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Form 2220 for Allentown Pennsylvania: What You Should Know
If the total amount shown on the first line of the Form 990-PF appears to have been overpaid, enter in the blank space before the amount. You may include line 6 (Amount Overpaid) or line 6A (Amount Overpaid in Part). If the total shown on line 1 appears to have been less than line 9, enter 0. (a) If the amount is more than the tax to be paid, enter 0, otherwise enter the amount to be paid. (b) If the total amount paid on a line is less than the tax due, enter the tax shown for the line on the following page. Example. The IRS estimates that the total unpaid estimated tax amount is 2,500. If a corporation chooses to report 1,000 as an overpayment, and the corporation is found to have overpaid 2,500, then the corporation may file Form 2555, Overpayment of Estimated Tax, with the Bureau of the Internal Revenue Service. (13 May 2024 Â‑ If the Form 2220, Underpayment of Estimated Tax by a Corporation, is attached. Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed. Overpayment. If the total amount shown on the first line of the Form 990-PF appears to have been overpaid, enter 0. If the tax due and the amount that is the amount of overpayments to be paid cannot be readily determined, the corporation may use Form 940, Underpayment of Estimated Tax Attachment, for an estimated computation of the underpayment of estimated tax.) If the total payment is less than the estimated payment, enter the payment amount. If the payment amount entered can't be readily determined, it must be rounded to the nearest dollar. If the amount due from a taxpayer is more than the net tax provision paid or accrued and the amount paid or accrued is less than the net tax provision, enter the payment amount. The amount due from a taxpayer is the amount actually paid or accrued. (d) If the amount is less than the tax due, enter zero. If an overpayment may be reported in box 19 of Form 990-PF, and the payment is for a tax year beginning before 1978, the corporation must include a statement containing box 19 on the return under “Schedule E” for the taxes to be reported under §1.
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