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Form 83-305 Interest and Penalty on Underestimate of Corporate Income Tax
Amended Annualized Income Method Large Corporation m m d d y y y y 1 Current Year Income Tax Due (From Form 83 105 Line 8 (Corporations) or Form 84 105 Line 8 (Composite S Corporations)) 10 Total Underpayment / Overpayment of Estimates (Subtract Line 7 From Line 8 and Line 9 Enter Amount in Column (a) If the Result 11 Underestimate Penalty Due (Multiply Line 10 By 10% If the Result is Negative Enter Zero ) 12 Cumulative Tax Liability (Enter Cumulative Amount From Line 7 ) 13 Cumulative Overpayment / Estimates Paid (Enter Cumulative Amount of Estimated Taxes Paid Plus Any Overpayment 14 Total Underpayment / Overpayment of Estimates (Subtract Line 12 from Line 13 If the Result is Negative Enter Zero ) 15 Interest Rate (Multiply Line 14 By 1% Per Month Maximum of 2% for the First Quarter and a 15th of 12th Month 15th of 4th Month 15th of 6th Month 15th of 9th Month 16 Underestimate Interest Due (Multiply Line 14 By Line 15) 17 Total Penalty Due (Total of Line 11 Columns (a) (b) (c) and (d)) 18 Total Interest Due (Total of Line 16 Columns (a) (b) (c) and (d)) 19 Total Underestimate Interest and Penalty Due (Line 17 Plus Line 18 Enter Amount on Form 83 105 Page 1 Line 14 (Corporations) and on Form 84 105 Page 1 Line 14 (Composite S Corporations ) 2 Ninety (90%) of Current Year Income Tax Due (Multipy Line 1 By 90%) 3 Prior Year Income Tax Due 4 Enter the Lesser of Line 2 or Line 3 (If current year income is more than $200 00 and no estimate made for the current year enter amount from Line 2 ) 5 Estimate Payment Per Quarter (Divide Line 4 By Four) 6 Estimate Due Dates (Enter the months of the corporation's tax year in Columns (a) through (d) ) 7 Required Estimate Each Quarter (Enter Amount From Part I Line 5 ) 8 Estimated Tax Paid Each Quarter (Enter Actual Amount of Estimated Tax Paid in Each Quarter ) 9 Overpayment From Previous Year / Quarter (Enter Any Overpayment from Previous Year in Column (a) Enter Any Excess From the Previous Quarter(s) Line 9 in Column(s) (b) (c) or (d) ) Form 83 305 12 8 1 000 (Rev 05/12) from Prior Year Line 8 Plus Line 9) is Negative (Overpayment) Enter Zero and Carry Overpayment Amount (Positive) inthe Next Quarter(s) Line 9 Column(s) (b) (c) (d) ) maximum of 3% for the Second Third and Fourth Quarters) Mississippi PART I: CALCULATION OF ESTIMATE PAYMENT PART II: PENALTY CALCULATION PART III: INTEREST CALCULATION PART IV: UNDERESTIMATE PENALTY & INTEREST DUE Tax Year Beginning Tax Year Ending Underestimate of Corporate Income Tax Worksheet