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Massachusetts Free Printable  for 2021 Massachusetts Underpayment of Massachusetts Estimated Income Tax by Fiduciaries

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Underpayment of Massachusetts Estimated Income Tax by Fiduciaries
Form M-2210F

Massachusetts Department of Revenue Form M-2210F Underpayment of Massachusetts Estimated Income Tax for Fiduciaries 2020 Note: For information on how to complete form given COVID-19 implications, see instructions. Enclose this form with your income tax return. Please print in ink or type. Name(s) as shown on page 1 of return Social Security or Federal Identification number Exceptions to the underpayment penalty ● You are a qualified farmer or fisherman filing and paying your full amount due on or before March 1, 2021. ● You were a resident of Massachusetts for 12 months and not liable for taxes during 2019. ● Your estimated payments and withholding equal or exceed your 2019 tax (where taxable year was 12 months and a return was filed). Part 1. Required annual payment 1 2020 tax (from Form 2, line 41, or Form M-990T-62, line 29). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Total credits (from Form 2, lines 46 and 55, or Form M-990T-62, lines 32 and 40) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Balance. Subtract line 2 from line 1. Not less than 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Enter 80% of line 3 or 66.67% of line 3 if you are a qualified farmer or fisherman. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Enter 2019 tax liability after credits (from 2019 return) (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Enter the smaller of line 4 or line 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Part 1. Required annual payment 7 Enter in col’s. a through d (respectively) the installment dates of the 15th day of the 4th, 6th and 9th months of the taxable year and the 1st month of the succeeding taxable year. See instructions.. . . . . . . . . . . . . . . . . . . 7 8 Divide the amount in line 6 by the number of installments required for the year. Enter the result in the appropriate columns. . . . . . . 8 9 Estimated taxes paid and taxes withheld for each installment. . . . . . . . . . . . . . . . . . . . . 9 a. 10 Overpayment of previous installment. . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Total. Add lines 9 and 10. . . . . . . . . . . . . . . . 11 12 Overpayment. Subtract line 8 from line 11. . 12 13 Underpayment. Subtract line 11 from line 8.13 b. c. d. 2020 FORM M-2210F, PAGE 2 Name(s) as shown on page 1 of return Social Security or Federal Identification number Deductions not taken elsewhere and Massachusetts adjustments 14 Enter the date you paid the amount in line 13 or the 15th day of the 4th month after the close of the taxable year, whichever is earlier. See instructions. . . . . . . . . . . . . . . 14 15 Number of days from the due date of installment to the date shown in line 14. . . . 15 16 Number of days in line 15 after 4/15/20 and before 7/1/20. . . . . . . . . . . . . . . . . . . . . 16 17 Number of days in line 15 after 6/30/20 and before 10/1/20. . . . . . . . . . . . . . . . . . . . 17 18 Number of days in line 15 after 9/30/20 and before 1/1/21. . . . . . . . . . . . . . . . . . . . . 18 19 Number of days in line 15 after 12/31/20 and before 4/15/21. . . . . . . . . . . . . . . . . . . . 19 20 Underpayment in line 13 × (number of days in line 16 ÷ 365) × 6% . . . . . . . . . . . . . 20 21 Underpayment in line 13 × (number of days in line 17 ÷ 365) × 4% . . . . . . . . . . . . . 21 22 Underpayment in line 13 × (number of days in line 18 ÷ 365) × 4% . . . . . . . . . . . . . 22 23 Underpayment in line 13 × (number of days in line 19 ÷ 365) × X% . . . . . . . . . . . . . 23 24 Penalty. Add all amounts shown in lines 20 through 23. Enter this amount on Form 2, line 60 . . . . . . . . . . . . . . . . . . . . . . 24 *Rate to be determined. 2020 FORM M-2210F, PAGE 3 Name(s) as shown on page 1 of return Social Security or Federal Identification number Part 4. Annualized income installment method 1 Taxable 5.0% income each period 3 (including long-term capital gain income taxed at 5.0%) . . . . . . . . . . . . . . . . . . 1 Jan. 1–March 31 2 Annualization amount. . . . . . . . . . . . . . . . . . . 2 4 Jan. 1–May 31 Jan. 1–August 31 Jan. 1–December 31 2.4 1.5 1 2.4 1.5 1 3 Multiply line 1 by line 2. . . . . . . . . . . . . . . . . . 