F-2220
                                            Underpayment of Estimated Tax on Florida                                                           R. 01/24
                                                                                                                                         Rule 12C-1.051, F.A.C.
                                                     Corporate Income/Franchise Tax                                                      Effective 01/24
                                                                                                                                              Page 1 of 2

               For Tax Year:                     Federal Employer Identification Number (FEIN): _________________________________________
      
      Beginning  _________________               Name: __________________________________________________________________________
                                                 Address: ________________________________________________________________________
      Ending  ____________________               City/State/ZIP: ____________________________________________________________________

1. Total income/franchise tax due for the year (enter from Florida Form F-1120, Line 13)
2. 90% of Line 1
                                                                                                    Computation of Underpayments
Enter in Columns 1 through 4 the installment dates.                                                 Due Dates of Installments
(See Installment Dates in the instructions.)                                         (1st)          (2nd)           (3rd)                (4th)

3. Enter 25% of Line 2 in Columns 1 through 4
4. (a) Amount paid for each period
   (b) Overpayment credit from prior year
   (c) Overpayment of previous installment
5. Total of Lines 4(a), 4(b), and 4(c) 
6. Underpayment (Line 3 less Line 5) or overpayment (Line 5
    less Line 3). An overpayment on Line 6 in excess of all prior
    underpayments is to be applied as a credit against the next
    installment. (See Line 4c.)
                                                     Exception that avoids penalty and interest
7.    Total cumulative amount paid (or credited) from the beginning of 
      the taxable year through the installment date indicated.
                                                                                   25% of tax       50% of tax      75% of tax           100% of tax
8(a). Tax on prior year’s income using current year’s tax rate:
8(b). Credit earned for the taxable year under the Florida Tax Credit 
      Scholarship Program, New Worlds Reading Initiative, Strong 
      Families Tax Credit Program, Live Local Program, and Credit for 
      Manufacturing of Human Breast Milk Derived Human Milk Fortifiers. 
      Each corresponding certificate of contribution must be issued on or 
      before the return’s due date or valid extended due date.
8(c). Line 8(a) less Line 8(b). This is the prior year’s income adjusted for 
      the contributions listed in Line 8(b).
          Check below if the exception applies for each underpaid installment [Line 7 must equal or exceed Line 8(c)]
Attach a schedule showing the computation. If the exception does not apply, complete Lines 9 through 14 to determine the amount of the penalty and interest.
    Exception:        1st Installment  q                         2nd Installment  q           3rd Installment  q             4th Installment  q

If Line 6 shows an underpayment and the exception does not                                    Computation of Penalty and Interest
apply, compute the underpayment penalty and interest by 
completing the portion(s) of this schedule applicable to the                               Due Dates of Installments
installments.                                                                (1st)            (2nd)       (3rd)     (4th)
Enter same installment dates used above.
9.  Amount of underpayment
10. Enter the date of payment or the due date of the 
      corresponding Florida Corporate Income/Franchise Tax 
      return, whichever is earlier.
11. Number of days from due date of installment to the dates 
      shown on Line 10
12. Penalty on underpayment (12% per year on the amount of                                                                               Total Penalty
      underpayment on Line 9 for the number of days shown on 
      Line 11)
13. Interest on underpayments. In general, interest will be the                                                                          Total Interest
      appropriate interest rate on the amount of underpayment on 
      Line 9 for the number of days shown on Line 11.
14. Total of amounts shown on Lines 12 and 13. If this Florida Form F-2220 is being filed with your return, the amounts shown as penalty 
      and interest should be entered on appropriate line of Florida Form F-1120.

