Form 2220-K - Underpayment And Late Payment Of Estimated Income Tax And Llet

2011

2220-K

*1100020209*

41A720-S6 (10-11)

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

➤ See instructions.

UNDERPAYMENT AND LATE PAYMENT

➤ Attach to Form 720, 720S, 725 or 765.

OF ESTIMATED INCOME TAX AND LLET

Name of Entity

Federal Identification Number

Kentucky Corporation/LLET

Account Number

__ __ __ __ __ __

__ __ __ __ __ __ __ __ __

PART I—EXCEPTION

The exception shall apply if the entity’s prior year income tax liability was equal to or less than $25,000 and esti-

mated tax payments equal or exceed the prior year income tax liability as provided by KRS 141.990. If the exception

does not apply, go to Part II.

The estimated tax payments equal or exceed the prior year income tax liability and the prior year income tax

liability was equal to or less than $25,000. Check this box and complete lines 1 and 2 of this part.

Enter the income tax liability from the 2010 return, Form 720, Part II, line 8; or

Form 720S, Part III, line 4 ........................................................................................................

Enter the total tax payments from the 2011 return: Form 720, the total of Part I,

lines 7, 8, 9, 10 and 12 and Part II, lines 9 and 11; or Form 720S, the total of

Part II, lines 7, 8, 9 and 11 and Part III, lines 5 and 7 .............................................................

PART II—FIGURING THE UNDERPAYMENT AND PENALTY

1. Enter the income tax liability from the 2011 return, Form 720, Part II, line 8; or

Form 720S, Part III, line 4 ........................................................................................................

2. Enter 70% (0.70) of line 1 ........................................................................................................

$5,000

3. Statutory exemption ...............................................................................................................

4. Enter the total tax payments from the 2011 return: Form 720, the total of Part I,

lines 7, 8, 9, 10 and 12 and Part II, lines 9 and 11; or Form 720S, the total of Part II,

lines 7, 8, 9 and 11 and Part III, lines 5 and 7 ..........................................................................

5. Line 2 less lines 3 and 4 ..........................................................................................................

6. Penalty percentage is 10% ......................................................................................................

7. Multiply line 5 by line 6. This is the amount of the penalty for underpayment

of estimated income tax (minimum penalty $25). Enter on this line and on the

Tax Payment Summary of the applicable form.....................................................................

Form 2220-K - Underpayment And Late Payment Of Estimated Income Tax And Llet - 2011