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04 Schedule Indiana Department of Revenue
05 IT-2220 Penalty for Underpayment of Corporate Income Tax
State Form 440
06 (R22 / 8-23)
07 For Tax Year Beginning 2023 and Ending
08
09 □ Check box if using annualization method (See instructions in the booklet) Page attachment sequence #7
10 Name of Corporation or Organization Federal Employer Identification Number
11
12
Part I - How to Figure Underpayment of Corporate Tax Round all entries
13
14 1. Enter Indiana adjusted gross income tax (if less than $2,500, enter -0-) ................................... 1 00
15 2. Enter total tax reduction credits excluding estimated taxes paid for the taxable period
16 (cannot exceed amount on line 1, see instructions) ...................................................................... 2 00
17 3. Subtract line 2 from line 1. If zero, stop; you do not owe an underpayment penalty ..................... 3 00
18
19 Part II - How to Figure Exception to Underpayment Penalty
20 4. Enter the portion of your prior year’s final income tax liability, net of tax reduction credits (do not
21 reduce by estimated taxes paid), that is relative to the number of months in the current taxable
22 period (see instructions) ................................................................................................................ 4 00
23 Short-period filers see note following line 16 instructions in the booklet.
24 (a) (b) (c) (d)
25 Quarterly Estimated Tax Paid for Taxable Year 1st quarter 2nd quarter 3rd quarter 4th quarter
26 5. Enter in columns (a) through (d) the quarterly installment
27 dates corresponding to the 20th day of the 4th, 6th, 9th, and
28 12th months of the tax year .................................................... 5
29 6. Enter estimated income tax paid/credited on or before the
30 due date of the installment for each quarter ........................... 6 00 00 00 00
31 7. Enter the overpayment, if any, from the preceding column
32 that exceeds any remaining prior underpayments shown on
33 line 10 (use minus sign for negative amounts) ....................... 7 00 00 00
34 8. Add line 6 and line 7 for each column..................................... 8 00 00 00 00
35
9. Divide line 4 by 4 or by the number of quarters in the tax
36 period; enter the result in columns (a) through (d) ................... 9 00 00 00 00
37
38 10. Subtract line 9 from line 8 for each quarter. If the result is
a negative figure, you have not met any exception to the
39 penalty for the quarter ............................................................. 10 00 00 00 00
40
41 Part III - How to Figure Penalty
42 11. Enter the overpayment, if any, from the preceding column
43 that exceeds any remaining prior underpayments shown on
44 line 14 (use minus sign for negative amounts) ....................... 11 00 00 00
45 12. Add line 6 in Part II and line 11 above for each quarter ......... 12 00 00 00 00
46
47 13. Divide line 3 in Part I by 4 or the number of quarters in the
tax period; divisor cannot be less than 1. Enter result in
48 applicable columns ................................................................ 13 00 00 00 00
49
50 14. Subtract line 13 from line 12. If the result is a negative figure,
this is your underpayment for the quarter (use minus sign
51 for negative amounts) ............................................................. 14 00 00 00 00
52
15. If line 10 shows zero or more for the quarter, the overpayment
53 exception is met. Enter zero on line 15. Otherwise, compute
54 10% penalty on the underpayment shown on line 14 for
55 each column(use minus sign for negative amounts). Enter
56 the penalty, if any, for the quarter as a positive figure ............... 15 00 00 00 00
57 16. Add line 15, columns (a) through (d). This is your total underpayment penalty.
58 Enter it here and carry to the appropriate line of Form IT-20 or IT-20NP ............................................................... 16 00
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62 *24100000000*
63 24100000000
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