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2220 individual Form: What You Should Know
In the following cases, you must include the estimated tax on the return. If you do not file Form 2220, the penalty does not apply If you do not file Form 2220, the penalty applies Underpayment of Estimated Tax by Corporations in 2017 Total estimated tax due the Corporation if the result is less than 5,000 If the result is more than 5,000 but less than 25,000, you must include the estimated tax on the return If the result is more than 25,000, no additional tax is due Underpayment of Estimated Tax by Corporations for 2017 Total estimated tax due the Corporation for the year if the result is more than 500,000; and If the Corporation did not meet its corporate income/franchise tax obligations, a penalty is payable on Form 8802 Example Corporation D has net income of 5,000, including: The corporation, under an election made by it in 2016, received 5,000, plus An additional amount, equal to 3,125, for the corporation's 2022 franchise tax on the sales of products and services the corporation sells Corporation D owed 5,000 to the Department of State but did not have to file a return using a regular form 1098 — Form S Corporation D Filed F-1120; Form 8802 not required. Note: If the Corporation filed a regular Form 1098 using a regular form 1098 — Form S, Form 1095, Form 1095-A, or Form 1095-EZ, the amounts reported on the Form 1095-F may Contain estimated tax amounts that are less than the actual tax payable to the state. If the Corporation was assessed penalties for underpayment of the Corporate Franchise Tax on the years 2022 and 2017, the Corporation filed a corrected return for the years 2022 and 2022 using Form 1045. If the Corporation was assessed penalties for underpayment of estimated tax on the years 2022 and 2017, the Corporation did not file a corrected return on time or on the date scheduled (Form 1045 should be filed on or before the due date, or on or before the 15th day, if filing on the due date) that includes a corrected Form 1045 — corrected by filing Form 8802.
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