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Nebraska Free Printable  for 2020 Nebraska Corporation Underpayment of Estimated Tax

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Corporation Underpayment of Estimated Tax
Form 2220N

RESET Corporation Underpayment of Estimated Income Tax   • Read the instructions on the reverse side. PRINT FORM 2220N 2019 Check the appropriate boxes: Adjusted Seasonal Installment Method Annualized Income Installment Method Large Corporation Name on Form 1120N Nebraska ID Number Part I — Calculate the Underpayment 1 Nebraska tax after nonrefundable credits (line 18, Form 1120N) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Enter the total refundable credits (total of lines 19 and 22, Form 1120N) . . . . . . . . . . . . . . . . . . . 2 3 Nebraska tax after refundable credits (line 1 minus line 2). If the result is less than $400, do not complete the rest of the form. No penalty is owed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Enter 2018 income tax (see instructions). Caution: If the tax is zero or the tax year was for less than 12 months, skip this line and enter the amount from line 3 on line 5 . . . . . . . . . . 4 5 Required annual payment. Enter the lesser of line 3 or line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 (B) (A) (C) 6 Enter in Columns (A) through (D) the installment due dates (the 15th day of the 4th, 6th, 9th, and 12th months of your tax year) . . . 6 (D) 7 Enter 25% of line 5 in Columns (A) through (D) 7   • Complete lines 8 through 15 for one column before completing the next column. 8 Amount paid or credited for each period . . . . . 8 9 Enter amount, if any, from line 15 of previous column . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Add lines 8 and 9 . . . . . . . . . . . . . . . . . . . . . . . 10 11 Add amounts on lines 13 and 14 of the previous column and enter result . . . . . . . . . . . 11 12 Line 10 minus line 11. If less than zero, enter -0 (In Column [A] only, enter amount from line 8) 12 13 Remaining underpayment from previous period. If the amount on line 12 is zero, subtract line 10 from line 11 and enter the result; otherwise, enter -0- . . . . . . . . . . . . . . . . 13 14 Underpayment. If line 12 is less than or equal to line 7, subtract line 12 from line 7 and enter the result. Then go to the next column; otherwise, go to line 15 . . . . . . . . . . . . 14 15 Overpayment. If line 7 is less than line 12, subtract line 7 from line 12 and enter the result. Then go to the next column . . . . . . . . . . 15 Part II — Calculate the Penalty 16 Amount of underpayment (line 13 plus line 14) 16 17 Date of payment or next due date (from line 6), whichever is earlier . . . . . . . . . . . . . . . . 17 18 Number of days from due date of installment to date shown on line 17 . . . . . . . . . . . . . . . . . 18 19 Underpayment penalty (see instructions for applicable interest rates) . . . . . . . . . . . . . . . 19 20 Total of amounts on line 19. Enter this amount on line 26, Form 1120N . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Attach this form to Form 1120N. 8-238-2019 Instructions Who Must File. A Corporation Underpayment of Estimated Income Tax, Form 2220N, must be filed by the corporate taxpayer when line 3 is $400 or greater. A corporate taxpayer includes all entities taxed as corporations under the Internal Revenue Code, except S corporations and financial institutions defined in Neb. Rev. Stat. § 77-3801. When and Where to File. This form must be attached to the Nebraska Corporation Income Tax Return, Form 1120N, and filed with that return. Part I — Calculate the Underpayment Check the appropriate boxes. Check one or more boxes if the corporation uses the adjusted seasonal installment method, the annualized income installment method, or if the corporation is a large corporation. Line 1. Enter the Nebraska tax after nonrefundable credits amount from line 18 of the 2019 Form 1120N on line 1 of this form. Line 4. The entry on this line allows corporations to use the income tax reported on their prior year’s return less the prior year’s allowable credits to determine whether an underpayment exists. Enter line 18 minus lines 19 and 22 from the 2018 Form 1120N. “Large corporations,” except as noted, cannot use this calculation. The prior year’s Nebraska return must cover a period of 12 months and show an income tax liability. If this calculation does not apply, enter the line 3 amount on line 5. Large Corporations. A “large corporation” is one which had, or its predecessor had, federal taxable income of at least $1 million for any of the three taxable years immediately preceding the tax year involved. In applying the “$1 million test,” taxable income is computed without regard to net operating loss and capital loss carrybacks and carryovers. A large corporation is prohibited from using its prior year’s tax liability, except in determining the first installment of its tax year. Any reduction in a large corporation’s first installment as a result of using the prior year’s tax must be recaptured in the corporation’s second installment. Large corporations