Form 2220ME Fillable Underpayment of estimated tax
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(: ln1) Unchecked (: ln2) Unchecked (: Yes) Unchecked (2)(A) enter the required estimated tax amount by statute (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) (text) 1 2014 tax (check the applicable space below) 1 1 Your tax liability for 2014 reduced by allowable credits 10 Number of months or fraction thereof from the payment due date to 12 Underpayment penalty Underpayment on line 8a multiplied by rate on 13 Total of amounts shown on line 12 Enter result here and on Form 1120ME line 9b or Form 1120B ME line 5b 13 2 Your 2013 tax liability was less than $1 000 2013 tax (If 2013 is short year enter amount from line 2)(If this line or line 1 is less than $1 000 do not complete rest of form) 3 a Estimated tax paid and carryover of prior year overpayment 6a a Underpayment (line 5 minus line 7) or 8a AB C D ACTUAL LIABILITY FOR EACH QUARTER: Actual liability: Check here and on line 9b page 3 Form 1120ME also meet the test required by 36 M R S 5228(5)(C) and check this box 5 b Overpayment (line 7 minus line 5) 8b b Overpayment on line 8b from prior column 6b by adequate record for each required installment payment CITY OR TOWN STATE AND ZIP CODE compounded monthly For calendar year 2015 the penalty COMPUTATION OF UNDERPAYMENT computed at the stated rate for each month or fraction thereof day of the 4th 6th 9th and 12th months of the taxable year determine actual liability Enter 25% of line 4 in columns A through D unless (a) or (b) below applies: Enter amount from line 19 of the annualization worksheet Enter in columns A through D the installment dates that correspond to the 15th Enter the due date of the return (or the date the underpayment on line 8a Enter the rate from the table on reverse side 11 Enter the smaller of line 2 or line 3 4 Enter this Rate Enter this Rate estimated tax unless the actual liability can be established EXCEPTIONS TO THE PENALTY: FEDERAL IDENTIFICATION NUMBER Fiscal year filers may not use the table below For calendar year 2014 or fiscal year beginning 2014 and ending 20 Form 1120B ME line 3c (Total Tax) minus line 4d (Net Operating Loss Credit) and line 4e (Other Credits) Form 1120ME line 7c (Total Tax) minus lines 8c (Tax Credits) 8d (Income Tax Withheld) and 8e (Refundable Credits) FORM 2220ME Form 2220ME enables corporations and fi nancial institutions If no exception applies for an installment date complete If the corporation is a large corporation under IRC 6655(g) If you did not pay enough estimated tax by any due date for In general you may owe the penalty if for 2014 you did not in the period of underpayment For calendar year 2014 INSTRUCTIONS FOR FORM 2220ME is less than $1 000 Large corporations as defined by IRC 6655(g)(2)(A) must line 11 12 Line 6a plus line 6b 7 lines 9 through 13 to determine the amount of the penalty Maine corporate income tax and Maine franchise tax Enclose with the appropriate Maine return MAINE REVENUE SERVICES P O BOX 1065 AUGUSTA ME 04332 1065 monthly The effective penalty rate for the number of months Multiply line 1 by 90% 2 NUMBER AND STREET Number of Months of estimated tax The Annualized Income Installment of the following two situations applies: of underpayment This form helps determine whether or not on line 11 Column A 0 005833 0 011701 0 017602 0 023538 0 029509 0 035514 0 041555 0 047631 0 053742 0 059889 0 066071 on line 11 Column B 0 005833 0 011701 0 017602 0 023538 0 029509 0 035514 0 041555 0 047631 0 053742 on line 11 Column C 0 005833 0 011701 0 017602 0 023538 0 029509 0 035514 on line 11 Column D 0 005833 0 011701 0 017602 Part I Calculating Your Underpayment Part II Calculating the Penalty pay the lesser of 90% of your tax liability for 2014 or 100% of paying estimated tax you may be charged a penalty PAYMENT DUE DATES PENALTY: proper due date If the minimum amount was not paid PURPOSE OF FORM: rate is 5833% per month or fraction thereof compounded Rev 09/14 shown on line 10 1 2 3 4 5 6 7 8 9 10 11 shown on line 10 is listed below Taxpayers are required to make four equal installments of the date shown on line 9 10 The penalty is based on the amount of the underpayment of The penalty may be avoided if at least 90% of the 2014 tax the penalty rate is 5833% per month or fraction thereof the required installment for the period of underpayment It is the tax liability for 2013 if the 2013 return covered 12 months this form This form is used for the computation of penalty for underpayment of estimated tax for the timely an underpayment penalty is imposed for the period to determine if suffi cient estimated tax was paid by the UNDERPAYMENT OF ESTIMATED TAX was paid to MRS if earlier) 9 was paid when due even though you may be required to file WHO MUST PAY THE UNDERPAYMENT Worksheet for Underpayment of Estimated Tax is used to you are subject to this penalty You will not have to pay the penalty or file this form if either