Florida Underpayment of Estimated Tax on Florida Corporate Income/Franchise Tax R.01/15
Extracted from PDF file 2019-florida-form-f-2220.pdf, last modified October 2018
Underpayment of Estimated Tax on Florida Corporate Income/Franchise Tax R.01/15F-2220 R. 01/19 Underpayment of Estimated Tax on Florida Corporate Income/Franchise Tax For Tax Year: Beginning _________________ Rule 12C-1.051, F.A.C. Effective 01/19 Page 1 of 2 Federal Employer Identification Number (FEIN):________________________________________________ Name:____________________________________________________________________________________ Address:__________________________________________________________________________________ Ending ____________________ City/State/ZIP:_____________________________________________________________________________ 1. Total income/franchise tax due for the year (enter from Florida Form F-1120, Line 13) 2. 90% of Line 1 Computation of Underpayments Due Dates of Installments Enter in Columns 1 through 4 the installment dates. (See Installment Dates in the instructions) (1st) (2nd) (3rd) (4th) 75% of tax 100% of tax 3. Enter 25% of Line 2 in Columns 1 through 4 4. (a) Amount paid for each period (b) Overpayment credit from prior year (c) Overpayment of previous installment 5. Total of Lines 4(a), 4(b), and 4(c) 6. Underpayment (Line 3 less Line 5) or overpayment (Line 5 less Line 3). An overpayment on Line 6 in excess of all prior underpayments is to be applied as a credit against the next installment. (See Line 4c) Exception that avoids penalty and interest 7. Total cumulative amount paid (or credited) from the beginning of the taxable year through the installment date indicated. 8(a). Tax on prior year’s income using current year’s rates: 25% of tax 50% of tax 8(b). Cumulative donations made to nonprofit scholarship-funding organizations (SFOs) for the taxable year. Certificate of contribution must be issued for the taxable year. 8(c). Line 8(a) less Line 8(b). This is the prior year exception adjusted for the credit for contributions to SFOs per sections (s.) 1002.395(5)(g) and 220.1875, Florida Statutes (F.S.) Check below if the exception applies for each underpaid installment [Line 7 must equal or exceed Line 8(c)] Attach a schedule showing the computation. If the exception does not apply, complete Lines 9 through 14 to determine the amount of the penalty and interest. Exception: 1st Installment q 2nd Installment q If Line 6 shows an underpayment and the exception does not apply, compute the underpayment penalty and interest by completing the portion(s) of this schedule applicable to the installments. Enter same installment dates used above 3rd Installment q 4th Installment q Computation of Penalty and Interest Due Dates of Installments (1st) (2nd) (3rd) (4th) 9. Amount of underpayment 10. Enter the date of payment or the due date of the corresponding Florida Corporate Income/Franchise Tax return, whichever is earlier. 11. Number of days from due date of installment to the dates shown on Line 10 12. Penalty on underpayment (12% per year on the amount of underpayment on Line 9 for the number of days shown on Line 11) Total Penalty 13. Interest on underpayments. In general, interest will be the appropriate interest rate on the amount of underpayment on Line 9 for the number of days shown on Line 11 Total Interest 14. Total of amounts shown on Lines 12 and 13. If this Florida Form F-2220 is being filed with your return, the amounts shown as penalty and interest should be entered on appropriate line of Florida Form F-1120 F-2220 R. 01/19 Page 2 of 2 Instructions for Florida Form F-2220 Installment Dates – Generally, for tax years ending 6/30, the declaration or payment of estimated tax is due on or before the last day of the 4th month, the last day of the 6th month, the last day of the 9th month, and the last day of the tax year. For tax years not ending on 6/30, the declaration or payment of estimated tax is due on or before the last day of the 5th month, the last day of the 6th month, the last day of the 9th month, and the last day of the tax year. Installment due dates that fall on a Saturday, Sunday, or legal holiday extend to the next business day, with the exception of installments due on the last day of June, which must be paid on or before the last Friday of June. Estimated Tax – Every domestic or foreign corporation or other entity subject to taxation under Chapter 220, F.S., must report estimated tax for the taxable year if the amount of income tax liability for the year is expected to be more than $2,500. Purpose of Form – This form will enable taxpayers to determine if they paid the correct amount of each installment of estimated tax by the proper due date. If the