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

2013

2220-K

*1300010209*

41A720-S6 (10-13)

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 combined tax liability was equal to or less than $25,000 and

estimated tax payments equal or exceed the prior year combined 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 combined tax liability and the prior year combined

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

Enter the combined tax liability from the 2012 tax return: Form 720, Part I, line 6 and

Part II, line 8; Form 720S, Part II, line 6 and Part III, line 4; or Form 725 or 765, Part II,

line 6 .........................................................................................................................................

Enter the total tax payments from the 2013 tax return: Form 720, the total of Part I,

lines 7, 8, 9, 10 and 12 and Part II, lines 9 and 11; Form 720S, Part II, lines 7, 8, 9 and

11 and Part III, lines 5 and 7; or Form 725 or 765, Part II, lines 7, 8, 9 and 11 ....................

PART II—FIGURING THE UNDERPAYMENT AND PENALTY

1. Enter the LLET liability from the 2013 tax return: Form 720, Part I, line 6; or Form 720S,

725 or 765, Part II, line 6 .........................................................................................................

2. Enter the income tax liability from the 2013 tax return: Form 720, Part II, line 8; or

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

3. Enter the total of lines 1 and 2 ................................................................................................

4. Enter 70% (0.70) of line 3 .......................................................................................................

$5,000

5. Statutory exemption ...............................................................................................................

6. Enter the total tax payments from the 2013 tax return: Form 720, the total of Part I,

lines 7, 8, 9, 10 and 12 and Part II, lines 9 and 11; Form 720S, Part II, lines 7, 8, 9 and 11

and Part III, lines 5 and 7; or Form 725 or 765, Part II, lines 7, 8, 9 and 11 ........................

7. Line 4 less lines 5 and 6 ..........................................................................................................

8. Penalty percentage is 10% .....................................................................................................

9. Multiply line 7 by line 8 and enter the greater of this amount or $25 ...............................

10. LLET penalty (multiply the amount on line 9 by a percentage, the numerator of which

is the amount on line 1 and the denominator of which is the amount on line 3), and

enter the amount on this line and on the LLET Tax Payment Summary of the applicable

form .......................................................................................................................................... 10

11. Income tax penalty (multiply the amount on line 9 by a percentage, the numerator of

which is the amount on line 2 and the denominator of which is the amount on line 3),

and enter the amount on this line and on the Income Tax Payment Summary of the

applicable form ........................................................................................................................ 11

Form 2220-K - Underpayment And Late Payment Of Estimated Income Tax And Llet - 2013

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