RI-2220: Underpayment of Estimated Tax by Corporate Filers (2024)

Who files this form

Entities use Form RI-2220 to check whether their Rhode Island income tax was sufficiently prepaid through withholding or estimated payments. If not, an underpayment charge may apply. The form refers to filers of RI-1120C, RI-1120S, and RI-1065.

Complete Part 1 first:

• If line 4, your 2024 tax minus the pass-through withholding entered on line 3, is $500 or less, do not complete the rest of the form.
• If line 6 is zero, you owe no amount under this calculation and do not need to complete the rest of the form. You must still attach it to your Rhode Island return.
• If Part 3, line 16 equals or exceeds line 15 for every installment period, do not complete or file the form unless you report annualized income installments on line 14.

When it's due

For tax year 2024 only, payment due dates falling between April 15, 2024 and June 15, 2024 were extended to July 15, 2024 because of Rhode Island storm and flooding relief.

For calendar-year filers, the 2024 instructions give these installment entries:

• Column A: Leave blank.
• Column B: July 15, 2024.
• Column C: September 15, 2024.
• Column D: December 15, 2024.

For tax year 2024, April 15, 2025 is also used in the shortcut calculation and as the final charge-calculation cutoff for calendar-year filers. The text does not state a separate filing deadline for Form RI-2220.

What you'll need

Have these returns and payment details available to complete the form:

• Your 2024 Rhode Island return: RI-1120C, RI-1120S, or RI-1065, including the tax, withholding, and estimated-payment amounts requested on RI-2220.
• Your 2023 Rhode Island tax amount from RI-1120C, line 13; RI-1120S or RI-1065, line 8a; or RI-PTE, line 5.
• The name shown on your return and your federal employer identification number.
• Amounts and dates of estimated tax payments, pass-through withholding, and any 2023 overpayment elected to be applied to 2024.
• The date you paid any tax balance, for the interest calculation.

If you use Part 5, you will also need actual taxable income for the periods shown on the Annualized Income Installment Worksheet.

How to file

Attach Form RI-2220 to your Rhode Island return when required. Enter the underestimating interest from line 12 or line 22 on:

• RI-1120C, line 20c;
• RI-1120S, line 12c; or
• RI-1065, line 12c.

The line 22 instructions say to include the charge with your tax balance payment.

If you have already filed your Rhode Island return, send Form RI-2220 and any payment due to:

RI Division of Taxation

One Capitol Hill

Providence, RI 02908-5806

The supplied text does not provide e-file directions.

Common mistakes

• Overlooking the special 2024 relief. For calendar-year filers, the instructions say to leave Column A blank and allocate line 13 as 50% of line 6 in Column B, 25% in Column C, and 25% in Column D. The same percentages apply to total withholding on line 16.
• Completing the worksheet across rows instead of by column. Complete Part 3, lines 15–17, for one column before moving to the next. In Part 5, complete lines 23–33 for one column before moving on.
• Using annualized income for only some installments. If you use line 14 for any installment, you must complete and use it for all installments.
• Failing to attach the form when line 6 is zero. The instructions still require attachment to your Rhode Island return.
• Using July 15, 2024 automatically on Part 4, line 18. For fiscal-year filers covered by the special line 18 rule, the instructions specifically say not to use the extended July 15 date. Follow the line 18 directions for the applicable column.

Questions people ask

How is the required annual payment calculated?

Part 1, line 6 is the smaller of 80% of your 2024 Rhode Island tax on line 1 or your 2023 Rhode Island tax on line 5, including zero.

When can I use the shortcut method?

You may use Part 2 if you made no estimated payments, or all four estimated payments were equal and paid by the appropriate due dates. You also must not have completed Part 5. Otherwise, complete Parts 3 and 4.

What if my income varies during the year?

You may complete Part 5, the Annualized Income Installment Worksheet. If you use the resulting amount on line 14 for any installment, you must use it for all installments. Check the box indicating that you are using the annualization of income method.

What interest rate does Part 4 use?

The stated interest rate is 12% per year. Part 4 calculates the charge using the underpayment and the applicable number of days.

Does an overpayment in one installment affect the next installment?

Yes. An overpayment on line 17 increases the amount entered on line 16 for the next installment period. An underpayment on line 17 decreases that next-period amount.

Official sources

• https://tax.ri.gov/forms