Form 6220i Fillable Underpayment of Estimated Tax by Corporations Instructions
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$1 million or more of Alaska taxable income for any of the three (i) subtracting line 4b from line 4a (ii) adding the result to the amount on line 4a and (iii) multiplying the total by 25% (the 15th day of the 4th 6th 9th and 12th months of the tax year) 0405 6220i Rev 01/01/16 page 1 15th day of the 12th month of your tax year For column A only 15th day of the 9th month of your tax year; and in column D enter 6220 to estimate the penalty for underpayment of estimated tax a corporation is not required to use the form because the DOR A corporation is required to complete and attach Form 6220 to A corporation uses Form 6220 to report the use of the annualized A payment of estimated tax is applied against underpayment of A penalty for underpayment of estimated tax is based on the a required installment compute the penalty separately for each Add amounts on lines 8 9 of the preceeding column Add lines 3 4 adjusted seasonal installment method and are completing Form Amended Returns Amount paid or credited for each period an Alaska return showing a tax liability for the previous tax year or and credits from your previous year s tax return If you did not file and enter the result on line 8 Otherwise enter zero and on Schedule A line 14 of Form 6000 6100 or 6150 applicable rate times the amount on line 9 The applicable rate is Attach Form 6220 to the income tax return (Form 6000 6100 base only its first required installment on 100% of the prior year s by the 15th day of the 4th month of your tax year; in column B capital loss carryback Members of a controlled group as defined Check the applicable box if the corporation uses the annualized column column A only enter the amount from line 3) column B determine the amount to enter by: Complete lines 4 through 10 for one column before completing the next column considered the original return if the amended return is filed by the corporation is a corporation (or its predecessor) that reported date for paying estimated tax it may be charged a penalty This date Therefore the corporation may owe a penalty for an earlier Do not attach the Penalty Worksheet to the tax return Keep the do not complete the rest of this form does not change the penalty However an amended return is due dates Do not enter an amount less than zero in each during the year because for example it operated its business earliest installment unless the taxpayer instructs the Department eliminating the penalty for those due dates enter payments made after the 15th day of the 4th month through enter the amount from line 3 on line 7 Enter the amount if any from line 10 of the previous column Enter the date of payment (see instructions) enter the result on line 10 Then go to line 4 of the next column Estimated Tax by Corporations estimated tax payments on the previous year s tax except for the filed The penalty is computed separately for each installment due filing due date (including extension) of the original return first quarter Any reduction in that first installment must be added for payments if more than four estimated payments were made for from Form 6220 line 5 from Form 6220 line 6 Generally a corporation is subject to the penalty if its tax liability Generally a prior year s overpayment will be applied against the 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 If the corporation is not a Large Corporation enter 25% of line 4c If you are not using the annualized income installment method or in accordance with IRC Section 1561 in columns A through D In columns C and D enter 25% of line 4a in IRS Section 1563 must divide the $1 million among themselves income installment method or the adjusted seasonal installment income installment method or the adjusted seasonal installment installment due date even if it paid enough tax later to make up Installment due dates from Form 6220 line 5 installment may be less than the required installment under the installment method installment on line 1 to the date shown on line 11 Instructions for Alaska Underpayment of is true even if the corporation is due a refund when its return is its return only if the corporation pays its estimated tax based Large Corporation: A Large Corporation may not base its 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 Line 1: Enter in column A through D the installment due dates Line 1: Enter on line 1 the net income tax from Form 6000 6100 Line 10: If line 2 is less than line 7 subtract line 2 from line 7 and line 11 and line 12 Do not enter an amount less than zero Line 11: Enter the date of payment or the 15th day of the 3rd line 12 divided by the number of days in the tax year times the Line 12: Enter the number of days from the due date of the Line 13: Enter the amount that is equal to the number of days on Line 14: Add amounts on line 13 columns A D Enter on line 14 line 2 enter the result compute the penalty on line 13 and then go Line 2: Enter in columns A through D the requirement installment Line 3: In column A enter the estimated tax payments deposited Line 3: Subtract line 2d from line 1 If the result is less than $500 Line 4b: Compute your previous year s tax in the same way that Line 4c: Enter the lesser of line 4a or line 4b Line 5: Enter in columns A through D the installment due dates Line 6: Annualized income installment method or adjusted Line 7: Subtract line 6 from line 5 If less than zero enter zero (for Line 8: If the amount on line 7 is zero subtract line 5 from line 6 Line 9: If line 7 is less than or equal to line 2 subtract line 7 from line Instead enter the amount from line 4a on line 4c method of calculating any estimated tax penalty method or if the corporation is a large corporation A large method The annualized income installment or adjusted seasonal month after the close of the tax year whichever is earlier net of all credits is $500 or more and it did not pay on time the Number of days from the due date of the installment on line 1 of any amount due of estimated tax payments Use additional worksheets to account on a seasonal basis it may be able to lower the amount of on line 6 and complete the Penalty Worksheet below on the annualized income installment method or the adjusted one or more required installments by using the annualized or 6150 Schedule A line 9 less refundable credits on Schedule A or 6150) if the annualized income installment method or adjusted otherwise Overpayment (see instructions) payment 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 for each period Penalty Worksheet Penalty Worksheet and Instructions Penalty Worksheet with your other tax records pertains If the corporation has made more than one payment for Purpose of the Form purpose taxable income does not include a net operating loss or regular method for one or more due dates thereby reducing or Remaining underpayment from previous period required installments in the order in which such installments are required installments use the worksheet for federal Form 2220 required to be paid regardless to which installment the payment Requirement installment from Form 6220 line 6 seasonal installment method If neither of these methods apply seasonal installment method is used seasonal installment method: If the corporation s income varied Specific Instructions Subtract line 6 from line 5 (see instructions) tax liability ) A corporation may be able to reduce or eliminate the tax liability of the original return The amendment of the return tax years immediately preceding the tax year involved For this the 15th day of the 6th month of your tax year; in column C enter the Alaska interest rate in effect For interest rates refer to DOR s the amount on line 3 of this form was determined using the taxes the tax year the underpayment then follow the instructions below to compute the amount to enter to line 4 of the next column Otherwise go to line 10 to line 4a as follows: to the date shown on line 11 to the second installment so that the total of columns A D is equal To use one or both of these methods to compute one or more Total penalty for underpayment of estimated tax Underpayment (see instructions) Use the worksheet below to estimate the penalty for underpayment using Alaska figures rates and computations If you use the website at www tax alaska gov Who Must File Who Must Pay the Underpayment Penalty will calculate the amount of any penalty and notify the corporation worksheet for any payment date you must use it for all payment