Rhode Island Underpayment of Estimated Tax

Underpayment of Estimated Tax
RI-2220 - Underpayment of Estimated Tax by Corporate FilersState of Rhode Island Division of Taxation

2023 Form RI-2220
23112699990101

Underpayment of Estimated Tax by Corporate Filers

Federal employer identification number

Name shown on Form RI-1120C, RI-1120S or RI-1065

CHECK THE BOX IF THE BELOW APPLIES:
TAXPAYER IS USING THE ANNUALIZATION OF INCOME METHOD

PART 1 - REQUIRED ANNUAL PAYMENT
1 Enter your 2023 Rhode Island tax amount from RI-1120C, line 13; RI-1120S, line 8a; RI-1065, line 8a or RI-PTE, line 5..
2 Enter 80% of the amount shown on line 1............................................................... 2

3 Enter your 2023 Rhode Island pass-through withholding amount from Form RI-1120C, line 17b...................................
4 Subtract line 3 from line 1. If $500 or less, do not complete the rest of this form.......................................................
5 Enter your 2022 Rhode Island tax amount from RI-1120C, line 13; RI-1120S, line 8a; RI-1065, line 8a or RI-PTE, line 5.

6 Enter the SMALLER of line 2 or line 5........................................................................................................................

4
5

PART 2 - SHORTCUT METHOD
You can use this method if you meet the following conditions (Otherwise, you must complete parts 3 and 4 to figure your underestimating interest):

1
2

You made no estimated payments OR all 4 estimated payments were equal and paid by the appropriate due dates;

AND you did not complete RI-2220, part 5 (Annualized Income Installment Worksheet).
7 Enter the amount from Part 1, line 6 above................................................................................................................. 7
8
8 Withholding and estimated tax paid from RI-1120C, lines 16 and 17b; RI-1120S, line 9a; RI-1065, line 9a or RI-PTE, line 6a
9 Underpayment. Subtract line 8 from line 7. If zero or less, enter $0.......................................................................... 9
10
10 Multiply line 9 by 8.2591% (0.082591).......................................................................................................................
11 If the amount on line 9 was paid on or after 4/15/2024, enter $0
If the amount on line 9 was paid before 4/15/2024, make the following calculation:
The amount on line 9 (times) the number of days paid before 4/15/2024 (times) 0.000328 and enter the result here 11
12 UNDERESTIMATING INTEREST. Subtract line 11 from line 10. Enter here and on RI-1120C, line 20c; RI-1120S, line 12c;
RI-1065, line 12c or RI-PTE, line 7b. Attach this form to your Rhode Island return....................................................

PAYMENT DUE DATES

PART 3 - FIGURE YOUR UNDERPAYMENT

Column A
04/15/2023

13 Divide the amount on line 6 by four (4) and enter the result in each column.....

14 Annualized income installments from Part 5, line 33. NOTE: Complete lines
15 through 17 in one column before completing the next column.................. 14
15 Enter the amount from line 13 or line 14 if applicable .................................... 15
16 Rhode Island tax withheld and estimated tax paid. If line 16 is equal to or
more than line 15 for all installment periods, do not complete or file this
16
form unless you report annualized income installments on line 14 ................
17 UNDERPAYMENT. Subtract line 16 from line 15 OR
OVERPAYMENT. Subtract line 15 from line 16.................................................. 17

Page 1

Column B
06/15/2023

Column C
09/15/2023

Column D
12/15/2023

State of Rhode Island Division of Taxation

2023 Form RI-2220
IMAGEONLY

Underpayment of Estimated Tax by Corporate Filers

Federal employer identification number

Name shown on Forms RI-1120C, RI-1120S or RI-1065

PART 4 - HOW TO FIGURE THE CHARGES

PAYMENT DUE DATES
Column A
04/15/2023

18 Payment date or date listed in instructions for line 18, whichever is earlier... 18
19 a Number of days from the installment date to the date of payment or the due
date of the next installment, whichever is earlier (see instructions) ............... 19a
b Number of days on line 19a X 12% X underpayment on line 17....................

MMDDYY

Column B
06/15/2023

MMDDYY

days

Column C
09/15/2023

MMDDYY

days

Column D
12/15/2023

MMDDYY

days

19b
365
20 a Number of days from December 15, 2023 to the date of payment or December 31, 2023, whichever is earlier ........................ 20a
b Number of days on line 20a X 12% X underpayment on line 17 .................................................................................................

