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New York Underpayment of Estimated Tax by a Corporation
Extracted from PDF file 2023-new-york-form-ct-222.pdf, last modified September 2023Underpayment of Estimated Tax by a Corporation
CT-222 Department of Taxation and Finance Underpayment of Estimated Tax By a Corporation Tax Law – Article 27, Section 1085 All filers must enter tax period: beginning Tax return filed: Legal name of corporation ending Employer identification number Read the instructions, Form CT-222-I, before completing. Part 1 – Annual payment 1 Enter your 2023 corporation franchise, excise, or gross receipts tax after credits or enter the 2023 metropolitan transportation business tax (MTA surcharge) (if both, use separate forms) ............................................................... 2 Multiply line 1 by 91% (.91) or, if a large corporation, 100% (1.0). Large corporations enter this amount on line 5 and skip lines 3 and 4 ............................................................................................................... 3 Enter your 2022 corporation franchise, excise, or gross receipts tax after credits or enter the 2022 MTA surcharge ... 4 Enter the amount from line 101; if not using the line 9 exception, skip this line ..................................................... 5 Annual payment. Enter the lesser of lines 2, 3, or 4. Large corporations, enter the line 2 amount......................... Part 2 – Reasons for filing 1 2 3 4 5 Mark an X in the boxes below that apply. If any boxes are marked, you must file Form CT-222 even if you do not owe a penalty. 6 You are using the adjusted seasonal installment method (see instructions; complete applicable parts of Schedule A) .............................................. 7 You are using the annualized income installment method (see instructions; complete applicable parts of Schedule A)............................................. 8 You are not a large corporation and figure your estimated tax based on the prior year’s tax (the prior year cannot be a short year, and your return must have shown a tax liability)........................................................................................................................... 9 You are not a large corporation and figure your estimated tax by applying to the tax base on which the current year’s tax was paid the facts shown on your return for, and the law applicable to, the preceding tax year, but using the rates applicable to the current year (complete Schedule B)........................................................................................................................................ Part 3 - Computing the underpayment – for lines 11 through 19, complete one column before going to the next column. 10 Installment due dates (see instructions).................. 11 Required installments (see instructions).................. 12 Estimated tax timely paid or credited for each period (see instructions) . For column A only, also enter the amount from this line on line 16......... 13 Enter amount, if any, from line 19 of the preceding column............................................... 14 Add lines 12 and 13............................................... 15 In column B, enter line 18, column A amount. In columns C and D, add amounts on lines 17 and 18 of the preceding column........... 16 In column A, enter the line 12 amount. For other columns, subtract line 15 from line 14. If zero or less, enter 0................................................... 17 If the amount on line 16 is zero, subtract line 14 from line 15. Otherwise, enter 0......................... 18 Underpayment – If line 16 is less than or equal to line 11, subtract line 16 from line 11. Otherwise, go to line 19 (see instructions)............. 19 Overpayment – If line 11 is less than line 16, subtract line 11 from line 16............................... 415001230094 A B C D Page 2 of 4 CT-222 (2023) Part 4 – Computation of the underpayment penalty (see instructions) A B C D First Second Third Fourth 20 Enter the date of payment or the 15th day of the 4th month after the end of the tax year, whichever is earlier (mm-dd-yy) (see instructions)... Number of days: 21 From due date of installment to the date shown on line 20 .......................................................... 22 On line 21 after 3/15/23 and before 4/1/23........... 23 On line 21 after 3/31/23 and before 7/1/23........... 24 On line 21 after 6/30/23 and before 10/1/23......... 25 On line 21 after 9/30/23 and before 1/1/24........... 26 On line 21 after 12/31/23 and before 4/1/24......... 27 On line 21 after 3/31/24 and before 7/1/24........... 28 On line 21 after 6/30/24 and before 10/1/24......... 29 On line 21 after 9/30/24 and before 1/1/25........... 30 On line 21 after 12/31/24 and before 3/15/25....... 31 On line 22 ÷ 365 × %* × amount on line 18......... 32 On line 23 ÷ 365 × %* × amount on line 18......... 33 On line 24 ÷ 365 × %* × amount on line 18......... 34 On line 25 ÷ 365 × %* × amount on line 18......... 35 On line 26 ÷ 366 × %* × amount on line 18......... 36 On line 27 ÷ 366 × %* × amount on line 18......... 37 On line 28 ÷ 366 × %* × amount on line 18......... 38 On line 29 ÷ 366 × %* × amount on line 18......... 39 On line 30 ÷ 365 × %* × amount on line 18......... 40 Add lines 31 through 39....................................... 