Required installments. If the box on line 6 and/or line 7 above

is checked, enter the amounts from Schedule A, line 38. If the

box on line 8 (but not 6 or 7) is checked, see instructions for the 

amounts to enter. If none of these boxes are checked, enter 25% 

of line 5 above in each column

Department of the Treasury

Internal Revenue Service

Underpayment of Estimated Tax by Corporations

© See separate instructions.

© Attach to the corporation’s tax return.

OMB No. 1545-0142

Name Employer identification number

Required Annual Payment

1

2a

c

d

3

4

5

9

10

11

12

13

14

15

16

17

Total tax (see instructions)

Personal holding company tax (Schedule PH (Form 1120), line 26) included on line 1

Credit for federal tax paid on fuels (see instructions)

Total. Add lines 2a through 2c

Subtract line 2d from line 1. If the result is less than $500, do not complete or file this form. The corporation

does not owe the penalty

Enter the tax shown on the corporation’s 2006 income tax return (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 

Required annual payment. Enter the smaller of line 3 or line 4. If the corporation is required to skip line 4,

enter the amount from line 3

Installment due dates. Enter in columns (a) through (d) the

15th day of the 4th (Form 990-PF filers: Use 5th month), 6th, 

9th, and 12th months of the corporation’s tax year

Complete lines 12 through 18 of one column before

going to the next column.

Estimated tax paid or credited for each period (see

instructions). For column (a) only, enter the amount from line

11 on line 15

Enter amount, if any, from line 18 of the preceding column

Add lines 11 and 12

Add amounts on lines 16 and 17 of the preceding column

Subtract line 14 from line 13. If zero or less, enter -0-

If the amount on line 15 is zero, subtract line 13 from line

14. Otherwise, enter -0-

Underpayment. If line 15 is less than or equal to line 10, subtract

line 15 from line 10. Then go to line 12 of the next column.

Otherwise, go to line 18

Overpayment. If line 10 is less than line 15, subtract line 10

from line 15. Then go to line 12 of the next column

Go to Part IV on page 2 to figure the penalty. Do not go to Part IV if there are no entries on line 17—no penalty is owed.

(a) (b) (c) (d)

Form 2220 (2007)

1

3

2a

2c

2d

5

9

10

11

12

13

14

15

16

17

Form 2220

Cat. No. 11746L

2b

b Look-back interest included on line 1 under section 460(b)(2) for completed long-term 

contracts or section 167(g) for depreciation under the income forecast method 

4

18

18

Note: Generally, the corporation is not required to file Form 2220 (see Part II below for exceptions) because the IRS will figure any penalty 

owed and bill the corporation. However, the corporation may still use Form 2220 to figure the penalty. If so, enter the amount from page

2, line 34 on the estimated tax penalty line of the corporation’s income tax return, but do not attach Form 2220.

The corporation is using the adjusted seasonal installment method.

The corporation is using the annualized income installment method.

The corporation is a “large corporation” figuring its first required installment based on the prior year’s tax.

Part II

Part I

Reasons for Filing—Check the boxes below that apply. If any boxes are checked, the corporation must file 

Form 2220 even if it does not owe a penalty (see instructions).

6

7

8

For Paperwork Reduction Act Notice, see separate instructions.

2007

Part III Figuring the Underpayment
Form 2220 (2007) Page 2

Figuring the Penalty

(a) (b) (c)

Enter the date of payment or the 15th day of the 3rd month after 

the close of the tax year, whichever is earlier (see instructions).

(Form 990-PF and Form 990-T filers: Use 5th month instead of 

3rd month.) 

19

Number of days from due date of installment on line 9 to the

date shown on line 19 

19

20

20

21 Number of days on line 20 after 4/15/2007 and before 1/1/2008 21

25 25

Number of days on line 20 after 6/30/2008 and before 10/1/2008 27

Number of days on line 20 after 9/30/2008 and before 1/1/2009 29

27

Number of days on line 21 × 8%

31

29

365

32

22

Number of days on line 27

22

366

Number of days on line 29

26

366

Number of days on line 31

34

365

Add lines 22, 24, 26, 28, 30, and 32 

Penalty. Add columns (a) through (d) of line 33. Enter the total here and on Form 1120, line 33; 

or the comparable line for other income tax returns

*For underpayments paid after March 31, 2008: For lines 26, 28, 30, and 32, use the penalty interest rate for each calendar

quarter, which the IRS will determine during the first month in the preceding quarter. These rates are published quarterly in an IRS 

News Release and in a revenue ruling in the Internal Revenue Bulletin. To obtain this information on the Internet, access the IRS

website at www.irs.gov. You can also call 1-800-829-4933 to get interest rate information.