365
21 a Number of days from January 1, 2024 to the date of payment or April 15, 2024, whichever is earlier........................................
b Number of days on line 21a X 12% X underpayment on line 17 .................................................................................................
366
22 UNDERESTIMATING INTEREST. Total amount from all columns on lines 19b, 20b and 21b. Enter here and on RI-1120C,
line 20c; RI-1120S, line 12c or RI-1065, line 12c . Attach this form to your Rhode Island return ..............................................

days

20b

days

21a
21b
22

Part 5 Annualized Income Installment Worksheet
IMPORTANT: Complete one column lines 23 - 33 before completing the next column.

Figure your actual taxable income ...........................................................................

Annualization amount...................... ........................................................................

Multiply the amount on line 23 by the indicator on line 24 .......................................

Figure your Rhode Island tax on the amount on line 25 ..........................................

Applicable percentage.............................................................................................

Multiply the amount on line 26 by the applicable percentages on line 27.....................

Enter the combined amount from line 33 for all preceding periods...............................

Subtract line 29 from line 28 (not less than zero) ....................................................

Enter the amount from RI-2220, page 1, line 13 for the period plus the amount
from line 32 of this worksheet for the preceding period ...........................................

If line 31 is more than line 30, SUBTRACT line 30 from line 31, OTHERWISE enter $0

Enter the smaller of line 30 or line 31 here and on page 1, line 14..........................

Page 2

01/01/2023
03/31/2023

01/01/2023
05/31/2023

01/01/2023
08/31/2023

01/01/2023
12/31/2023

2.4

1.5

1.09091

20%

40%

60%

80%

State of Rhode Island Division of Taxation

2023 Form RI-2220
Underpayment of Estimated Tax by Corporate Filers
PURPOSE OF THIS FORM
Entities should use this form to determine if their income tax was sufficiently prepaid throughout the year by having Rhode Island tax withheld or
by paying Rhode Island estimated tax. If not, a charge may be imposed
on the underpayment of the taxes. Complete Part 1 of this form to determine if the payment of the charge may be avoided.
PART 1 - REQUIRED ANNUAL PAYMENT
Line 1 - Enter your 2023 Rhode Island tax amount from RI-1120C, line 13;
RI-1120S, line 8a; or RI-1065, line 8a.
Line 2 - Enter 80% of the amount shown on line 1.
Line 3 - Enter your 2023 Rhode Island pass-through withholding amount
from Form RI-1120C, line 17b.
Line 4 - Subtract line 3 from line 1. If $500 or less, do not complete the
rest of this form.
Line 5 - Enter your 2022 Rhode Island tax amount from RI-1120C, line 13;
RI-1120S, line 8a; or RI-1065, line 8a.
Line 6 - Enter the smaller of line 2 or line 5 (including zero). If line 6 is
zero, you do not owe any amount and need not complete the rest of this
form. However, you must attach this form to your Rhode Island
return.
PART 2 - SHORTCUT METHOD
Line 7 - Enter the amount from line 6.
Line 8 - Enter the amount of estimated tax paid and pass-through withholding received from pass-through entities for 2023 from RI-1120C, lines 16 and
17b; RI-1120S, line 9a; or RI-1065, line 9a.
Line 9 - Subtract line 8 from line 7.
Line 10 - Multiply line 9 by 8.2591% (0.08591).
Line 11 - If you paid the tax balance after 4/15/2024, enter zero (0). If you
paid the tax balance due before 4/15/2024, multiply the number of days
paid before 4/15/2024 by the amount on line 9 and by 0.000328 and enter
the result on line 11.
Line 12 - Subtract line 11 from line 10. Enter here and in the space
provided on RI-1120C, line 20c; RI-1120S, line 12c and RI-1065, line 12c.
PART 3 - FIGURE YOUR UNDERPAYMENT
Line 13 - Divide the amount shown on line 6 by four (4) and enter the result in each column.
Line 14 - If your income varies during the year, you may complete the annualized income installment worksheet. However, if you complete and use
line 14 for any installment you must complete it and use it for all installments.
NOTE: COMPLETE LINES 15-17 FOR ONE COLUMN BEFORE
COMPLETING THE NEXT COLUMN.
Line 15 - Enter the amount from line 13 (or from line 14, if line 14 was
completed).
Line 16 - You are considered to have paid Rhode Island pass-through
withholding tax evenly during the year unless you can show otherwise.
Therefore, you are considered to have paid one-fourth of your Rhode Island pass-through withholding on each installment due date. Divide the
total amount withheld by 4 and enter the results in each column. Enter the
estimated taxes paid that were for 2023 tax year plus any portion of your
overpayment from 2022, which you elected to be applied to 2023. Enter in
column A those payments made on or before April 15, 2023, in column B
those payments made between April 16, 2023 and June 15, 2023, in column C those payments made between June 16, 2023 and September 15,
2023, and in column D those payments made between September 16,
2023 and December 15, 2023.

