Form N-220 "Underpayment of Estimated Tax by Corporations and S Corporations" - Hawaii

What Is Form N-220?

This is a legal form that was released by the Hawaii Department of Taxation - a government authority operating within Hawaii. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on January 1, 2019;
  • The latest edition provided by the Hawaii Department of Taxation;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form N-220 by clicking the link below or browse more documents and templates provided by the Hawaii Department of Taxation.

ADVERTISEMENT
ADVERTISEMENT

Download Form N-220 "Underpayment of Estimated Tax by Corporations and S Corporations" - Hawaii

Download PDF

Fill PDF online

Rate (4.3 / 5) 98 votes
Clear Form
STATE OF HAWAII - DEPARTMENT OF TAXATION
Underpayment of Estimated Tax by Corporations
FORM
2020
N-220
and S Corporations
(REV. 2020)
Attach this form to your tax return
See separate instructions
Name as shown on tax return
Federal Employer I.D. Number
Reasons For Filing—Check whichever box(es) applies. If none of the boxes apply to the corporation
Part I
or S corporation, go on to Part II. File Form N-220 with Form N-30, Form N-35, or Form N-70NP.
a
The corporation or S corporation is using the annualized income installment method.
b
The corporation or S corporation is using the adjusted seasonal installment method.
c
The corporation is a “large corporation” computing its first installment based on the prior year’s tax.
Part II
Figuring Your Underpayment
1 Total tax (see Instructions) .......................................................................................................................................
1
2a Total credits. (see Instructions) (S Corporations, enter -0-) .................................
2a
b Look-back interest included on line 1 for completed long-term contracts ............
2b
c Total. Add lines 2a and 2b ........................................................................................................................................
2c
3 Line 1 minus line 2c. If the result is less than $500, do not complete or file this form. The corporation
3
does not owe the penalty ..........................................................................................................................................
4 Enter the tax shown on the corporation’s 2019 income tax return. (CAUTION: See Instructions before
completing this line.) .............................................................................................................................................
4
5 Enter the smaller of line 3 or line 4. If the corporation must skip line 4, enter the amount from line 3 on line 5 ......
5
(a)
(b)
(c)
(d)
6 Installment due dates. Enter in columns (a) through (d)
the 20th day of the 4th, 6th, and 9th months of the corpora-
tion’s tax year and the 20th day of the 1st month following
6
the close of the tax year .................................................
7 Required installments. If box a and/or b above is
checked, enter the amounts from Schedule A, line 38. If
box c (but not a or b) is checked, see page 2 of the instruc-
tions for the amounts to enter. If none of these boxes are
7
checked, enter 25% of line 5 above in each column. .........
8 Estimated tax paid or credited for each period (see Instruc-
tions). For column (a) only, enter the amount from line 8 on
8
line 12 ................................................................................
Complete lines 9 through 15 of one column before going to the
next column.
9 Enter amount, if any, from line 15 of the preceding column. ....
9
10 Add lines 8 and 9. ..............................................................
10
11 Add amounts on lines 13 and 14 of the preceding column. ....
11
12 Line 10 minus line 11. If zero or less, enter -0-. For column
12
(a) only, enter the amount from line 8 ................................
13 If the amount on line 12 is zero, subtract line 10 from line
13
11. Otherwise, enter -0-. ...................................................
14 Underpayment. If line 7 is equal to or more than line 12,
subtract line 12 from line 7, then go to line 9 of the next col-
14
umn. Otherwise go to line 15. (see Instructions) ...............
15 Overpayment. If line 12 is more than line 7, subtract line 7
15
from line 12, then go to line 9 of the next column. .............
Complete Part III on page 2 to figure the penalty. If there are no entries on line 14, no penalty is owed.
Form N-220
ID NO 01
N220_I 2020A 01 VID01
Clear Form
STATE OF HAWAII - DEPARTMENT OF TAXATION
Underpayment of Estimated Tax by Corporations
FORM
2020
N-220
and S Corporations
(REV. 2020)
