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Form 6220i Fillable Underpayment of Estimated Tax by Corporations Instructions
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)
(i) subtracting line 4b from line 4a (ii) adding the result to the amount on line 4a and (iii) multiplying the total by 25% 0405 6220i Rev 01/01/2014 15th day of the 12th month of your tax year 15th day of the 9th month of your tax year; and in column D enter 6020 6100 or 6150 Schedule A line 9 less refundable credits A corporation uses Form 6220 to determine whether it is subject A penalty for underpayment of estimated tax is based on the tax accordance with IRC Section 1561 Amended Returns amount of the penalty an Alaska return showing a tax liability for the previous tax year or an underpayment on line 13 (column A B C or D) go to Part II and credits from your previous year s tax return If you did not file Annualized income installment method or adjusted seasonal Any reduction in that first installment must be added to the second base only its first required installment on 100% of the prior year s basis it may be able to lower the amount of one or more required by the 15th day of the 4th month of your tax year; in column B Check the applicable box if the corporation uses the annualized column B determine the amount to enter by: Complete lines 1 through 14 in Part I The instructions for most Complete Part I of Form 6220 to determine if there is an corporation is one that it or its predecessor had $1 million or more date for paying estimated tax it may be charged a penalty This date Therefore the corporation may owe a penalty for an earlier does not include a net operating loss or capital loss carryback due dates earliest installment unless the taxpayer instructs the Department enter payments made after the 15th day of the 4th month through Estimated Tax by Corporations filed The penalty is computed separately for each installment due Form 6000 6020 6100 or 6150 Generally a corporation is subject to the penalty if its tax liability Generally a prior year s overpayment will be applied against the How to Compute the Penalty Attach Form 6220 to the income tax If line 4a is less than line 4b enter 25% of line 4a in columns A If line 4b is less than line 4a in column A enter 25% of line 4b In if that tax year was for less than 12 months do not complete this If the corporation did not pay sufficient estimated tax by any due In columns C and D enter 25% of line 4a income installment method or the adjusted seasonal installment income installment or adjusted seasonal installment may be less installment due date even if it paid enough tax later to make up installment method installment method: If the corporation s income varied during the installment so that the total of columns A D is equal to line 4a installment the payment pertains If the corporation has made installments by using the annualized income installment method instruction below instructions below to compute the amount to enter on line 6 Instructions for Alaska Underpayment of is true even if the corporation is due a refund when its return is Large corporation: A large corporation may not base its estimated lesser of: 100% of its tax liability for this tax year or 100% of its tax liability and it covered a full 12 months (A large corporation may liability for the previous tax year if a return was filed showing a tax liability of the original return The amendment of the return does Line 1: Enter on line 1 the net income tax from Form 6000 Line 15: A payment of estimated tax is applied against Line 17: Use Alaska interest rates See General Instructions for Line 4b: Compute your previous year s tax in the same way that Line 6: If you are not using the annualized income installment Line 7: In column A enter the estimated tax payments deposited line Instead enter the amount from line 4a on line 4c method or adjusted seasonal installment method follow the method or if the corporation is a large corporation A large more due dates thereby reducing or eliminating the penalty for more than one payment for a required installment compute the net of all credits is $500 or more and it did not pay on time the not change the penalty of Alaska taxable income for any of the three tax years immediately of these lines are on the form itself For other lines follow the on Schedule A line 11 and line 12 Do not enter an amount less or carryover Members of a controlled group as defined in IRS or the adjusted seasonal installment method The annualized otherwise Part I: How To Compute The Underpayment Part II: How To Compute The Penalty payments made after the 15th day of the 6th month through the payments made after the 15th day of the 9th month through the penalty by using the annualized income or adjusted seasonal penalty separately for each payment preceding the tax year involved For this purpose taxable income Purpose Of The Form required installments use the worksheet for federal Form 2220 return (Form 6000 6020 6100 or 6150) Section 1563 must divide the $1 million among themselves in such installments are required to be paid regardless to which tax liability ) A corporation may be able to reduce or eliminate the tax payments on the previous year s tax except for the first quarter than the required installment under the regular method for one or than zero the 15th day of the 6th month of your tax year; in column C enter the amount on line 3 of this form was determined using the taxes the underpayment those due dates through D to the penalty for underpayment of estimated tax and if so the To use one or both of these methods to compute one or more underpayment for any of the four installment due dates If there is underpayment of required installments in the order in which using Alaska figures rates and computations If you use the Who Must Pay The Underpayment Penalty worksheet for any payment date you must use it for all payment year because for example it operated its business on a seasonal