F-2220
                                            Underpayment of Estimated Tax on Florida                                                          R. 01/23
                                                                                                                                         Rule 12C-1.051, F.A.C.
                                             Corporate Income/Franchise Tax                                                              Effective 01/23
                                                                                                                                             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).  Cumulative contributions made for the taxable year under the 
      Florida Tax Credit Scholarship Program, New Worlds Reading 
      Initiative, and Strong Families Tax Credit Program. 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.

                                                                                                                                    F-2220
                                                                                                                                    R. 01/23
                              Instructions for Florida Form F-2220                                                                  Page 2 of 2

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

                                                      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.