compute line 7 amounts by using the same procedures that result in the comparable entry on the Federal Form 2220. Methods to Reduce or Avoid Penalty. A corporation may reduce or eliminate the penalty by using the annualized income or adjusted seasonal installment method. To use one or both of these methods to compute one or more required installments, recalculate (and attach) the Adjusted Seasonal Installment Method and Annualized Income Installment Method, Federal Schedule A, using Nebraska income and other Nebraska amounts. Also, check the appropriate boxes at the top of this form. Enter the corresponding amount from the recalculated Federal Schedule A in each column of line 7 on this form. Line 6. Paper filers enter the installment due dates in a MMDDCCYY format. For example, April 15, 2019 should be entered as 04152019. Line 8. Enter the income tax payments made by the corporation and any credit for Nebraska income tax withheld from the corporation as indicated below. In Column (A), enter the total of: 1. The corporation’s 2018 income tax overpayment that was credited to its 2019 estimated income tax payments; 2. Any estimated income tax payments made for the 2019 tax year by the date on line 6, Column (A); and 3. Any Nebraska income tax withheld from the corporation by the date on line 6, Column (A). In Columns (B), (C), and (D), enter the total of: 1. Any estimated income tax payments made for the 2019 tax year by the date on line 6 for that column and after the date on line 6 of the preceding column; and 2. Any Nebraska income tax withheld from the corporation by the date on line 6 for that column and after the date on line 6 of the preceding column. Line 14. Underpayment. When an underpayment is reported on this line, complete Part II, lines 16 through 20, to determine the penalty amount for each underpayment of an installment. Line 15. Overpayment. Any overpayment of an installment on line 15 in excess of all prior underpayments should be applied as a credit on line 9 against the next installment. Part II — Calculate the Penalty Line 17. A payment of estimated income tax is applied against underpayments of required installments in the order that installments are required to be paid, regardless of the installment to which the payment pertains. In determining the date of payment on line 17, use the date of the payment which was applied against the underpayment of income tax on line 16, the due date of the next payment (line 6 of the next column), or the original due date of the Form 1120N, whichever is earliest. Paper filers enter the payment date or next due date in a MMDDCCYY format. For example, April 15, 2019 should be entered as 04152019. Example. A corporation has an underpayment for the April 15 installment of $1,000. The June 15 installment requires a payment of $2,000. On June 15, the corporation deposits $2,500 for its June 15 installment. However, $1,000 of this payment is considered to be for the April 15 installment. The penalty for the April 15 installment is calculated on $1,000 to June 15 (61 days). The remaining amount of the June 15 payment ($1,500) must be applied to the June 15 installment. Line 19. The penalty is calculated at five percent per year for any days in 2019 and 2020. Multiply line 16 by the applicable interest rate for the number of days on line 18 divided by 365. If the corporation has made more than one payment for a required installment, make separate penalty calculations through the date of payment and for the remaining underpayment through the date it is paid, then add the results together and enter on line 19.
Extracted from PDF file 2019-nebraska-form-2220n.pdf, last modified January 2020

More about the Nebraska Form 2220N Corporate Income Tax Estimated TY 2019

We last updated the Corporation Underpayment of Estimated Tax in March 2020, so this is the latest version of Form 2220N, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 2220N directly from TaxFormFinder. You can print other Nebraska tax forms here.

Other Nebraska Corporate Income Tax Forms:

TaxFormFinder has an additional 34 Nebraska income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 1120N Booklet Corporation Income Tax Booklet - Forms and Instructions
Form 1120-SN Booklet S Corporation Income Tax Booklet - Forms & Instructions
Form 1120-SN Nebraska S Corporation Income Tax Return with Schedule A - Adjustments to Ordinary Business Income
Form 1120N-ES Nebraska Corporation Estimated Income Tax Payment Voucher
Form CDN Nebraska Community Development Assistance Act Credit Computation

Download all NE tax forms View all 35 Nebraska Income Tax Forms


Form Sources:

Nebraska usually releases forms for the current tax year between January and April. We last updated Nebraska Form 2220N from the Department of Revenue in March 2020.

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Form 2220N is a Nebraska 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 Nebraska Form 2220N

We have a total of nine past-year versions of Form 2220N 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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