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State of Rhode Island Division of Taxation
2023 Form RI-2220
Underpayment of Estimated Tax by Corporate Filers 23112699990101

Name shown on Form RI-1120C, RI-1120S or RI-1065 Federal employer identification number

CHECK THE BOX IF THE BELOW APPLIES :

TAXPAYER IS USING THE ANNUALIZATION OF INCOME METHOD

PART 1 - REQUIRED ANNUAL PAYMENT
1 Enter your 2023 Rhode Island tax amount from RI-1120C, line 13; RI-1120S, line 8a; RI-1065, line 8a or RI-PTE, line 5.. 1
2 Enter 80% of the amount shown on line 1............................................................... 2
3 Enter your 2023 Rhode Island pass-through withholding amount from Form RI-1120C, line 17b................................... 3
4 Subtract line 3 from line 1. If $500 or less, do not complete the rest of this form....................................................... 4
5 Enter your 2022 Rhode Island tax amount from RI-1120C, line 13; RI-1120S, line 8a; RI-1065, line 8a or RI-PTE, line 5. 5
6 EnterSMALLERthe of line 2 or line 5........................................................................................................................ 6

PART 2 - SHORTCUT METHOD
You can use this method if you meet the following conditions (Otherwise, you must complete parts 3 and 4 to figure your underestimating interest):
1 You made no estimated payments ORall 4 estimated payments were equal and paid by the appropriate due dates;
2 ANDyou did not complete RI-2220, part 5 (Annualized Income Installment Worksheet).
7 Enter the amount from Part 1, line 6 above................................................................................................................. 7
8 Withholding and estimated tax paid from RI-1120C, lines 16 and 17b; RI-1120S, line 9a; RI-1065, line 9a or RI-PTE, line 6a 8
9 Underpayment. Subtract line 8 from line 7. If zero or less, enter $0.......................................................................... 9
10 Multiply line 9 by 8.2591% (0.082591)....................................................................................................................... 10
11 If the amount on line 9 was paid on or after 4/15/2024, enter $0
If the amount on line 9 was paid before 4/15/2024, make the following calculation:
The amount on line 9 (times) the number of days paid before 4/15/2024 (times) 0.000328 and enter the result here 11
12 UNDERESTIMATING INTEREST. Subtract line 11 from line 10. Enter here and on RI-1120C, line 20c; RI-1120S, line 12c;
RI-1065, line 12c or RI-PTE, line 7b. Attach this form to your Rhode Island return.................................................... 12

PART 3 - FIGURE YOUR UNDERPAYMENT PAYMENT DUE DATES
Column A Column B Column C Column D
04/15/2023 06/15/2023 09/15/2023 12/15/2023
13 Divide the amount on line 6 by four (4) and enter the result in each column..... 13

14 Annualized income installments from Part 5, line 33. NOTE: Complete lines
15 through 17 in one column before completing the next column.................. 14

15 Enter the amount from line 13 or line 14 if applicable .................................... 15

16 Rhode Island tax withheld and estimated tax paid. If line 16 is equal to or
more than line 15 for all installment periods, do not complete or file this 16
form unless you report annualized income installments on line 14................
17 UNDERPAYMENT. Subtract line 16 from line 15 OR
OVERPAYMENT. Subtract line 15 from line 16.................................................. 17

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     State of Rhode Island Division of Taxation 
     2023 Form RI-2220 
     Underpayment of Estimated Tax by Corporate Filers                                                                            IMAGEONLY

Name shown on Forms RI-1120C, RI-1120S or RI-1065                                                                                          Federal employer identification number

