Schedule                                     Indiana Department of Revenue                                                                          Enclosure 
IT-2220            Penalty for Underpayment of Corporate Income Tax                                                                              Sequence No. 7
State Form 440 
(R23 / 8-24)
                   For Tax Year Beginning                                            2024 and Ending

 Check box if using annualization method     (See instructions in the booklet.)

Name of Corporation or Organization                                                                      Federal Employer Identification Number

                                                                                                                                             Round all entries
Part I – How to Figure Underpayment of Corporate Tax
 1.  Enter Indiana adjusted gross income tax (if less than $2,500, enter -0-) .....................................   1                                       00
 2.  Enter total tax reduction credits excluding estimated taxes paid for the taxable period 
    (cannot exceed amount on line 1, see instructions) ........................................................................   2                           00
 3.  Subtract line 2 from line 1. If zero, stop; you do not owe an underpayment penalty .......................   3                                           00
Part II – How to Figure Exception to Underpayment Penalty
 4. Enter the portion of your prior year’s final income tax liability, net of tax reduction credits  
    (do not reduce by estimated taxes paid), that is relative to the number of months in the  
    current taxable period (see instructions) ..........................................................................................   4                  00
    Short-period filers see note following line 16 instructions in the booklet.
                                                                                             (a)         (b)                                 (c)    (d) 
    Quarterly Estimated Tax Paid for Taxable Year                                            1st quarter 2nd quarter 3rd quarter                    4th quarter
 5.  Enter in columns (a) through (d) the quarterly installment 
    dates corresponding to the 20th day of the 4th, 6th, 9th, and 
    12th months of the tax year .................................................... 5
 6.  Enter estimated income tax paid/credited on or before the 
    due date of the installment for each quarter ...........................         6           00          00                                  00           00
 7.  Enter the overpayment, if any, from the preceding column 
    that exceeds any remaining prior underpayments shown on 
    line 10 (use minus sign for negative amounts) .......................            7                       00                                  00           00
 8.  Add line 6 and line 7 for each column .....................................     8           00          00                                  00           00
 9.  Divide line 4 by 4 or by the number of quarters in the tax 
    period; enter the result in columns (a) through (d) ..................           9           00          00                                  00           00
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 
    penalty for the quarter ............................................................. 10     00          00                                  00           00
Part III - How to Figure Penalty
11.  Enter the overpayment, if any, from the preceding column 
    that exceeds any remaining prior underpayments shown on 
    line 14 (use minus sign for negative amounts) ....................... 11                                 00                                  00           00
12.  Add line 6 in Part II and line 11 above for each quarter .......... 12                      00          00                                  00           00
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 
    applicable columns  ................................................................ 13      00          00                                  00           00
14.  Subtract line 13 from line 12. If the result is a negative 
    figure, this is your underpayment for the quarter (use minus 
    sign for negative amounts) ..................................................... 14          00          00                                  00           00
15.  If line 10 shows zero or more for the quarter, the overpayment 
    exception is met. Enter zero on line 15. Otherwise, compute 
    10% penalty on the underpayment shown on line 14 for 
    each column (use minus sign for negative amounts). Enter 
    the penalty, if any, for the quarter as a positive figure ............... 15                 00          00                                  00           00
16.  Add line 15, columns (a) through (d). This is your total underpayment penalty.  
    Enter it here and carry to the appropriate line of Form IT-20 or IT-20NP............................................................. 16                  00

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