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04 Schedule Indiana Department of Revenue Enclosure
05 IT-2220 Penalty for Underpayment of Corporate Income Tax Sequence No. 7
State Form 440
06 (R23 / 8-24)
07 For Tax Year Beginning 2024 and Ending
08
09 Check box if using annualization method (See instructions in the booklet.)
10
11 Name of Corporation or Organization Federal Employer Identification Number
12
13 Round all entries
14 Part I – How to Figure Underpayment of Corporate Tax
15 1. Enter Indiana adjusted gross income tax (if less than $2,500, enter -0-) ..................................... 1 00
16 2. Enter total tax reduction credits excluding estimated taxes paid for the taxable period
17 (cannot exceed amount on line 1, see instructions) ........................................................................ 2 00
18
3. Subtract line 2 from line 1. If zero, stop; you do not owe an underpayment penalty ....................... 3
19 00
20 Part II – How to Figure Exception to Underpayment Penalty
21 4. Enter the portion of your prior year’s final income tax liability, net of tax reduction credits
22 (do not reduce by estimated taxes paid), that is relative to the number of months in the
23 current taxable period (see instructions) .......................................................................................... 4 00
24 Short-period filers see note following line 16 instructions in the booklet.
25 (a) (b) (c) (d)
26 Quarterly Estimated Tax Paid for Taxable Year 1st quarter 2nd quarter 3rd quarter 4th quarter
27 5. Enter in columns (a) through (d) the quarterly installment
28 dates corresponding to the 20th day of the 4th, 6th, 9th, and
29 12th months of the tax year .................................................... 5
30 6. Enter estimated income tax paid/credited on or before the
31 due date of the installment for each quarter ........................... 6 00 00 00 00
32 7. Enter the overpayment, if any, from the preceding column
33 that exceeds any remaining prior underpayments shown on
34 line 10 (use minus sign for negative amounts) ....................... 7 00 00 00
35 8. Add line 6 and line 7 for each column ..................................... 8 00 00 00 00
36
9. Divide line 4 by 4 or by the number of quarters in the tax
37 period; enter the result in columns (a) through (d) .................. 9 00 00 00 00
38
39 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
40 penalty for the quarter ............................................................. 10 00 00 00 00
41
42 Part III - How to Figure Penalty
43 11. Enter the overpayment, if any, from the preceding column
44 that exceeds any remaining prior underpayments shown on
45 line 14 (use minus sign for negative amounts) ....................... 11 00 00 00
46 12. Add line 6 in Part II and line 11 above for each quarter .......... 12 00 00 00 00
47
48 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
49 applicable columns ................................................................ 13 00 00 00 00
50
51 14. Subtract line 13 from line 12. If the result is a negative
figure, this is your underpayment for the quarter (use minus
52 sign for negative amounts) ..................................................... 14 00 00 00 00
53
15. If line 10 shows zero or more for the quarter, the overpayment
54 exception is met. Enter zero on line 15. Otherwise, compute
55 10% penalty on the underpayment shown on line 14 for
56 each column (use minus sign for negative amounts). Enter
57 the penalty, if any, for the quarter as a positive figure ............... 15 00 00 00 00
58 16. Add line 15, columns (a) through (d). This is your total underpayment penalty.
59 Enter it here and carry to the appropriate line of Form IT-20 or IT-20NP............................................................. 16 00
60
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62 *24100000000*
63 24100000000
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