                                          Instructions for Florida Form F-2220                                                         F-2220
                                                                                                                                       R. 01/24
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Installment Dates  –  Generally, for tax years ending                     • The Live Local Program under s. 220.1878, F.S.;
6/30, the declaration or payment of estimated tax is due                         and                  
on or before the last day of the 4th month, the last day                  • The Credit for Manufacturing of Human Breast Milk 
of the 6th month, the last day of the 9th month, and the                    Derived Human Milk Fortifiers under s. 220.1991, F.S.;
last day of the tax year. For tax years not ending on 6/30, 
                                                                          If applicable, each certificate of contribution must be 
the declaration or payment of estimated tax is due on or 
                                                                          issued on or after the beginning of the tax year and on or 
before the last day of the 5th month, the last day of the 6th 
                                                                          before the due date of the return, or extended due date 
month, the last day of the 9th month, and the last day of 
                                                                          with a valid extension of time. 
the tax year. Installment due dates that fall on a Saturday, 
Sunday, or legal holiday extend to the next business day,                 A taxpayer’s noncompliance with the requirement to 
with the exception of installments due on the last day of                 pay tentative taxes may result in the revocation and 
June, which must be paid on or before the last Friday of                  rescindment of a credit when the allocation for that credit 
June.                                                                     is made after a request for an extension of time. See ss. 
                                                                          220.1875, 220.1876, 220.1877, 220.1878 and 220.1991 
Estimated Tax – Every domestic or foreign corporation or 
                                                                          F.S. In addition, each credit is required to be reduced by 
other entity subject to taxation under Chapter 220, Florida 
                                                                          the difference between the amount of federal corporate 
Statutes (F.S.), must report estimated tax for the taxable 
                                                                          income tax taking into account the credit and the amount 
year if the amount of income tax liability for the year is 
                                                                          of federal corporate income tax without application of the 
expected to be more than $2,500.
                                                                          credit.
Purpose of Form – This form will enable taxpayers 
                                                                           A taxpayer may not use the prior year exception if the 
to determine if they paid the correct amount of each 
                                                                          previous tax year was for a short tax year (not a full 12 
installment of estimated tax by the proper due date. If the 
                                                                          months), except where the short period is due to a change 
minimum amount was not paid timely, we may impose 
                                                                          in accounting period. You may not use the prior period 
penalty and interest.
                                                                          exception in your first year of operation.
Computation of Underpayments – Make entries on 
Lines 1 through 6 following the instructions for each                     Note: The Florida Income Tax Code does not 
line item. Enter on Line 4(c) the previous installment’s                  allow annualizing taxable income to determine the 
overpayment (Line 6) but only if the overpayment exceeds                  requirement for making an individual installment.
all prior underpayments. If Line 6 shows an underpayment                  Computation of Penalty and Interest – Follow the 
of any installment, complete Lines 7 and 8 and Lines 9                    instructions on the form to complete Lines 9 through 14. 
through 14, to the extent applicable. If the requirements                 For purposes of determining the date of payment on
for filing the declaration of estimated tax were met during               Line 10, a payment of estimated tax on any installment 
the tax year and fewer than four installment payments                     date is considered a payment of any previous 
were required, attach an explanatory statement including                  underpayment only to the extent the payment exceeds 
computations.                                                             that amount of the installment as computed on Line 3. If 
                                                                          you made more than one payment for a given installment, 
Exception to Avoid Penalty and Interest – You will not 
                                                                          attach a separate computation for each payment.
owe penalty or interest for an underpaid installment on 
Line 6 if the total amount of all payments made by the                    Line 13 — Interest on Underpayments – The interest 
installment date equals or exceeds the amount that would                  rate on each underpayment will vary depending on the 
have been required to be paid using the preceding year’s                  date of the payment and the interest rate or rates in 
tax (see section [s.] 220.34, F.S.). Calculate the exception              effect for the period. It may be necessary to attach a 
using Lines 7 and 8. The prior year exception calculation                 separate schedule showing the computation of interest 
includes credit earned for the following:                                 on each underpayment. A floating rate of interest applies 
• The Florida Tax Credit Scholarship Program under                        to underpayments and late payments of estimated tax. 
  s. 220.1875, F.S.;                                                      The rate is updated January 1 and July 1 of each year by 
• The New Worlds Reading Initiative under                                 using the formula established in s. 220.807, F.S. To obtain 
  s. 220.1876, F.S.;                                                      interest rates, visit floridarevenue.com/taxes/rates. 
• The Strong Families Tax Credit Program under 
  s. 220.1877, F.S.;

                                                           Reference
                       The following document was mentioned in this form and is incorporated by reference in the rule indicated below. 
                                          The form is available online at floridarevenue.com/forms.

      Form F-1120                               Florida Corporate Income/Franchise Tax Return             Rule 12C-1.051, F.A.C.