2020 Form 2220ME

20_2220me_draft_Dec2020.indd

2019 Form 2220ME

19_2220me.indd

2018 Form 2220ME

18_2220 12.6.18.indd

2017 Form 2220ME

17_2220.indd

2016 Form 2220ME

16_2220_20170201.indd

Annualized income installment worksheet for form 2220ME 2015 Form 2220ME

15_2220A_annualized_ws.indd

Underpayment of estimated tax 2014 Form 2220ME

14_2220.indd

Underpayment of estimated tax 2013 Form 2220ME

12_2220.indd

2012 Form 2220ME

12_2220.indd

2011 Form 2220ME

11_2220.indd


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