How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask taxmanrog Your Own Question
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 490
Experience:  Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
Type Your Tax Question Here...
taxmanrog is online now
A new question is answered every 9 seconds

Can someone help me fill out Form 2220

This answer was rated:

Can someone help me fill out Form 2220 if I have the following information: Taxable Income = 3,567,665 1st Installment = 0 2nd Installment = 0 3rd Installment = 700,000 4th Installment = 500,000 We are using the 3-3-6-9 annualization method. Appreciate the help!

Hi! Welcome to Just Answers! Thank you for the opportunity to answer your question! I will do my best!

Was the income earned evenly throughout the year? If not, I need to know how much was earned in each quarter.

If the income were earned evenly, using the numbers you gave me, your total tax would be $1,213,006. The underpayment penalty would be $9023.

If you give me the quarterly earnings, I can upload a completed Form for you. If they were ratable, I can upload that Form as well.

Please let me know. I look forward to your reply!

Customer: replied 3 years ago.

1st qtr = loss of (345,658) using 3 months actual
2nd qtr = loss of (345,658) using 3 months actual

3rd qtr = income of 2,452,700 using 6 months actual

4th qtr = income of 3.457,895 using 9 months actual

No over payment from prior year.


Thank you!

Attachment: 2013-08-02_181213_just_answer_form_2220_example.pdf

I have attached a completed Form 2220 for you, based on your numbers.

I hope this helps! If you have any more questions, please feel free to ask. If my answer has helped you, please rate me highly! I would appreciate that!

Thanks again, and have a great weekend!

taxmanrog and other Tax Specialists are ready to help you

Related Tax Questions