MO-2220: Corporation Underpayment of Estimated Tax Schedule (2024)
Missouri · Missouri DOR · Used for tax years 2024
Missouri Form MO-2220 is a corporation's schedule for determining underpayments of estimated tax for 2024 and any resulting addition to tax. It records installment payments, checks exceptions, and calculates the addition to tax when no exception applies.
Who files this form
Corporations use Form MO-2220 to determine whether they owe an addition to tax for underpaying estimated tax and, if so, how much.
Estimated tax payments are required if Missouri estimated tax can reasonably be expected to be $250 or more. Separately, the form says not to complete MO-2220 if Line 1 is $250 or less.
For Line 1, enter the smaller of:
- 90% of the 2024 tax from Form MO-1120, Lines 14 and 15, less approved corporation income tax credits.
- 100% of the 2023 tax.
When it's due
For the 2024 tax year, estimated tax installment due dates are the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. Enter these dates on Line 2.
For the 2024 schedule's underpayment calculation, Line 17 uses the payment date or the 15th day of the 4th month after the tax year closes, whichever is earlier.
The supplied text does not state a separate filing deadline for Form MO-2220.
What you'll need
Have these records and details ready:
- Your 2024 Form MO-1120, approved corporation income tax credits, and 2023 tax amount for Line 1.
- Your tax year's beginning and ending dates, federal employer identification number, Missouri tax identification number, and charter number.
- Estimated tax payment amounts and dates, credits, and prior-year overpayment information.
- Your prior-year return if claiming an exception based on prior-year tax or income.
If claiming Exception 2, 3, or 5, provide the Missouri taxable income for the relevant months in Part 4 and attach the required computations. If using different exceptions for different underpayments, attach a separate computation page.
How to file
- Complete Part 1 to check for an underpayment in each of the four payment periods.
- If Line 7 shows an underpayment, complete Part 2 to check whether an exception applies.
- If no exception applies for a payment period, complete Part 3, Lines 15 through 26, to calculate the addition to tax.
- Complete Part 4 if claiming Exception 2, 3, or 5.
- Enter the Line 26 total on Form MO-1120, Line 29.
Attach MO-2220 to Form MO-1120 and mail it to the Missouri Department of Revenue.
If you have a balance due:
Missouri Department of Revenue
P.O. Box 3365
Jefferson City, MO 65105-3365
If you have a refund or no amount due:
Missouri Department of Revenue
P.O. Box 700
Jefferson City, MO 65105-0700
Common mistakes
- Completing the schedule when Line 1 is $250 or less. The form says not to complete it in that case.
- Claiming too much in approved corporation tax credits. These credits cannot exceed Form MO-1120, Line 13.
- Assuming a final installment payment fixes earlier missed payments. A payment on the last installment date does not remove the addition to tax for failing to pay by earlier designated due dates.
- Leaving out exception support. Exceptions 2, 3, and 5 require computations and the relevant monthly income in Part 4. Using different exceptions for different underpayments also requires a separate computation page.
- Using an exception that is unavailable to your corporation. Large corporations cannot use Exceptions 1 or 4. Only large corporations may use Exception 5.
Questions people ask
Can an exception prevent an addition to tax?
Yes. For a payment period, the corporation is not liable for an addition to tax if its payments on Line 9 equal or exceed the amount required under an applicable exception. A different exception may be used for each underpayment, but a separate computation page must be attached.
What counts as a large corporation?
A corporation is a large corporation if it, or a predecessor corporation, had federal taxable income of at least $1 million and Missouri taxable income of at least $100,000 in any of the three preceding taxable years. Large corporations use Exceptions 2, 3, or 5. Other corporations use Exceptions 1, 2, 3, or 4.
How is a prior-year overpayment applied?
It is applied against the earliest installment unless the corporation has requested otherwise.
Can I use the prior-year tax exception if the prior-year return showed no tax liability?
Exception 1 requires a prior-year return covering 12 months and showing a tax liability. If there was no tax liability, the instructions direct you to Exception 4. Neither exception is available to large corporations.