Form 2220

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

2008

Name Employer identification number

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 

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

Part I Required Annual Payment

1 Total tax (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2a Personal holding company tax (Schedule PH (Form 1120), line 26) included on line 1 . 2a

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 . . 2b

c Credit for federal tax paid on fuels (see instructions) . . . . . . . . . . 2c

d Total. Add lines 2a through 2c . . . . . . . . . . . . . . . . . . . . . . . . 2d

3 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

4 Enter the tax shown on the corporation’s 2007 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 ... 4

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Part II 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 The corporation is using the adjusted seasonal installment method.

 7 The corporation is using the annualized income installment method.

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

Part III Figuring the Underpayment

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

9 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 . . 9

10 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 . . 10

11 Estimated tax paid or credited for each period (see instructions).

For column (a) only, enter the amount from line 11 on line 15 . 11

Complete lines 12 through 18 of one column before going

to the next column.

12 Enter amount, if any, from line 18 of the preceding column . 12

13 Add lines 11 and 12 . . . . . . . . . . . . 13

14 Add amounts on lines 16 and 17 of the preceding column . 14

15 Subtract line 14 from line 13. If zero or less, enter -0- . . 15

16 If the amount on line 15 is zero, subtract line 13 from line 14.

Otherwise, enter -0- . . . . . . . . . . . . 16

17 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 . . . . . . . . 17

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 . . . 18

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.

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11746L Form 2220 (2008)
Form 2220 (2008) Page 2

Part IV Figuring the Penalty

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

19 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 

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

date shown on line 19 . . . . . . . . . . . . 20 

21 Number of days on line 20 after 4/15/2008 and before 7/1/2008 21 

22 Underpayment on line 17 Number of days on line 21 

366 6% 22 $ $ $ $

23 Number of days on line 20 after 6/30/2008 and before 10/1/2008 23 

24 Underpayment on line 17 Number of days on line 23

366 5% 24 $ $ $ $

25 Number of days on line 20 after 9/30/2008 and before 1/1/2009 25 

26 Underpayment on line 17 Number of days on line 25

366 6% 26 $ $ $ $

27 Number of days on line 20 after 12/31/2008 and before 4/1/2009 27 

28 Underpayment on line 17 Number of days on line 27

365 5% 28 $ $ $ $

29 Number of days on line 20 after 3/31/2009 and before 7/1/2009 29 

30 Underpayment on line 17 Number of days on line 29

365 *% 30 $ $ $ $

31 Number of days on line 20 after 6/30/2009 and before 10/1/2009 . 31 

32 Underpayment on line 17 Number of days on line 31

365 *% 32 $ $ $ $

33 Number of days on line 20 after 9/30/2009 and before 1/1/2010 . 33 

34 Underpayment on line 17 Number of days on line 33

365 *% 34 $ $ $ $

35 Number of days on line 20 after 12/31/2009 and before 2/16/2010 35 

36 Underpayment on line 17 Number of days on line 35

365 *% 36 $ $ $ $

37 Add lines 22, 24, 26, 28, 30, 32, 34, and 36 . . . . . 37 $ $ $ $

38 Penalty. Add columns (a) through (d) of line 37. Enter the total here and on Form 1120, line 33; 

or the comparable line for other income tax returns . . . . . . . . . . . . . . . . . . . . 38 $

*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.

Form 2220 (2008)
Form 2220 (2008) Page 3

Schedule A Adjusted Seasonal Installment Method and Annualized Income Installment Method 

(see instructions)

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.

Part I 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. )

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

1 Enter taxable income for the following periods: First 3 months First 5 months First 8 months First 11 months

a Tax year beginning in 2005 . .......... 1a

b Tax year beginning in 2006 . .......... 1b

c Tax year beginning in 2007 . .......... 1c

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

2008 (see instructions for the treatment of extraordinary items). 2

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

a Tax year beginning in 2005 . .......... 3a

b Tax year beginning in 2006 . .......... 3b

c Tax year beginning in 2007 . .......... 3c

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

column (d) on line 3a . . . . . . . . . . . . . 4

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

column (d) on line 3b . . . . . . . . . . . . . 5

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

column (d) on line 3c . . . . . . . . . . . . . 6

7 Add lines 4 through 6 . . . . . . . . . . . . . 7

8 Divide line 7 by 3.0 . . . . . . . . . . . . . . 8

9a Divide line 2 by line 8 . . . . . . . . . . . . . 9a

b Extraordinary items (see instructions) . . . . . . . . 9b

c Add lines 9a and 9b . . . . . . . . . . . . . . 9c

10 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

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

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

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

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

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

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

12 Add lines 11a through 11c . . . . . . . . . . . . 12

13 Divide line 12 by 3.0 . . . . . . . . . . . . . . 13

14 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

15 Enter any alternative minimum tax for each payment period (see

instructions) . . . . . . . . . . . . . . . . 15

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

17 Add lines 14 through 16 . . . . . . . . . . . . 17

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

Form 2220, lines 1 and 2c (see instructions) . . . . . . 18

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

less, enter -0- . . . . . . . . . . . . . . . 19

Form 2220 (2008)
Form 2220 (2008) Page 4

Part II Annualized Income Installment Method

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

20 Annualization periods (see instructions) . . . . . . . . 20

First 

months

First 

months

First 

months

First 

months

21 Enter taxable income for each annualization period (see

instructions for the treatment of extraordinary items) . . . . 21

22 Annualization amounts (see instructions) . . . . . . . . 22

23a Annualized taxable income. Multiply line 21 by line 22 . . . . 23a

b Extraordinary items (see instructions) . . . . . . . . . 23b

c Add lines 23a and 23b . . . . . . . . . . . . . 23c

24 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) . . . . . . . . . . . . . . . . . . 24

25 Enter any alternative minimum tax for each payment period (see

instructions) . . . . . . . . . . . . . . . . . 25

26 Enter any other taxes for each payment period (see instructions). 26

27 Total tax. Add lines 24 through 26 . . . . . . . . . . 27

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

Form 2220, lines 1 and 2c (see instructions) . . . . . . . 28

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

enter -0- . . . . . . . . . . . . . . . . . . 29

30 Applicable percentage . . . . . . . . . . . . . . 30 25% 50% 75% 100%

31 Multiply line 29 by line 30 . . . . . . . . . . . . 31

Part III Required Installments

Note: Complete lines 32 through 38 of one column before

completing the next column.

1st 

installment

2nd 

installment

3rd 

installment

4th 

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

33 Add the amounts in all preceding columns of line 38 (see

instructions) . . . . . . . . . . . . . . . . . 33

34 Adjusted seasonal or annualized income installments.

Subtract line 33 from line 32. If zero or less, enter -0- . . . . 34

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

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

preceding column ............... 36

37 Add lines 35 and 36 . . . . . . . . . . . . . . 37

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

here and on page 1 of Form 2220, line 10 (see instructions) . . 38

Form 2220 (2008)