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    CIT-120UForm CIT-120 W          Underpayment of Estimated Tax Penalty (WV Code §11-10-18a)
                                                                                                                                                2022
CORPORATION NAME                                                                                          FEIN

                                              PART I: All  ﬁ                   lers must complete this part
1. Corporate Net Income Tax after credits (line 9 of Form CIT-120)...........................................
                                                                                                                                     1                            .00
                         IF LINE 1 IS LESS THAN $650, DO NOT COMPLETE LINES 2 OR 3. ENTER ZERO ON LINE 5

2. Multiply line 1 by ninety percent (.90)............................................................... 2                                     .00

3. Enter the income tax after credits from your 2021 return (see instructions)                            3                                     .00
4. Enter the smaller of line 2 or line 3.............................................................................................
                                                                                                                                     4                            .00
5. Income Tax required to be paid. Enter line 4 amount here.........................................................
                                                                                                                                     5                            .00
                 IF LINE 5 IS ZERO, DO NOT COMPLETE THIS FORM! YOU ARE NOT SUBJECT TO THE PENALTY. 
    REFER TO THE INSTRUCTIONS TO DETERMINE YOUR OPTIONS FOR CALCULATING THE UNDERPAYMENT PENALTY
6.  Determine your penalty by completing Part II, Part III, and Part IV. Enter your penalty 
    from line 42 here and on line 22 of Form CIT-120..............................................................                   6                            .00

                         If you are requesting a waiver of the penalty calculated, check here

                                              PART II: ANNUALIZED INCOME INSTALLMENT 
                                              Multistate taxpayers use apportioned  ﬁ                     gures for lines 1 and 4
                                                                               Column B: 3 months                   Column C: 6 months          Column D: 9 months

1. Enter WV taxable income for each period.....................                                             .00                             .00                   .00
2. Annualization amounts..................................................          4                                                  2        1.3333

3. Multiply line 1 by line 2..................................................                              .00                             .00                   .00
                                              Column A: 3 months               Column B: 5 months                   Column C: 8 months          Column D: 11 months
4. Enter the WV taxable income 
 for each period........................                 .00                                                .00                             .00                   .00
5. Annualization amounts...........           4                                     2.4                                                1.5      1.09091

6. Multiply line 4 by line 5............                 .00                                                .00                             .00                   .00
                                              For line 7 of Column A, enter the amount from line 6 of Column A. 
                 In Columns B, C, & D, enter the smaller of the amounts in each column. from line 3 or line 6.

7.  Annualized taxable income ..                         .00                                                .00                             .00                   .00
8.  Tax rate................................. 0.065                                 0.065                                            0.065         0.065
9.  Annualized tax (multiply line 
    7 by line 8) ...........................             .00                                                .00                             .00                   .00
10. Tax credits. Enter credits from 
    CIT-120TC line 16 in each column.                    .00                                                .00                             .00                   .00
11. Subtract line 10 from line 9. 
    If zero or less, enter 0 .........                   .00                                                .00                             .00                   .00
12. Applicable percentage .........           0.225                                 .45                                                .675        0.9

13. Multiply line 11 by line 12....                      .00                                                .00                             .00                   .00

                                                                                                                    *B30202212W*
                                                                                                                                     B30202212W

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                                                                                         Underpayment of Estimated Tax Penalty
     CIT-120UForm CIT-120       W                                                                      (Continued)
                                                                                                                                               2022
NAME                                                                                                                          FEIN

                                  COMPLETE LINES 14 THROUGH 20 (Complete one column at a time)
                                                                                                       Column A     Column B      Column C     Column D

14.  Enter the amount, if any, from line 20 of the previous column ..........                                                 .00          .00         .00

15.  Subtract line 14 from line 13. If zero or less, enter 0.......................                             .00           .00          .00         .00

16.  Enter 1/4 of Part I, line 4 in each column..........................................                       .00           .00          .00         .00
17.  Enter the amount from line 19 of the previous column of this 
     worksheet........................................................................................                        .00          .00         .00

18.  Add lines 16 and 17.........................................................................               .00           .00          .00         .00

19. Subtract line 15 from line 18. If zero or less, enter 0........................                             .00           .00          .00

20. Required Installment. Enter the smaller of line 15 or line 18............                                   .00           .00          .00         .00
                                                            PART III: Calculate the Underpayment
                                                                                                       Column A     Column B      Column C     Column D
21.  Installment Due Dates: Enter in Columns A – D the 15th day 
     of the 4th, 6th, 9th, and 12th months of your tax year.

22.  If you are using the annualized method, enter the amounts 
     from line 20; otherwise 1/4 of Part I, line 5 of each column                                               .00          .00           .00         .00
23.  Estimated payments (see instructions). If line 23 is greater 
     than or equal to line 22 for all columns, stop here, you are 
     not subject to the penalty                                                                                 .00          .00           .00         .00
                                  COMPLETE LINES 24 THROUGH 30 (Complete one column at a time)

24.  Enter the amount, if any, from line 30 of the previous column                                                           .00           .00         .00

25. Add lines 23 and 24. ...............................................................                                     .00           .00         .00

26. Add lines 28 and 29 of the previous column ...........................                                                   .00           .00         .00

27.  In Column A enter the value from line 23. In Columns B – D, 
     subtract line 26 from line 25. If zero or less, enter 0 ..............                                     .00          .00           .00         .00

28.  If line 27 is zero, subtract line 25 from line 26;
     otherwise enter 0 .................................................................                                     .00           .00
29.  UNDERPAYMENT: If line 22 is equal to or more than line 27, 
     subtract line 27 from line 22. Enter the result here and go 
     to line 24 of the next column. Otherwise, go to line 30 ........                                           .00          .00           .00         .00
30.  OVERPAYMENT: If line 27 is more than line 22, subtract line 
     22 from line 27. Enter the result here and go to line 24 of 
     the next column ....................................................................                       .00          .00           .00         .00

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Underpayment of Estimated Tax Penalty
CIT-120UForm CIT-120 W (Continued)
2022
NAME FEIN
For lines 33 through 36, indicate the beginning and ending date of the period for each line with line 33 being the oldest period.
See Instructions for more information. See instructions to determine rates in e ﬀect for these periods.

PART IV: Calculate the Penalty
ABCD
31. Enter the date of the installment payment or
the unextended due date of your annual return,
whichever is earlier .................................................
32. Enter the number of days from the due date of the
installment on Part III, line 21 to the date shown on
Part IV, line 31.........................................................

33. Enter the number of days on line 32 for the quarter
after _____________ and before _____________*
34. Enter the number of days on line 32 for the quarter
after _____________ and before _____________*
35. Enter the number of days on line 32 for the quarter
after _____________ and before _____________*
36. Enter the number of days on line 32 for the quarter
after _____________ and before _____________*

37. Underpayment on Part III, Line 29 x (number of
days on line 33/365) x ** % ...................................... .00 .00 .00 .00

38. Underpayment on Part III, Line 29 x (number of
days on line 34/365) x ** % ..................................... .00 .00 .00 .00

39. Underpayment on Part III, Line 29 x (number of
days on line 35/365) x ** % ..................................... .00 .00 .00 .00

40. Underpayment on Part III, Line 29 x (number of
days on line 36/365) x ** % ..................................... .00 .00 .00 .00

41. TOTAL: Add lines 37 through 40 .............................. .00 .00 .00 .00

42. PENALTY DUE – Add Columns A – D, line 41. Enter here and on line 6 of Part 1 and on CIT-120, line 22................................................................. .00

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