minimum amount was not paid timely, we may impose penalty and interest. Computation of Underpayments – Make entries on Lines 1 through 6 following the instructions for each line item. Enter on Line 4(c) the previous installment’s overpayment (Line 6) but only if the overpayment exceeds all prior underpayments. If Line 6 shows an underpayment of any installment, complete Lines 7 and 8 and Lines 9 through 14, to the extent applicable. If the requirements for filing the declaration of estimated tax were met during the tax year and fewer than four installment payments were required, attach an explanatory statement including computations. Exception to Avoid Penalty and Interest – You will not owe penalty or interest for an underpaid installment on Line 6 if the total amount of all payments made by the installment date equals or exceeds the amount that would have been required to be paid using the preceding year’s tax (see s. 220.34, F.S.). Calculate the exception using Lines 7 and 8. The prior year exception calculation includes donations to nonprofit scholarship-funding organizations made for the current year under the Florida Tax Credit Scholarship Program. The certificate of contribution must be issued on or after the beginning of the tax year and on or before the due date of the return, or extended due date with a valid extension of time. A taxpayer’s noncompliance with the requirement to pay tentative taxes may result in the revocation and rescindment of the credit when the allocation of credit is made after a request for an extension of time. See s. 220.1875, F.S. In addition, the credit is required to be reduced by the difference between the amount of federal corporate income tax taking into account the credit and the amount of federal corporate income tax without application of the credit. A taxpayer may not use the prior year exception if the previous tax year was for a short tax year (not a full 12 months), except where the short period is due to a change in accounting period. You may not use the prior period exception in your first year of operation. Note: The Florida Income Tax Code does not allow annualizing taxable income to determine the requirement for making an individual installment. Computation of Penalty and Interest – Follow the instructions on the form to complete Lines 9 through 14. For purposes of determining the date of payment on Line 10, a payment of estimated tax on any installment date is considered a payment of any previous underpayment only to the extent the payment exceeds that amount of the installment as computed on Line 3. If you made more than one payment for a given installment, attach a separate computation for each payment. Line 13 — Interest on Underpayments – The interest rate on each underpayment will vary depending on the date of the payment and the interest rate or rates in effect for the period. It may be necessary to attach a separate schedule showing the computation of interest on each underpayment. A floating rate of interest applies to underpayments and late payments of estimated tax. The rate is updated January 1 and July 1 of each year by using the formula established in s. 220.807, F.S. To obtain interest rates: • Visit the Department’s website at floridarevenue.com/taxes/rates • or Call Taxpayer Services at 850-488-6800, Monday through Friday (excluding holidays). Reference The following document was mentioned in this form and is incorporated by reference in the rule indicated below. The form is available online at floridarevenue.com/forms. Form F-1120 Florida Corporate Income/Franchise Tax Return Rule 12C-1.051, F.A.C.
More about the Florida Form F-2220 Corporate Income Tax Estimated
We last updated the Underpayment of Estimated Tax on Florida Corporate Income/Franchise Tax R.01/15 in March 2020, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Florida Department of Revenue. You can print other Florida tax forms here.
Other Florida Corporate Income Tax Forms:
|Form Code||Form Name|
|Form RT-6||Employer's Quarterly Report with Payment Coupon|
|Form F-1120||Florida Corporate Income/Franchise Tax Return|
|Form RT-6N||Employer's Quarterly Report Instructions for the RT-6 and RT-6A R.12/15|
|Form RTS-6061||Independent Contractor Analysis R.01/13|
|Form DR-1||Florida Business Tax Application R.01/15|
Florida usually releases forms for the current tax year between January and April. We last updated Florida Form F-2220 from the Department of Revenue in March 2020.
Form F-2220 is a Florida Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Florida Form F-2220
We have a total of nine past-year versions of Form F-2220 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Florida Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.