Schedule                                          Indiana Department of Revenue
IT-2220                       Penalty for Underpayment of Corporate Income Tax
State Form 440 
(R21 / 8-22)
                        or Other Tax Year Beginning                                           2022 and Ending

□ Check box if using annualization method         (See instructions in the booklet)                                      Page attachment sequence #7
 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)....................................................................................................  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. 
    Quarterly Estimated Tax Paid for Taxable Year
 5. Enter in columns (a) through (d) the quarterly installment                                (a)            (b)                                    (c)         (d)
                                                                                              1st quarter    2nd quarter                            3rd quarter 4th quarter
    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 resultis 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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