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Alaska Free Printable  for 2024 Alaska Underpayment of Estimated Tax by Corporations Instructions

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Underpayment of Estimated Tax by Corporations Instructions
Form 6220i

Instructions for Form 6220 Alaska Underpayment of Estimated Tax by Corporations Purpose of the Form A corporation uses Form 6220 to report the use of the annualized income installment method or the adjusted seasonal installment method of calculating any estimated tax penalty. Who Must File A corporation is required to complete and attach Form 6220 to its return, only if the corporation pays its estimated tax based on the annualized income installment method or the adjusted seasonal installment method. If neither of these methods apply, a corporation is not required to use the form, because the DOR will calculate the amount of any penalty and notify the corporation of any amount due. Who Must Pay the Underpayment Penalty If the corporation did not pay sufficient estimated tax by any due date for paying estimated tax, it may be charged a penalty. This is true even if the corporation is due a refund when its return is filed. The penalty is computed separately for each installment due date. Therefore, the corporation may owe a penalty for an earlier installment due date, even if it paid enough tax later to make up the underpayment. Generally, a corporation is subject to the penalty if its tax liability, net of all credits, is $500 or more and it did not pay on time the lesser of: 100% of its tax liability for this tax year, or 100% of its tax liability for the previous tax year, if a return was filed showing a tax liability, and it covered a full 12 months. (A “large corporation” may base only its first required installment on 100% of the prior year’s tax liability.) A corporation may be able to reduce or eliminate the penalty by using the annualized income or adjusted seasonal installment method. Check the applicable box, if the corporation uses the annualized income installment method or the adjusted seasonal installment method, or if the corporation is a “large corporation.” A “large corporation” is a corporation (or its predecessor) that reported $1 million or more of Alaska taxable income for any of the three tax years immediately preceding the tax year involved. For this purpose, taxable income does not include a net operating loss or capital loss carryback. Members of a controlled group, as defined in IRS Section 1563, must divide the $1 million among themselves in accordance with IRC Section 1561. Amended Returns A penalty for underpayment of estimated tax is based on the tax liability of the original return. The amendment of the return does not change the penalty. However, an amended return is considered the original return if the amended return is filed by the filing due date (including extension) of the original return. Specific Instructions Attach Form 6220 to the income tax return (Form 6000, 6100, or 6150) if the annualized income installment method or adjusted seasonal installment method is used. Line 1: Enter on line 1 the net income tax from Form 6000, 6100, or 6150, Schedule A, line 9 less refundable credits on Schedule A, line 11 and line 12. Do not enter an amount less than zero. Line 3: Subtract line 2d from line 1. If the result is less than $500, do not complete the rest of this form. Line 4b: Compute your previous year’s tax in the same way that the amount on line 3 of this form was determined, using the taxes and credits from your previous year’s tax return. If you did not file an Alaska return showing a tax liability for the previous tax year, or if that tax year was for less than 12 months, do not complete this line. Instead, enter the amount from line 4a on line 4c. Line 4c: Enter the lesser of line 4a or line 4b. Line 5: Enter in columns A through D the installment due dates (the 15th day of the 4th, 6th, 9th and 12th months of the tax year). Line 6: Annualized income installment method or adjusted seasonal installment method: If the corporation’s income varied during the year because, for example, it operated its business on a seasonal basis, it may be able to lower the amount of one or more required installments by using the annualized income installment method or the adjusted seasonal installment method. The annualized income installment or adjusted seasonal installment may be less than the required installment under the regular method for one or more due dates, thereby reducing or eliminating the penalty for those due dates. To use one or both of these methods to compute one or more required installments, use the worksheet for federal Form 2220, using Alaska figures, rates, and computations. Taxpayers must calculate a cumulative quarterly Alaska apportionment factor for each required installment payment. The taxpayer calculates the estimated Alaska taxable income by multiplying the cumulative quarterly consolidated taxable income by the cumulative quarterly Alaska apportionment factor. If you use the worksheet for any payment date, you must use it for all payment due dates. Do not enter an amount less than zero in each column. If you are not using the annualized income installment method or adjusted seasonal installment method, and are completing Form 6220 to estimate the penalty for underpayment of estimated tax, then follow the instructions below to compute the amount to enter on line 6, and complete the Penalty Worksheet below. If the corporation is not a Large Corporation, enter 25% of line 4c in columns A through D. 0405-6220i Rev 01/23/23 - page 1 Large Corporation: A Large Corporation may not base its estimated tax payments on the previous year’s tax, except for the first quarter. Any reduction in that first installment must be added to the second installment, so that the total of columns A–D is equal to line 4a, as follows: Payment due dates (months after the end of the tax year) are as follows: If