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Kansas Free Printable K-220 Corporate Underpayment of Estimated Tax Rev. 7-19 for 2020 Kansas Underpayment of Estimated Corporation Tax

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Underpayment of Estimated Corporation Tax
K-220 Corporate Underpayment of Estimated Tax Rev. 7-19

K-220 (Rev. 7-19) 2019 180118 KANSAS UNDERPAYMENT OF ESTIMATED TAX (CORPORATE INCOME TAX) Name as shown on Form K-120 Employer Identification Number (EIN) CURRENT AND PRIOR YEAR INFORMATION 1. Subtract line 31 from line 27 on Form K-120 and enter result .................................................... 1 2. Multiply line 1 by 90%.................................................................................................................. 2 3. Prior year’s tax liability (Subtract line 31 from line 27 of last year’s Form K-120) ....................... 3 PART I – EXCEPTIONS TO THE PENALTY 4. Enter in Columns (1) through (4) the installment due dates that correspond to the 15th day of the 4th, 6th, 9th and 12th month of the taxable year ................................. 4 5. Cumulative timely paid estimated tax payments and credit forward from the beginning of the tax year through each installment due date ................................................ 5 6. Exception 1 – Cumulative amount from either line 2 or line 3, whichever is less ................................................... 7. Exception 2 – Tax on annualized 2019 income ............... (1) (2) (3) (4) 25% of line 2 or 3 50% of line 2 or 3 75% of line 2 or 3 100% of line 2 or 3 22.5% of tax 45% of tax 67.5% of tax 6 90% of tax 7 PART II – FIGURING THE PENALTY 8. Amount of underpayment. Enter the sum of line 6 less line 5; or line 7, less line 5; whichever is applicable. ...... 8 9. Due date of each installment .......................................... 9 10. Number of days from the due date of the installment in one column to the due date of the next installment in the next column or to 12/31/19; whichever is earlier. If paid late, see instructions ...................................................... 10 11. For calendar years enter the number of days from 1/1/20 to the due date of the return or the date the tax was paid, whichever was earlier. For fiscal years or if tax was paid late, see instructions ................................. 11 12. Line 10 X (6% X amount on line 8) .............................. 365 13. Line 11 X (6% X amount on line 8) .............................. 366 14. Penalty (Add lines 12 and 13) ........................................ 12 13 14 15. Total penalty. Add amounts in each column of line 14 and enter total here and on the Estimated Tax Penalty line of Form K-120 ............................................................................................................................................. 15 INSTRUCTIONS FOR SCHEDULE K-220 If any due date falls on a Saturday, Sunday, or legal holiday, substitute the next regular work day. WHO MAY USE THIS SCHEDULE Schedule K-220 will help a corporation determine if it paid the correct amount of estimated tax by the correct due date. If the minimum amount was not paid on time, an underpayment penalty will be imposed for the period of underpayment. Every corporation is required to pay estimated tax for the taxable year if its Kansas tax liability can reasonably be expected to exceed $500. A corporation is not required to file a declaration in its first year of existence in Kansas. Short Taxable Years. Any estimated tax, payable in installments, which is not paid before the 15th day of the last month of a short taxable year shall be paid on the 15th day of the last month of the short taxable year. COMPLETING THIS SCHEDULE Enter your name and your EIN (Employer Identification Number) in the space provided at the top of this schedule. LINES 1 through 3: Complete these lines based on information from your returns for this tax year and from last tax year. PART I – EXCEPTIONS TO THE PENALTY You will NOT be subject to a penalty if your 2019 tax payments (line 5, columns 1 through 4) equal or exceed the amounts for one of the exceptions (lines 6 or 7, columns 1 through 4) for the same payment period. LINE 4: Enter the due date of each estimate payment installment (15th day of the 4th, 6th, 9th and 12th months for the tax year). LINE 5: Enter the cumulative amount of timely paid estimated tax payment made in each quarter. EXAMPLE: For a calendar year, column 3 will be the total of your timely paid estimated payments made from January 1 through September 15, 2019. LINE 6: Exception 1. This exception applies if the amount on line 5 of a column equals or exceeds the amount on line 6 for the same column. Enter the amount from line 2 or line 3 (whichever is less) times the percentages shown in each column of the schedule. LINE 7: Exception 2. This exception applies if the amount on line 5 of a column equals or exceeds the amount on line 7 for the same column, if applicable. A corporation may annualize its income if the corporation made an estimated tax payment of at least 90% of the amount it would owe if its estimated tax were a tax computed on annualized taxable income for the months preceding an installment date. The computation is as follows: a) for the first 3 months, if the installment was required to be paid in the 4th month; b) for the first 3 months or first 5 months, if installment was required to be paid in the 6th month; c) for the first 6 months or the first 8 months if installment was required to be paid in the 9th month; and d) for the first 9 months or first 11 months if installment was required to be paid in the 12th month. PART II – FIGURING THE PENALTY LINE 8: Enter on line 8 the amount of underpayment of tax, which is the lesser of one of the following computations: • Line 6 less line 5; or • Line 7 less line 5 LINE 9: Enter the due date of each estimate payment installment (15th day of the 4th, 6th, 9th and 12th months of the tax year). IMPORTANT—You will need to compute the correct number of days for each installment for lines 10 and 11 in order to compute the applicable penalty rate for lines 12 and 13. LINE 10: Enter in the first column the number of days from the first installment due date to the next installment due date and enter the same for the remaining installment due dates. Do not compute the number of days for this line past 12/31/19. Days past that date are to be entered on line 11. EXAMPLE: For the fiscal year ending 6/30/20 the installment due dates are 10/15/19, 12/15/19, 3/15/20 and 6/15/20; therefore, the taxpayer will enter on line 10 the following number of days: Column 1 - 10/15/19 to 12/15/19 equals 61 days. Column 2 - 12/15/19 to 12/31/19 equals 16 days. Columns 3 and 4 of this line will not be completed since the number of days has been computed to 12/31/19. The computation for this fiscal year will continue on line 11. LINE 11: Enter the number of days from 1/1/20 to the due date of the next installment (if one exists). From the last installment date enter the number of days to the date paid or the due date of the return, whichever is earlier. The following example continues the computation example from line 10. EXAMPLE: Column 1 - blank since there are no days prior to 1/1/20 on this line. Column 2 - 1/1/20 to 3/15/20 equals 74 days. (Note: The 16 days previously entered on line 10 plus the 74 days equals the total number of days from 12/15/19 to 3/15/20.) Column 3 - 3/15/20 to 6/15/20 equals 92 days. Column 4 - to be computed from 6/15/20 to the date the tax was paid or 10/15/20 (due date of the return), whichever is earlier. LINES 12 and 13: Penalty is computed to 12/31/19 at 6% and from 01/01/20 to the date the tax was paid or 4/15/20, whichever is earlier, at 6%. For fiscal year filers the 6% rate will be effective until 12/31/20. LINE 14: For each column add amounts on lines 12 and 13 together and enter the result on line 14. LINE 15: Add amounts in each column of line 14 and enter the total on line 15 and on the Estimated Tax Penalty line of Form K-120. If you are annualizing to meet an exception (line 7, K-220) check the box within the Estimated Tax Penalty line.
Extracted from PDF file 2019-kansas-form-k-220.pdf, last modified October 2019

