Form AR2220 Underpayment of Estimated Tax

(1)the preceding tax year was a tax year of 12 months and (1)the taxpayer (2)the taxpayer did not have a tax liability for the preceding tax year and (3)the taxpayer was a resident of Arkansas throughout the preceding tax year (6) Taxpayers with varied income may bene t by computing the ten percent (10%) penalty on an annualized basis The penalty is computed using Form AR2220A which must be submitted with Form AR1100CT If penalty is computed using Form 2220A write 6 in Box on Line 46 on Form AR1100CT Off (a) 90% of Line 1: (b) Prior Year Tax Liability: (Enter amount from appropriate line on prior year Arkansas return) (If Line 4 is equal to or greater than Line 3 you are not subject to an underestimate penalty provided the correct amount of quarterly estimated tax payments as entered in Part 2 Lines 2 5 8 and 11 were timely led and paid ) AR2220 (R 9/10) AR2220 State of Arkansas UNDERPAYMENT OF ESTIMATED TAX BY CORPORATIONS Attach Completed Form AR2220A if Computing Penalty on Annualized Basis became disabled in the tax year for which such estimated payments were BOX AND ENTER THAT NUMBER IN THE BOX PROVIDED ON LINE 46 OF FORM AR1100CT CORPORATION Enter Lesser of 2(a) or 2(b): (Divide entry by 4 for Part 2 Lines 2 5 8 and 11) Exceptions: In lieu of ling the 4th quarter installment the taxpayer may le an income tax return and pay the tax on or before January 31st or on the last day of the rst month after the close of the tax year No penalty shall be imposed for a tax year if: No penalty shall be imposed with respect to any underestimate or underpayment if the Commissioner determines that: No penalty shall be imposed with respect to any underpayment to the extent that the Commissioner of Revenue determines that by reasons of casualty disaster or other unusual circumstances the imposition of such penalty would be against equity and good conscience PART 1 DETERMINING TAX AMOUNT REQUIRED TO BE ESTIMATED (Round all entries to whole dollars) PART 2 COMPUTATION OF UNDERESTIMATED PENALTY (Round all entries to whole dollars) PART 3 IF YOU ARE CLAIMING ONE OF THE EXCEPTIONS LISTED BELOW CHECK THE CORRESPONDING NUMBER required to be made or in the tax year preceding such tax year and (2)such underpayment was due to reasonable cause and not to willful neglect retired after having attained age 62 or Tax Liability for Year Ending / / : (Enter amount from appropriate line on Arkansas return AR1100CT) (If Line 1 is $1 000 or less you are not subject to an underestimate penalty) Taxpayers whose income from farming for the tax year can reasonably be expected to amount to at least two thirds (2/3) of the total gross income from all sources for the tax year may le such declaration and pay the estimated tax on or before the 15th day of the 2nd month after the close of the tax year or in lieu of ling any declaration may le an income tax return and pay the tax on or before the 15th day of the 3rd month after the close of the tax year Total Estimated Tax Paid: (Including estimate carryforward from prior year)