line 4b is less than line 4a, in column A enter 25% of line 4b. In column B, determine the amount to enter by: • C Corporations, fiscal year ending June 30, 2018: (i) (ii) (iii) • S Corporations (all tax year-ends): subtracting line 4b from line 4a, adding the result to the amount on line 4a, and multiplying the total by 25% In columns C and D, enter 25% of line 4a. Penalty Worksheet and Instructions Use the worksheet below to estimate the penalty for underpayment of estimated tax payments. Use additional worksheets to account for payments if more than four estimated payments were made for the tax year. Do not attach the Penalty Worksheet to the tax return. Keep the Penalty Worksheet with your other tax records. Line 1: Enter in column A through D the installment due dates from Form 6220 line 5. Line 2: Enter in columns A through D the requirement installment from Form 6220, line 6 Line 3: In column A, enter the estimated tax payments deposited by the 15th day of the 4th month of your tax year; in column B, enter payments made after the 15th day of the 4th month through the 15th day of the 6th month of your tax year; in column C, enter payments made after the 15th day of the 6th month through the 15th day of the 9th month of your tax year; and in column D, enter payments made after the 15th day of the 9th month through the 15th day of the 12th month of your tax year. For column A only, enter the amount from line 3 on line 7. Generally, a prior year’s overpayment will be applied against the earliest installment, unless the taxpayer instructs the Department otherwise. • C Corporations, generally: o 15th of the fourth month o September 15, 2018 o 15th of the third month • Exempt Organizations (all tax year-ends): o 15th day of the fifth month • Cooperatives (all tax year-ends): o 15th day of the ninth month A payment of estimated tax is applied against underpayment of required installments in the order in which such installments are required to be paid, regardless to which installment the payment pertains. If the corporation has made more than one payment for a required installment, compute the penalty separately for each payment. Line 12: Enter the number of days from the due date of the installment on line 1 to the date shown on line 11. Line 13: Enter the amount that is equal to the number of days on line 12 divided by the number of days in the tax year times the applicable rate times the amount on line 9. The applicable rate is the Alaska interest rate in effect. For interest rates, refer to DOR’s website at www.tax.alaska.gov. Line 14: Add amounts on line 13 columns A–D. Enter on line 14 and on Schedule A, line 14 of Form 6000, 6100, or 6150. Line 7: Subtract line 6 from line 5. If less than zero, enter zero (for column A only, enter the amount from line 3) Line 8: If the amount on line 7 is zero, subtract line 5 from line 6 and enter the result on line 8. Otherwise, enter zero. Line 9: If line 7 is less than or equal to line 2, subtract line 7 from line 2, enter the result, compute the penalty on line 13, and then go to line 4 of the next column. Otherwise, go to line 10. Line 10: If line 2 is less than line 7, subtract line 2 from line 7 and enter the result on line 10. Then go to line 4 of the next column. Line 11: Enter the date of payment or the final tax payment due date (see below) after the close of the tax year, whichever is earlier. The final payment due date depends on whether the taxpayer is a C Corporation, an S Corporation, or a special entity such as an Exempt Organization or Cooperative. There are also special rules for tax years that end in June. 0405-6220i Rev 01/23/23 - page 2 Penalty Worksheet A B C D 1. Installment due dates from Form 6220, line 5 2. Requirement installment from Form 6220, line 6 3. Amount paid or credited for each period Complete lines 4 through 10 for one column before completing the next column 4. Enter the amount, if any, from line 10 of the previous column 5. Add lines 3–4 6. Add amounts on lines 8–9 of the preceeding column 7. Subtract line 6 from line 5 (see instructions) 8. Remaining underpayment from previous period 9. Underpayment (see instructions) 10. Overpayment (see instructions) 11. Enter the date of payment (see instructions) 12. Number of days from the due date of the installment on line 1 to the date shown on line 11 13. Penalty for each period 14. Total penalty for underpayment of estimated tax 0405-6220i Rev 01/23/23 - page 3
Extracted from PDF file 2023-alaska-form-6220i.pdf, last modified January 2023

More about the Alaska Form 6220i Corporate Income Tax Estimated TY 2023

Underpayment of Estimated Tax by Corporations Instructions

We last updated the Underpayment of Estimated Tax by Corporations Instructions in February 2024, so this is the latest version of Form 6220i, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 6220i directly from TaxFormFinder. You can print other Alaska tax forms here.


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Other Alaska Corporate Income Tax Forms:

TaxFormFinder has an additional 30 Alaska income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 6900i Partnership Information Return Instructions
Form 6000 Alaska Corporation Net Income Tax Return
Form 6000i Forms 6000 and 6020 (Formerly Forms 611 and 611SF) Alaska Corporation Net Income Tax Return Instructions
Form 6240 Payment Voucher-Corporation Net Income Tax
Form 6385 Tax Attributes Carryovers

Download all AK tax forms View all 31 Alaska Income Tax Forms


Form Sources:

Alaska usually releases forms for the current tax year between January and April. We last updated Alaska Form 6220i from the Department of Revenue in February 2024.

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Form 6220i is an Alaska 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 Alaska Form 6220i

We have a total of nine past-year versions of Form 6220i in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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