41 Underpayment penalty (see instructions) ................ 42 Add line 41, columns A through D; enter here and on your franchise tax return or MTA surcharge return............. 43 Multiply line 1 by 80% (.8)....................................................................................................................................... 44 Subtract line 11, column A from line 43 .................................................................................................................. 45 Divide line 44 by three ............................................................................................................................................ 42 43 44 45 * For applicable rates, access our website or call the Corporation Tax Information Center (see Need help? in Form CT-1). Schedule A, Part 1 – Adjusted seasonal installment method (see instructions) Note: Use this method only if the base period percentage for any 6 consecutive months is at least 70%. Use lines 46 through 51 below to compute the base period percentage. When appropriate, in lieu of business income, use the applicable tax base. 46 Enter the period of 6 consecutive months for which the base period percentage is to be computed: A – 2020 through 47 Enter the business income for the same 6 consecutive month period in preceding periods..................................................................................... 48 Enter the total business income for the entire year in preceding periods ... 49 In each column, enter as a percentage the result of dividing that column’s line 47 by that column’s line 48................................................ 50 Add the percentages in line 49, columns A, B, and C; enter the result here....... 51 Base period percentage: Divide line 50 by three; enter the result here....... 415002230094 B – 2021 C – 2022 % % % % % If 70% or higher, continue with Schedule A, line 52a. CT-222 (2023) Page 3 of 4 Enter business income for the following: 52a Tax year beginning in 2020................................... 52b Tax year beginning in 2021................................... 52c Tax year beginning in 2022................................... 53 Enter the total of the amounts that enter into the computation of the business income base for 2023 for the months delineated in each column.... Enter business income for the following periods: 54a Tax year beginning in 2020................................... 54b Tax year beginning in 2021................................... 54c Tax year beginning in 2022................................... 55 Divide the amount in each column on line 52a by the amount in column D on line 54a.................. 56 Divide the amount in each column on line 52b by the amount in column D on line 54b.................. 57 Divide the amount in each column on line 52c by the amount in column D on line 54c.................. 58 Add lines 55 through 57........................................ 59 Divide line 58 by three........................................... 60 Divide line 53 by line 59........................................ 61 .Figure the tax on the amount on line 60 using the instructions for your corporation’s return (see instructions for MTA surcharge)........................ 62 .Divide the amount in each of columns B and C on line 54a by the amount in column D on line 54a. 63 .Divide the amount in each of columns B and C on line 54b by the amount in column D on line 54b. 64 .Divide the amount in each of columns B and C on line 54c by the amount in column D on line 54c. 65 Add lines 62 through 64........................................ 66 Divide line 65 by three........................................... 67 Multiply the amounts in columns B and C of line 61 by columns B and C of line 66. In column D, enter the amount from line 61, column D........................ 68 Enter any other taxes for each payment period (see instructions).................................................. 69 Total tax before credits (add lines 67 and 68) ............. 70 Enter the amount of tax credits your corporation is entitled to for the months shown in each column heading above line 52a......................... 71 Total tax after credits. Subtract line 70 from line 69. If zero or less, enter 0........................... 72 If not a large corporation, enter .91 (91%). Otherwise, enter 1............................................. 73 Multiply line 71 by line 72...................................... 415003230094 A B – 1st 5 months C – 1st 8 months D – 1st 11 months 1st 6 months 1st 9 months Entire year Page 4 of 4 CT-222 (2023) Schedule A, Part 2 – Annualized income installment method 74 Annualized periods (see instructions)................... 75 See instructions..................................................... A B 1st C D months 1st months 1st months 76 See instructions..................................................... 77 .Annualized taxable income. Multiply line 75 by line 76 78 Figure the tax on the line 77 amount using the instructions for your corporation’s return (see instructions for MTA surcharge)........................ 79 Enter any other taxes for each payment period (see instr.) 80 Total tax before credits (add lines 78 and 79)............ 81 Tax credits (see instructions).................................... 82 Total tax after credits. Subtract line 81 from line 80; if zero or less, enter 0............................ 