Attach this form to your tax return
See separate instructions
Name as shown on tax return
Federal Employer I.D. Number
Reasons For Filing—Check whichever box(es) applies. If none of the boxes apply to the corporation
Part I
or S corporation, go on to Part II. File Form N-220 with Form N-30, Form N-35, or Form N-70NP.
a
The corporation or S corporation is using the annualized income installment method.
b
The corporation or S corporation is using the adjusted seasonal installment method.
c
The corporation is a “large corporation” computing its first installment based on the prior year’s tax.
Part II
Figuring Your Underpayment
1 Total tax (see Instructions) .......................................................................................................................................
1
2a Total credits. (see Instructions) (S Corporations, enter -0-) .................................
2a
b Look-back interest included on line 1 for completed long-term contracts ............
2b
c Total. Add lines 2a and 2b ........................................................................................................................................
2c
3 Line 1 minus line 2c. If the result is less than $500, do not complete or file this form. The corporation
3
does not owe the penalty ..........................................................................................................................................
4 Enter the tax shown on the corporation’s 2019 income tax return. (CAUTION: See Instructions before
completing this line.) .............................................................................................................................................
4
5 Enter the smaller of line 3 or line 4. If the corporation must skip line 4, enter the amount from line 3 on line 5 ......
5
(a)
(b)
(c)
(d)
6 Installment due dates. Enter in columns (a) through (d)
the 20th day of the 4th, 6th, and 9th months of the corpora-
tion’s tax year and the 20th day of the 1st month following
6
the close of the tax year .................................................
7 Required installments. If box a and/or b above is
checked, enter the amounts from Schedule A, line 38. If
box c (but not a or b) is checked, see page 2 of the instruc-
tions for the amounts to enter. If none of these boxes are
7
checked, enter 25% of line 5 above in each column. .........
8 Estimated tax paid or credited for each period (see Instruc-
tions). For column (a) only, enter the amount from line 8 on
8
line 12 ................................................................................
Complete lines 9 through 15 of one column before going to the
next column.
9 Enter amount, if any, from line 15 of the preceding column. ....
9
10 Add lines 8 and 9. ..............................................................
10
11 Add amounts on lines 13 and 14 of the preceding column. ....
11
12 Line 10 minus line 11. If zero or less, enter -0-. For column
12
(a) only, enter the amount from line 8 ................................
13 If the amount on line 12 is zero, subtract line 10 from line
13
11. Otherwise, enter -0-. ...................................................
14 Underpayment. If line 7 is equal to or more than line 12,
subtract line 12 from line 7, then go to line 9 of the next col-
14
umn. Otherwise go to line 15. (see Instructions) ...............
15 Overpayment. If line 12 is more than line 7, subtract line 7
15
from line 12, then go to line 9 of the next column. .............
Complete Part III on page 2 to figure the penalty. If there are no entries on line 14, no penalty is owed.
Form N-220
ID NO 01
N220_I 2020A 01 VID01
FORM N-220
(REV. 2020)
PAGE 2
Part III
Figuring the Penalty
(a)
(b)
(c)
(d)
16 Enter the amount of underpayment(s) from Part II, line 14
16
in the respective columns (a) through (d) ..........................
17 Enter the estimated tax installment due dates used in Part
17
II, line 6 in the respective columns (a) through (d) ............
18 Enter the date each estimated tax installment was paid or
the 20th day of the fourth month following the close of the
18
tax year, whichever is earlier for columns (a) through (d) ..
19 Enter the number of months from the date shown on line
17 to the date on line 18 for columns (a) through (d) (See
19
instructions) .......................................................................
20 Multiply the following: Number of months on line 19 x .00667
20
x underpayment on line 16 for columns (a) through (d) ...........
21 Underpayment penalty — Add line 20, columns (a) through (d). Enter the total here and on Form N-30, line 17; Form
21
