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West Virginia Underpayment of Estimated Tax Penalty
Form CNF120U is obsolete, and is no longer supported by the West Virginia Department of Revenue.
Extracted from PDF file 2019-west-virginia-form-cnf120u.pdf, last modified December 1969Underpayment of Estimated Tax Penalty
CNF-120U REV 5-19 W 2019 Underpayment of Estimated Tax Penalty (WV Code §11-10-18a) CORPORATION NAME FEIN PART I: All filers must complete this part 1. Corporate Net Income Tax after credits (line 9 of Form CNF-120)........................................... 1 .00 IF LINE 1 IS LESS THAN $650, DO NOT COMPLETE LINES 2 OR 3. ENTER ZERO ON LINE 5 2. Multiply line 1 by ninety percent (.90)............................................................... 2 .00 3. Enter the income tax after credits from your 2018 return (see instructions) 3 .00 4. Enter the smaller of line 2 or line 3............................................................................................. 5. Income Tax required to be paid. Enter line 4 amount here......................................................... 4 .00 5 .00 IF LINE 5 IS ZERO, DO NOT COMPLETE THIS FORM! YOU ARE NOT SUBJECT TO THE PENALTY. REFER TO THE INSTRUCTIONS TO DETERMINE YOUR OPTIONS FOR CALCULATING THE UNDERPAYMENT PENALTY 6. Determine your penalty by completing Part II, Part III, and Part IV. Enter your penalty from line 42 here and on line 22 of Form CNF-120.............................................................. 6 .00 If you are requesting a waiver of the penalty calculated, check here If you are using the ANNUALIZED INCOME WORKSHEET to compute your underpayment penalty, complete Part II PART II: ANNUALIZED INCOME INSTALLMENT (Multistate taxpayers use apportioned figures for lines 1 and 4) Column B: 3 months .00 1. Enter WV taxable income for each period..................... 2. Annualization amounts.................................................. Column A: 3 months 5. Annualization amounts........... Column B: 5 months 4 1.3333 .00 .00 Column C: 8 months .00 Column D: 11 months .00 2.4 .00 6. Multiply line 4 by line 5............ .00 2 .00 .00 Column D: 9 months .00 4 3. Multiply line 1 by line 2.................................................. 4. Enter the WV taxable income for each period........................ Column C: 6 months .00 1.5 1.09091 .00 .00 .00 For line 7 of column A, enter the amount from line 6 of column A. In columns B, C, & D, enter the smaller of the amounts in each column from line 3 or line 6. .00 7. Annualized taxable income .. 8. Tax rate................................. 0.065 .00 .00 0.065 .00 0.065 0.065 9. Annualized tax (multiply line 7 by line 8)........................... .00 .00 .00 .00 10. Tax credits. Enter credits from CNF-120TC line 15 in each column .00 .00 .00 .00 11. Subtract line 10 from line 9. If zero or less, enter 0......... .00 .00 .00 .00 12. Applicable percentage......... 13. Multiply line 11 by line 12.... 0.225 .45 .00 .675 0.9 .00 .00 .00 *B30201912W* B 3 0 2 0 1 9 1 2 W CNF-120U REV. 5-19 W 2019 Underpayment of Estimated Tax Penalty (Continued) NAME FEIN COMPLETE LINES 14 THROUGH 20 FOR ONE COLUMN BEFORE GOING TO THE NEXT COLUMN Column A Column B Column C Column D 14. Add the amounts in all previous columns of line 20........................... .00 .00 .00 15. Subtract line 14 from line 13. If zero or less, enter 0......................... .00 .00 .00 .00 16. Enter 1/4 of Part I, line 4 in each column........................................... .00 .00 .00 .00 .00 .00 .00 .00 17. Enter the amount from line 19 of the previous column of this worksheet.......................................................................................... 18. Add lines 16 and 17........................................................................... .00 .00 .00 19. Subtract line 15 from line 18. If zero or less, enter 0.......................... .00 .00 .00 20. Required Installment. Enter the smaller of line 15 or line 18.............. .00 .00 .00 .00 PART III: Calculate the Underpayment Column A Column B Column C Column D 21. Installment Due Dates: Enter in columns A – D the 15th day of the 4th, 6th, 9th, and 12th months of your tax year........................................................... 22. If you are using the annualized method, enter the amounts from line 20; otherwise 1/4 of Part I, line 5 of each column..................................................... .00 .00 .00 .00 23. Estimated payments (see instructions). If line 23 is greater than or equal to line 22 for all columns, stop here, you are not subject to the penalty.......... .00 .00 .00 .00 COMPLETE LINES 24 THROUGH 30 FOR ONE COLUMN BEFORE GOING TO THE NEXT COLUMN 24. Enter the amount, if any, from line 30 of the previous column...................................................... .00 .00 .00 25. Add lines 23 and 24.................................................. .00 .00 .00 26. Add lines 28 and 29 of the previous column............. .00 .00 .00 .00 .00 .00 .00 .00 27. In column A enter the value from line 23. In columns B – D, subtract line 26 from line 25. If zero or less, enter 0................................................ .00 28. If line 27 is zero, subtract line 25 from line 26; otherwise enter 0.................................................... 29. UNDERPAYMENT: If line 22 is equal to or more than line 27, subtract line 27 from line 22. Enter the result here and go to line 24 of the next column. Otherwise, go to line 30............................. .00 .00 .00 .00 30. OVERPAYMENT: If line 27 is more than line 22, subtract line 22 from line 27. Enter the result here and go to line 24 of the next column....................... .00 .00 .00 .00 CNF-120U REV. 5-19 2019 Underpayment of Estimated Tax Penalty (Continued) W NAME FEIN PART IV: Calculate the Penalty 31. Enter the date of the installment payment or the unextended due date of your annual return, whichever is earlier................................................. 32. Enter the number of days from the due date of the installment on Part III, line 21 to the date shown on Part IV, line 31.................................................... 33. Enter the number of days on line 32 for the quarter after _____________and before _____________* 34. Enter the number of days on line 32 for the quarter after _____________and before _____________* 35. Enter the number of days on line 32 for the quarter after _____________and before _____________* 36. Enter the number of days on line 32 for the quarter after _____________and before _____________* 37. Underpayment on Part III, Line 29 x (number of days on line 33/365) x ** % .................................... .00 .00 .00 .00 38. Underpayment on Part III, Line 29 x (number of days on line 34/365) x ** % .................................... .00 .00 .00 .00 39. Underpayment on Part III, Line 29 x (number of days on line 35/365) x ** % .................................... .00 .00 .00 .00 40. Underpayment on Part III, Line 29 x (number of days on line 36/365) x ** % .................................... .00 .00 .00 .00 41. TOTAL: Add lines 37 through 40............................. .00 .00 .00 .00 42. PENALTY DUE – Add Columns A – D, line 41. Enter here and on line 6 of Part 1 and on CNF-120, line 22................................................................. .00 * Indicate the beginning and ending date of the period for each line with Line 33 being the oldest period. See Instructions for more information. **See instructions to determine rates in effect for these periods.
Form CNF120U
More about the West Virginia Form CNF120U Corporate Income Tax Estimated
OBSOLETE
We last updated the Underpayment of Estimated Tax Penalty in April 2021, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the West Virginia Department of Revenue. You can print other West Virginia tax forms here.
Other West Virginia Corporate Income Tax Forms:
TaxFormFinder has an additional 75 West Virginia income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form PTE100 | Income Tax Return S Corporation & Partnership (Pass-Through Entity) Formerly SPF 100 |
| SPF100 Schedule SP | Shareholder / Partner Information and Non-resident Withholding |
| Form CIT 120 | Corporate Net Income (formerly CNF 120) |
| Form IT-141ES | Fiduciary Estimated Tax Payment Voucher |
| Form NRW4 | Non-resident Income Tax Agreement |
View all 76 West Virginia Income Tax Forms
Form Sources:
West Virginia usually releases forms for the current tax year between January and April. We last updated West Virginia Form CNF120U from the Department of Revenue in April 2021.
Form CNF120U is a West Virginia 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 West Virginia Form CNF120U
We have a total of six past-year versions of Form CNF120U 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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