More about the Kansas Form K-220 Corporate Income Tax Estimated TY 2019

We last updated the Underpayment of Estimated Corporation Tax in March 2020, so this is the latest version of Form K-220, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form K-220 directly from TaxFormFinder. You can print other Kansas tax forms here.

Other Kansas Corporate Income Tax Forms:

TaxFormFinder has an additional 73 Kansas income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form K-41 Fiduciary Income Tax
Form K-4 Employees Withholding Allowance Certificate
Form K-120ES Corporate Estimated Tax Payment Vouchers
Form K-30 Angel Investor Credit
Form K-36 Telecommunications Credit

Download all KS tax forms View all 74 Kansas Income Tax Forms


Form Sources:

Kansas usually releases forms for the current tax year between January and April. We last updated Kansas Form K-220 from the Department of Revenue in March 2020.

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Form K-220 is a Kansas 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 Kansas Form K-220

We have a total of seven past-year versions of Form K-220 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form K-220

K-220 Corporate Underpayment of Estimated Tax Rev. 7-19

2018 Form K-220

K-220 Underpayment of Estimated Tax Rev. 7-18

2017 Form K-220

K-220 Underpayment of Estimated Tax Rev. 8-17

2016 Form K-220

K-220 Underpayment of Estimated Corporate Tax Rev. 8-16

Estimated Tax 2015 Form K-220

K-220 Underpayment of Estimated Corporate Tax Rev. 8-15

Estimated Tax 2013 Form K-220

K-220 Underpayment of Estimated Corporate Tax (Rev. 8/13)

Estimated Tax 2011 Form K-220

K-220 Underpayment of Estimated Corporate Tax (Rev. 8-11)


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