N-35, line 24; or Form N-70NP, line 22 .............................................................................................................................
Schedule A
Required Installments Using the Annualized Income Installment Method and/or the Adjusted
Seasonal Installment Method Under IRC Section 6655(e)
Form N-35 filers: For lines 2, 12, 13, and 14 below, “taxable income” refers to excess net passive income or the amount on which tax is imposed under
IRC section 1374(a) (or the corresponding provisions of prior law), whichever applies.
Part I — Annualized Income Installment Method
(a)
(b)
(c)
(d)
First _______
First _______
First _______
First _______
1 Annualization period (see Instructions).
1
months
months
months
months
2 Enter taxable income for each annualization period.
2
3 Annualization amount (see Instructions).
3
4 Annualized taxable income. Multiply line 2 by line 3.
4
5 Figure the tax on the net capital gains and ordinary
income in each column on line 4 by following the instruc-
tions for Form N-30, Schedule J, lines 13 thru 16; Form
5
N-35, lines 22a and 22b; or Form N-70NP, Part I or Part II.
6 Enter other taxes for each payment period (see
6
Instructions).
7 Total tax. Add lines 5 and 6.
7
8 For each period, enter the same type of credits as al-
8
lowed for Form N-220, line 2a (see Instructions).
9 Total tax after credits. Line 7 minus line 8. If zero or less,
9
enter -0-.
10 Applicable percentage.
10
25%
50%
75%
100%
11 Multiply line 9 by line 10.
11
Form N-220
FORM N-220
(REV. 2020)
PAGE 3
Schedule A
Part II — Adjusted Seasonal Installment Method (Caution: Use this method only if the base period percentage for
any 6 consecutive months is at least 70%. See the Instructions for more information.)
(a)
(b)
(c)
(d)
First 3
First 5
First 8
First 11
months
months
months
months
12 Enter the taxable income for the following periods:
a Tax year beginning in 2017
12a
b Tax year beginning in 2018
12b
c Tax year beginning in 2019
12c
13 Enter taxable income for each period for the tax year
13
beginning in 2020.
(a)
(b)
(c)
(d)
First 4
First 6
First 9
Entire year
months
months
months
14 Enter the taxable income for the following periods:
a Tax year beginning in 2017
14a
b Tax year beginning in 2018
14b
c Tax year beginning in 2019
14c
15 Divide the amount in each column on line 12a by the
15
amount in column (d) on line 14a.
16 Divide the amount in each column on line 12b by the
16
amount in column (d) on line 14b.
17 Divide the amount in each column on line 12c by the
17
amount in column (d) on line 14c.
18 Add lines 15 through 17.
18
19 Divide line 18 by 3.
19
20 Divide line 13 by line 19.
20
21 Figure the tax on line 20 following the instructions for
Form N-30, Schedule J, lines 13 thru 16; Form N-35,
21
lines 22a and 22b; or Form N-70NP, Part I or Part II.
22 Divide the amount in columns (a) through (c) on line 14a
22
by the amount in column (d) on line 14a.
23 Divide the amount in columns (a) through (c) on line 14b
23
by the amount in column (d) on line 14b.
24 Divide the amount in columns (a) through (c) on line 14c
24
by the amount in column (d) on line 14c.
25 Add lines 22 through 24.
25
26 Divide line 25 by 3.
26
27 Multiply the amount in columns (a) through (c) of line 21
by the amount in the corresponding column of line 26. In
27
column (d), enter the amount from line 21, column (d).
(Continued on page 4)
Form N-220
FORM N-220
(REV. 2020)
PAGE 4
Schedule A
Part II — Continued
(a)
(b)
(c)
(d)
First 4
First 6
First 9
Entire year
months
months
months
28 Enter other taxes for each payment period (see
28
Instructions).
29 Total tax. Add lines 27 and 28.
29
30 For each period, enter the same type of credits as al-
30
lowed for Form N-220, line 2a (see Instructions).
31 Total tax after credits. Line 29 minus line 30. If zero or
31
less, enter -0-.
Part III — Required Installments
Note: Complete lines 32 through 38 of one column before
1st
2nd
3rd
4th
completing the next column.
installment
installment
installment
installment
32 If only one of the above parts is completed, enter the
amount in each column from line 11 or line 31. If both
parts are completed, enter the smaller of the amounts in
32
each column from line 11 or line 31.
33 Add the amounts in all preceding columns of line 38 (see
33
instructions)
34 Line 32 minus line 33. If zero or less, enter -0-.
34
35 Divide line 5, page 1 of Form N-220, by 4 and enter the
result in each column. (Note: “Large corporations” see
the instructions for line 7 for the amount to enter.)
35
36 Subtract line 38 of the preceding column from line 37 of
36
the preceding column.
37 Add lines 35 and 36.
37
38 Required installments. Enter the smaller of line 34 or
38
line 37 here and on page 1 of Form N-220, line 7.
Form N-220
Page of 4