3 4 Tax on amount in line 3. Multiply line 3 by .05. . . . . . . . . . . . . . . . . . . . 4 5 Taxable 12% income each period. . . . . . . . . . 5 6 Annualization amount. . . . . . . . . . . . . . . . . . . 6 4 7 Multiply line 5 by line 6. . . . . . . . . . . . . . . . . . 7 8 Tax on amount in line 7. Multiply line 7 by .12. . . . . . . . . . . . . . . . . . . . 8 9 Total tax. Add lines 4 and 8. . . . . . . . . . . . . . . 9 10 Total credits. . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Total tax after credits. Subtract line 10 from line 9. . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Applicable percentage . . . . . . . . . . . . . . . . . 12 20% 13 Multiply line 11 by line 12. . . . . . . . . . . . . . . 13 14 Enter the combined amounts of line 20 from all preceding periods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Subtract line 14 from line 13. If less than 0 enter 0. . . . . . . . . . . . . . . . . . . 15 16 Divide line 6 of Form M-2210F by 4 and enter result in each column. . . . . . . . . . 16 17 Enter the amount from line 19 of this worksheet for the preceding column . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Add lines 16 and 17 . . . . . . . . . . . . . . . . . . . 18 19 If line 18 is more than line 15, subtract line 15 from line 18. Otherwise enter 0. . . . . 19 20 Enter the smaller of line 15 or line 18 here and on Form M-2210F, line 8. . . . . . . . 20 40% 60% 80% 2020 Form M-2210F Instructions General Information Who should use this form. If you are a fiduciary receiving in come taxable at the entity level, you should use Form M-2210F to determine if your 2020 estimated and/or withholding tax payments were sufficient. If they were not, an underpayment penalty will be imposed, unless you qualify for one of the exceptions or waivers explained below. Major 2020 Tax Change Tax Filing and Payment Relief for Personal Income Taxpayers Affected by COVID-19. Pursuant to “An Act to Address Challenges Faced by Municipalities and State Authorities Resulting from COVID-19” (the “Act”), the due date for personal income tax returns and payments otherwise due April 15, 2020 (personal income tax, estate and trust income tax, income tax due with a partnership composite return with an April 15, 2020 due date, and April, 2020 tax installments owed by personal income taxpayers with respect to deemed repatriated income) was changed to July 15, 2020. As a result the first and second quarter estimates for tax year 2020 calendar year filers were due on July 15, 2020. See TIR 20-4. When are estimated tax payments due? Generally, your estimated tax must be paid in full on or before April 15, or in equal installments on or before April 15; June 15; September 15; and January 15 of the next year. Due to the COVID-19 pandemic, the first and second quarter estimates for tax year 2020 were due on July 15, 2020. If your tax year is not on a calendar year basis, the due dates correspond with your fiscal year. Your due dates will be the 15th day of the fourth, sixth and ninth months of your fiscal year and the 15th day of your next fiscal year. Whenever a due date falls on a Saturday, Sunday or legal holiday, the payment may be made on the next succeeding business day. Filing estimated tax vouchers. You are required to file estimated tax vouchers if you reasonably expect to pay more than $400 in Massachusetts income tax on income which is not covered by withholding. For further information regarding estimated taxes, see the instructions for Form 2-ES Payment Vouchers or the publication Should You Be Paying Estimated Taxes? Exceptions which avoid the penalty. No underpayment penalty will be imposed if: • Your 2019 tax due after credits and withholding is $400 or less. • You were a qualified farmer or fisherman who filed and paid in full with your return by March 1, 2020. To qualify, your gross in come from farming or fishing must be at least two-thirds of the an nual gross income shown on your 2019 or 2020 return. • You were a resident of Massachusetts for the full 12 months of the previous taxable year and were not liable for taxes. • Your 2020 estimated payments and withholding (line 8) made on or before each installment due date in the taxable year equal or exceed the tax shown on your 2019 return divided among the four installment due dates provided that such return was for a full 12-month period. If you qualify for an exception, do not complete lines 14 through 24. Instead, check the appropriate box on the front of this form and fill in the “EX” oval on Form 