Line 17 - Subtract line 16 from line 15 for any underpayments. Subtract
line 15 from line 16 for any overpayments. Any overpayments on line 17
should be used to increase the amount entered on line 16 for the next installment period. Any underpayment on line 17 should be used to decrease the amount on line 16 for the next installment period. However, if
you entered amounts on line 14, annualized income installments, and the
amounts on line 17 are zero ($0) or less for all installment periods, then
enter zero ($0) on line 22 and file this form with your return.
PART 4 - HOW TO FIGURE THE CHARGE
Line 18 - Column A: Enter the date you paid the tax balance due for the
current installment or 6/15/2023, whichever is earlier. Column B: Enter
the date you paid the tax balance due for the current installment or
9/15/2023, whichever is earlier. Column C: Enter the date you paid the
tax balance due for the current installment or 12/15/2023, whichever is
earlier. Column D: Enter the date you paid the tax balance due for the
current installment or 4/15/2024, whichever is earlier.
Line 19a - Column A & Column B: Enter the number of days from the installment due date to the date of payment or the due date of the next installment, whichever is earlier. Column C: Enter the number of days from
the installment due date to the date of payment or December 15, 2023,
whichever is earlier.
Line 19b - Compute the charge using the applicable interest rates and
number of days times underpayment entered on line 17 for each installment period. Divide the number of days from line 19a by the total number
of days in the year times the applicable interest rate times the amount of
the underpayment on line 17 for each installment.
Line 20a - Enter the number of days from December 15, 2023 to the date
of payment or December 31, 2023, whichever is earlier.
Line 20b - Compute the charge using the applicable interest rates and
number of days times underpayment entered on line 17 for each installment period. Divide the number of days from line 20a by the total number
of days in the year times the applicable interest rate times the amount of
the underpayment on line 17.
Line 21a - Enter the number of days from January 1, 2024 to the date of
payment or April 15, 2024, whichever is earlier.
Line 21b - Compute the charge using the applicable interest rates and
number of days times underpayment entered on line 17 for each installment period. Divide the number of days from line 21a by the total number
of days in the year times the applicable interest rate times the amount of
the underpayment on line 17.
The interest rate to be used is 12% per annum.
Line 22 - Add the amounts from all columns on lines 19b, 20b and 21b
and enter the total here. Include this amount with your tax balance payment and attach this form to your return. If your Rhode Island tax return
has previously been filed, then attach your check to this form and mail it to
the RI Division of Taxation, One Capitol Hill, Providence, RI 02908-5806.

Extracted from PDF file 2023-rhode-island-form-2220.pdf, last modified April 2012

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More about the Rhode Island Form 2220 Corporate Income Tax Estimated TY 2023

If you failed to pay or underpaid your estimated taxes for the past tax year, you must file form RI-2210 to calculate any interest or penalties due with your income tax return.

We last updated the Underpayment of Estimated Tax in February 2024, so this is the latest version of Form 2220, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 2220 directly from TaxFormFinder. You can print other Rhode Island tax forms here.

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Other Rhode Island Corporate Income Tax Forms:

TaxFormFinder has an additional 78 Rhode Island income tax forms that you may need, plus all federal income tax forms.

Form Code	Form Name
Form 7004	Extension Request Extension
Form 1120V	Payment Voucher Voucher
Form 1065V	Partnership Income Tax Payment Voucher Voucher
Form 1065	Partnership Income Tax Return to be filed by LLCs, LLPs, LPs and Partnerships Tax Return
Form BUS-EXT	Business Tax Automatic Extension Request - For T-72 and T-74 Extension

Download all RI tax forms View all 79 Rhode Island Income Tax Forms

Form Sources:

Rhode Island usually releases forms for the current tax year between January and April. We last updated Rhode Island Form 2220 from the Division of Taxation in February 2024.

Show Sources >

Form 2220 is a Rhode Island 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 Rhode Island Form 2220

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

2023 Form 2220

RI-2220 - Underpayment of Estimated Tax by Corporate Filers

2022 Form 2220