83 If not a large corporation, enter .91 (91%). Otherwise, enter 1............................................. 84 Multiply line 82 by line 83...................................... 85 Applicable percentage........................................... 50% 86 Multiply line 84 by line 85...................................... 100% 75% Schedule A, Part 3 – Required installment – In completing Part 3, complete one column before going to the next column. 87 .If only Schedule A, Part 1 or Part 2 is completed, enter A B C the amount in each column from line 73 or line 86. If both parts are completed, enter the smaller of the amounts in each column from line 73 or line 86........ 88 .Add the amounts in all preceding columns of line 93 89 .Subtract line 88 from line 87. If zero or less, enter 0 90 Subtract line 11, column A (MFI), from line 5. Divide the result by three and enter in each of columns B, C, and D 91 .In column C, subtract line 89, column B from line 90, column B. If zero or less, enter 0. In column D, subtract line 93, column C from line 92, column C and enter the result............................................. 92 Add lines 90 and 91............................................... 93 .Required installments – For column A, enter the amount from line 11, column A (MFI). For column B, enter the smaller of line 89, column B or line 90, column B. For columns C and D, respectively, enter the smaller of line 89 or line 92. Also enter each result on line 11.......... Schedule B – Line 9 exception (see instructions) 94 2022 ENI or business income (as applicable) base multiplied by 2023 ENI or business income base tax rate (as applicable).......................................................................................................................................... 94 95 2022 capital base multiplied by 2023 capital tax rate.......................................................................................... 95 96 Enter the amount from line 94 or 95 as applicable................................................................................................ 96 97 2022 subsidiary capital base multiplied by 2023 subsidiary capital tax rate....................................................... 97 98 Any other taxes (see instructions).......................................................................................................................... 98 99 Add lines 96, 97, and 98........................................................................................................................................ 99 100 2022 tax credits................................................................................................................................................... 100 101 Recomputed tax (subtract line 100 from line 99); enter here and on line 4................................................................. 101 415004230094 D
Form CT-222 Underpayment of Estimated Tax By a Corporation Tax Year 2023
More about the New York Form CT-222 Corporate Income Tax Estimated TY 2023
This is for corporations who paid too little on the estimated tax for the year.
We last updated the Underpayment of Estimated Tax by a Corporation in February 2024, so this is the latest version of Form CT-222, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CT-222 directly from TaxFormFinder. You can print other New York tax forms here.
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TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the New York Form CT-222.
| Form Code | Form Name |
|---|---|
| Form CT-222.1 | Election to Use Different Annualization Periods for Corporate Estimated Tax |
View all 272 New York Income Tax Forms
Form Sources:
New York usually releases forms for the current tax year between January and April. We last updated New York Form CT-222 from the Department of Taxation and Finance in February 2024.
Form CT-222 is a New York Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
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 New York Form CT-222
We have a total of thirteen past-year versions of Form CT-222 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form CT-222
Form CT-222 Underpayment of Estimated Tax By a Corporation Tax Year 2023
2022 Form CT-222
Form CT-222 Underpayment of Estimated Tax By a Corporation Tax Year 2022
2021 Form CT-222
Form CT-222 Underpayment of Estimated Tax by a Corporation Tax Year 2021
2020 Form CT-222
Form CT-222 Underpayment of Estimated Tax by a Corporation Tax Year 2020
2019 Form CT-222
Form CT-222:2019:Underpayment of Estimated Tax by a Corporation:ct222
2018 Form CT-222
Form CT-222:2018:Underpayment of Estimated Tax by a Corporation:ct222
2017 Form CT-222
Form CT-222:2017:Underpayment of Estimated Tax by a Corporation:ct222
2016 Form CT-222
Form CT-222:2016:Underpayment of Estimated Tax by a Corporation:ct222
2015 Form CT-222
Form CT-222:2015:Underpayment of Estimated Tax by a Corporation:CT222
2014 Form CT-222
Form CT-222:2014:Underpayment of Estimated Tax by a Corporation:CT222
2013 Form CT-222
Form CT-222:2013:Underpayment of Estimated Tax by a Corporation:CT222
2012 Form CT-222
Form CT-222:2012:Underpayment of Estimated Tax by a Corporation:CT222
2011 Form CT-222
Form CT-222:2011:Underpayment of Estimated Tax by a Corporation:CT222
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