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taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 392
Experience:  Licensed CPA, MA, MST with 29 year's experience. Teach Accounting and Tax courses at Masters level.
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Can someone help me fill out Form 2220

Resolved Question:

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!

Submitted: 1 year ago.
Category: Tax
Expert:  taxmanrog replied 1 year ago.
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!

Roger
Customer: replied 1 year 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!

Expert:  taxmanrog replied 1 year ago.

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!

Roger
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 392
Experience: Licensed CPA, MA, MST with 29 year's experience. Teach Accounting and Tax courses at Masters level.
taxmanrog and 9 other Tax Specialists are ready to help you

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