2. Enclose this form with your return. If you qualify for the first ex cep tion (your 2020 tax due after credits and withholding is $400 or less) you do not need to complete this form. Waiver of underpayment penalty. A waiver of underpayment penalty for one or more installments may be granted if: • Your underpayment was by reason of casualty, disaster or unusual circumstance; or • You retired in 2019 or 2020 after reaching age 62, or you became disabled and your underpayment was due to reasonable cause and not willful neglect. If you qualify for the waiver, complete lines 7 through 13 for the installment for which you are claiming a waiver, and write “WAIVER” in the appropriate box in line 14. Fill in the “EX” oval on Form 2. Enclose this form and an explanation of your reasons for claiming the waiver with your return. Line-by-Line Instructions Figuring your underpayment & penalty. To determine the underpayment amount, complete lines 1 through 13, in order of installment due dates, taking care to complete all four columns for lines 7 through 13. Line 5 • If you filed a return for 2019 and it was for a full 12 months, enter your 2019 tax liability after credits. • If you were a resident of Massachusetts for 12 months in 2019 and you were not liable for taxes, enter 0. • If you did not file a return for 2019, or if your 2019 tax year was less than 12 months, do not complete line 5. Instead, enter the amount from line 4 in line 6. Line 9 If more than one payment is made for a given installment, attach a separate penalty computation for each payment. If you had any taxes withheld during the year, you may apply an equal part of those taxes as payment on each required installment. If you can establish the actual dates and amounts of your withholding, you may consider those amounts as payments on the dates they were actually withheld. Line 12 If line 12 shows an overpayment, that overpayment may be used as payment of any existing underpayment amount. Overpayments used as payments of prior underpayment amounts do not de crease the actual underpayment amount but serve to reduce in stead the period of underpayment subject to penalty. If there are no existing underpayment amounts, the overpayment is applied as a credit against the next installment. Line 13 If line 13 shows an underpayment, see the General Information section to determine whether you qualify for an exception to, or waiver of, the underpayment penalty. If you do not qualify, continue on through line 24 to determine your underpayment penalty. Part 4. Annualized income installment method. If you do not receive taxable income evenly throughout the year, you may wish to annualize your income to adjust your required installment amount. Enter any adjusted installment amount in the appropriate column in line 8 and calculate any underpayment penalty from those figures. Write “ANNUALIZED” under the column in line 24. Lines 16 through 23 Fiscal year taxpayers. If you file on a fiscal year basis and are subject to an underpayment penalty, attach a separate statement to calculate the penalty due based on the interest rate in effect for the period of the underpayment.
Extracted from PDF file 2020-massachusetts-form-m-2210f.pdf, last modified December 2020

More about the Massachusetts Form M-2210F Corporate Income Tax TY 2020

We last updated the Underpayment of Massachusetts Estimated Income Tax by Fiduciaries in March 2021, so this is the latest version of Form M-2210F, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form M-2210F directly from TaxFormFinder. You can print other Massachusetts tax forms here.

Other Massachusetts Corporate Income Tax Forms:

TaxFormFinder has an additional 126 Massachusetts income tax forms that you may need, plus all federal income tax forms.

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Form 3M Income Tax Return for Clubs and Other Organizations
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Download all MA tax forms View all 127 Massachusetts Income Tax Forms


Form Sources:

Massachusetts usually releases forms for the current tax year between January and April. We last updated Massachusetts Form M-2210F from the Department of Revenue in March 2021.

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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 Massachusetts Form M-2210F

We have a total of ten past-year versions of Form M-2210F 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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