PART 4 - HOW TO FIGURE THE CHARGES                                                                                                PAYMENT DUE DATES
                                                                                                                       Column A   Column B   Column C                Column D 
                                                                                                                       04/15/2023 06/15/2023 09/15/2023              12/15/2023
18 Payment date or date listed in instructions for line 18, whichever is earlier...      18
                                                                                                                       MMDDYY     MMDDYY     MMDDYY                  MMDDYY
19 a Number of days from the installment date to the date of payment or the due
   date of the next installment, whichever is earlier (see instructions) ............... 19a                             days     days                          days
   b Number of days on line 19a X 12% X underpayment on line 17....................
                      365                                                                19b
20 a Number of days from December 15, 2023 to the date of payment or December 31, 2023, whichever is earlier ........................                            20a    days
   b Number of days on line 20a X 12% X underpayment on line 17.................................................................................................
                      365                                                                                                                                        20b
21 a Number of days from January 1, 2024 to the date of payment or April 15, 2024, whichever is earlier........................................                  21a    days
   b Number of days on line 21a X 12% X underpayment on line 17 .................................................................................................
                      366                                                                                                                                        21b
22 UNDERESTIMATING INTEREST. Total amount from all columns on lines 19b, 20b and 21b. Enter here and on RI-1120C, 
   line 20c; RI-1120S, line 12c or RI-1065, line 12c .   Attach this form to your Rhode Island return ..............................................             22

Part 5 Annualized Income Installment Worksheet
IMPORTANT: Complete one column lines 23 - 33 before completing the next column.

                                                                                                                       01/01/2023 01/01/2023 01/01/2023              01/01/2023 
                                                                                                                       03/31/2023 05/31/2023 08/31/2023              12/31/2023
23 Figure your actual taxable income ...........................................................................

24 Annualization amount...................... ........................................................................ 4          2.4        1.5                     1.09091

25 Multiply the amount on line 23 by the indicator on line 24 .......................................

26 Figure your Rhode Island tax on the amount on line 25 ..........................................

27 Applicable percentage.............................................................................................  20%        40%        60%                     80%

28 Multiply the amount on line 26 by the applicable percentages on line 27.....................

29 Enter the combined amount from line 33 for all preceding periods...............................

30 Subtract line 29 from line 28 (not less than zero) ....................................................

31 Enter the amount from RI-2220, page 1, line 13 for the period plus the amount  
   from line 32 of this worksheet for the preceding period ...........................................

32 If line 31 is more than line 30, SUBTRACT line 30 from line 31, OTHERWISE enter $0

33 Enter the smaller of line 30 or line 31 here and on page 1, line 14..........................

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State of Rhode Island Division of Taxation
2023 Form RI-2220
Underpayment of Estimated Tax by Corporate Filers

