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Form 2220 UT: What You Should Know

If the tax is overdue, the IRS will require that the taxpayer report the unpaid amount of each installment or that the taxpayer complete a Form 2220 (underpayment of estimated tax) and submit it to the IRS. If a taxpayer pays all or any portion of the estimated tax installment within the statutory time (or within 30 days from the expiration of such time period as provided in Pub 453,  Part II of Form 2220), the tax will be paid in full of no penalty. If the taxpayer did not pay any or all of the estimated tax installment within 15  days after the due date as provided in Pub 453, Part II, that may be considered a late payment. If, within 15 days after the last day to pay an installment there is a late payment as defined in Pub. 15 (1), it follows that the taxpayer also is not required to pay any late tax. Form 2848 — Florida Estates Section 810.02 (Fled) Note: Fled is a statute that sets out the circumstances in which a deceased corporation would be required to report and remit to Florida the income of its surviving corporations. Taxpayer Due Date — If this form is used to file a Form 2220, the due date is the date on which the taxpayer files the Form 2220. Form 2850 — Form 2848 (Fled) Form 2850 and Form 2848 (Fled) are separate forms that are provided with the Form 2220. The Fled is filed first and the Form 2850 is filed later. If the Form 2850 is used to pay the estimated tax owed, the Form 2220 will be used to record the payment. The Fled can also be used to determine if any tax should be reported on Form 4050 (payment of estimated tax) or on the Form 4211 (payment of tax after notice of assessment). A taxpayer should file the Fled if it has any new information to change the estimated-tax amount. Note: The income, deductions, and credits on the Form 2848 reflect the same information as in the Form 2220. If a taxpayer wishes to obtain a copy of the Form 2220 to review prior years' filing requirements, an optional Form 8865-A is available.

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