Number of days on line 20 after 12/31/2008 and before 2/16/2009

× *%

× *%

Underpayment on line 17 × × *% $ $ $ $

Number of days on line 20 after 3/31/2008 and before 7/1/2008

$ $ $ $

$ $ $ $

Number of days on line 25

366

× *%

$ $ $ $

26

28

30

28

30

$ $ $ $

Part IV

Underpayment on line 17 ×

Underpayment on line 17 ×

Underpayment on line 17 ×

Underpayment on line 17 ×

31

33

32

33

Form 2220 (2007)

23

24

23

24 $ $ $ $

(d)

34

Number of days on line 23

366

Underpayment on line 17 × × 7% 

Number of days on line 20 after 12/31/2007 and before 4/1/2008

$

$ $ $ $
Form 1120S filers: For lines 1, 2, 3, and 21, below, “taxable income” refers to excess net passive income or the amount on which 

tax is imposed under section 1374(a), whichever applies.

(a) (b) (c) (d)

First 3 months First 5 months First 8 months First 11 months

1 Enter taxable income for the following periods:

Tax year beginning in 2004 1a

Tax year beginning in 2005 1b

Tax year beginning in 2006 1c

a

b

c

2 Enter taxable income for each period for the tax year beginning

in 2007 (see instructions for the treatment of extraordinary items). 2

Form 2220 (2007) Page 3

First 4 months First 6 months First 9 months Entire year 3 Enter taxable income for the following periods:

Tax year beginning in 2004 3a

Tax year beginning in 2005 3b

Tax year beginning in 2006 3c

Divide the amount in each column on line 1a by the amount in

column (d) on line 3a.

4

4

5 Divide the amount in each column on line 1b by the amount in

column (d) on line 3b. 5

Divide the amount in each column on line 1c by the amount in

column (d) on line 3c.

6

6

a

b

c

Form 2220 (2007)

7 Add lines 4 through 6. 7

8 Divide line 7 by 3.0. 8

9a Divide line 2 by line 8. 9a

Figure the tax on the amount on line 9c using the instructions for Form

1120, Schedule J, line 2 (or comparable line of corporation’s return).

10

10

11a Divide the amount in columns (a) through (c) on line 3a by the

amount in column (d) on line 3a. 11a

Divide the amount in columns (a) through (c) on line 3b by the

amount in column (d) on line 3b.

b

11b

Divide the amount in columns (a) through (c) on line 3c by the

amount in column (d) on line 3c.

c

11c

12 Add lines 11a through 11c. 12

13 Divide line 12 by 3.0. 13

Multiply the amount in columns (a) through (c) of line 10 by columns (a) through

(c) of line 13. In column (d), enter the amount from line 10, column (d).

14

14

Enter any alternative minimum tax for each payment period (see

instructions).

15

15

16 Enter any other taxes for each payment period (see instructions). 16

17 Add lines 14 through 16. 17

Adjusted Seasonal Installment Method (Caution: Use this method only if the base period percentage for 

any 6 consecutive months is at least 70%. See instructions.)

Part I

Schedule A Adjusted Seasonal Installment Method and Annualized Income Installment Method

(see instructions)

Extraordinary items (see instructions). 9b

Add lines 9a and 9b. 9c

b

c

For each period, enter the same type of credits as allowed on

Form 2220, lines 1 and 2c (see instructions).

18

18

19

19

Total tax after credits. Subtract line 18 from line 17. If zero or

less, enter -0-.
Add the amounts in all preceding columns of line 38 (see

instructions).

33

33

Adjusted seasonal or annualized income installments.

Subtract line 33 from line 32. If zero or less, enter -0-.

34

34

Required Installments

4th

installment

3rd

installment

2nd

installment

1st

installment

32 If only Part I or Part II is completed, enter the amount in each column 

from line 19 or line 31. If both parts are completed, enter the smaller 

of the amounts in each column from line 19 or line 31. 32

35 Enter 25% of line 5 on page 1 of Form 2220 in each column. 

Note: “Large corporations,” see the instructions for line 10 for 

the amounts to enter. 35

Subtract line 38 of the preceding column from line 37 of the

preceding column.

36

36

37 Add lines 35 and 36. 37

Required installments. Enter the smaller of line 34 or line 37

here and on page 1 of Form 2220, line 10 (see instructions).

38

38

Form 2220 (2007) Page 4

Form 2220 (2007)

Note: Complete lines 32 through 38 of one column before

completing the next column.

(a) (b) (c) (d)

Annualized Income Installment Method

20 Annualization periods (see instructions). 20

Enter taxable income for each annualization period (see

instructions for the treatment of extraordinary items). 21

21

22 Annualization amounts (see instructions). 22

First 

months

First 

months

First 

months

First 

months

23a 23a

24

24

26 26

Annualized taxable income. Multiply line 21 by line 22.

27 27

Figure the tax on the amount on line 23c using the instructions

for Form 1120, Schedule J, line 2 (or comparable line of

corporation’s return).

28

28

29

Enter any other taxes for each payment period (see instructions).

29

Total tax. Add lines 24 through 26.

30 30

For each period, enter the same type of credits as allowed on

Form 2220, lines 1 and 2c (see instructions).

31 31

Total tax after credits. Subtract line 28 from line 27. If zero or

less, enter -0-.

Applicable percentage.

Multiply line 29 by line 30.

25% 50% 75% 100%

25

25

Enter any alternative minimum tax for each payment period (see

instructions).

Part III

Part II

b Extraordinary items (see instructions).

c Add lines 23a and 23b.

23b

23c