PURPOSE OF THIS FORM
Entities should use this form to determine if their income tax was suffi- Line 17 - Subtract line 16 from line 15 for any underpayments. Subtract
ciently prepaid throughout the year by having Rhode Island tax withheld or line 15 from line 16 for any overpayments. Any overpayments on line 17
by paying Rhode Island estimated tax. If not, a charge may be imposed should be used to increase the amount entered on line 16 for the next in-
on the underpayment of the taxes. Complete Part 1 of this form to deter- stallment period. Any underpayment on line 17 should be used to de-
mine if the payment of the charge may be avoided. crease the amount on line 16 for the next installment period. However, if
you entered amounts on line 14, annualized income installments, and the
PART 1 - REQUIRED ANNUAL PAYMENT amounts on line 17 are zero ($0) or less for all installment periods, then
Line - Enter12023your Rhode Island tax amount from RI-1120C, line 13; enter zero ($0) on line 22 and file this form with your return.
RI-1120S, line 8a; or RI-1065, line 8a.
Line 2 - Enter 80% of the amount shown on line 1. PART 4 - HOW TO FIGURE THE CHARGE
Line - Enter32023your Rhode Island pass-through withholding amount Line -18Column EnterA:the date you paid the tax balance due for the
from Form RI-1120C, line 17b. current installment or 6/15/2023, whichever is earlier. Column B: Enter
Line 4 - Subtract line 3 from line 1. If $500 or less, do not complete the the date you paid the tax balance due for the current installment or
rest of this form. 9/15/2023, whichever is earlier. Column C: Enter the date you paid the
Line - Enter52022your Rhode Island tax amount from RI-1120C, line 13; tax balance due for the current installment or 12/15/2023, whichever is
RI-1120S, line 8a; or RI-1065, line 8a. earlier. ColumnEnterD:the date you paid the tax balance due for the
Line 6 - Enter the smaller of line 2 or line 5 (including zero). If line 6 is current installment or 4/15/2024, whichever is earlier.
zero, you do not owe any amount and need not complete the rest of this Line -19aColumn A & Column B : Enter the number of days from the in-
form. However, you must attach this form to your Rhode Island stallment due date to the date of payment or the due date of the next in-
return. stallment, whichever is earlier.Column: EnterC the number of days from
the installment due date to the date of payment or December 15, 2023,
PART 2 - SHORTCUT METHOD whichever is earlier.
Line 7 - Enter the amount from line 6. Line 19b - Compute the charge using the applicable interest rates and
Line 8 - Enter the amount of estimated tax paid and pass-through withhold- number of days times underpayment entered on line 17 for each install-
ing received from pass-through entities for 2023 from RI-1120C, lines 16 and ment period. Divide the number of days from line 19a by the total number
17b; RI-1120S, line 9a; or RI-1065, line 9a.
Line 9 - Subtract line 8 from line 7. of days in the year times the applicable interest rate times the amount of
Line 10 - Multiply line 9 by 8.2591% (0.08591). the underpayment on line 17 for each installment.
Line 11 - If you paid the tax balance after 4/15/2024, enter zero (0). If you Line 20a - Enter the number of days from December 15, 2023 to the date
paid the tax balance due before 4/15/2024, multiply the number of days of payment or December 31, 2023, whichever is earlier.
paid before 4/15/2024 by the amount on line 9 and by 0.000328 and enter Line 20b - Compute the charge using the applicable interest rates and
the result on line 11. number of days times underpayment entered on line 17 for each install-
Line 12 - Subtract line 11 from line 10. Enter here and in the space ment period. Divide the number of days from line 20a by the total number
provided on RI-1120C, line 20c; RI-1120S, line 12c and RI-1065, line 12c. of days in the year times the applicable interest rate times the amount of
the underpayment on line 17.
PART 3 - FIGURE YOUR UNDERPAYMENT Line 21a - Enter the number of days from January 1, 2024 to the date of
Line 13 - Divide the amount shown on line 6 by four (4) and enter the re- payment or April 15, 2024, whichever is earlier.
sult in each column. Line 21b - Compute the charge using the applicable interest rates and
Line 14 - If your income varies during the year, you may complete the an- number of days times underpayment entered on line 17 for each install-
nualized income installment worksheet. However, if you complete and use ment period. Divide the number of days from line 21a by the total number
line 14 for any installment you must complete it and use it for all install- of days in the year times the applicable interest rate times the amount of
ments. the underpayment on line 17.
NOTE: COMPLETE LINES 15-17 FOR ONE COLUMN BEFORE
COMPLETING THE NEXT COLUMN. The interest rate to be used is 12% per annum.
Line 15 - Enter the amount from line 13 (or from line 14, if line 14 was
completed). Line -22 Add the amounts from all columns on lines 19b, 20b and 21b
Line -16 You are considered to have paid Rhode Island pass-through and enter the total here. Include this amount with your tax balance pay-
withholding tax evenly during the year unless you can show otherwise. ment and attach this form to your return. If your Rhode Island tax return
Therefore, you are considered to have paid one-fourth of your Rhode Is- has previously been filed, then attach your check to this form and mail it to
land pass-through withholding on each installment due date. Divide the the RI Division of Taxation, One Capitol Hill, Providence, RI 02908-5806.
total amount withheld by 4 and enter the results in each column. Enter the
estimated taxes paid that were for 2023 tax year plus any portion of your
overpayment from 2022, which you elected to be applied to 2023. Enter in
column A those payments made on or before April 15, 2023, in column B
those payments made between April 16, 2023 and June 15, 2023, in col-
umn C those payments made between June 16, 2023 and September 15,
2023, and in column D those payments made between September 16,
2023 and December 15, 2023.

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