Estimated Tax Worksheet (Page 2 of 2) in pdf

FORM 1120ES-ME INSTRUCTIONS

Maine Estimated Tax Payment Voucher For Corporations

3. DUE DATES FOR ESTIMATED

. WHO MUST PAY ESTIMATED

second required installment for

TAX?

TAX INSTALLMENTS.

the taxable year must be no less

than 90% of the corporation’s

Installment payments are due on

Every corporation subject to taxation

income tax liability for the ﬁ rst

the 15th day of the 4th, 6th, 9th and

under 36 MRSA, Part 8 (Income

half of the current year, less the

Taxes) must pay estimated tax. If

12th months following the beginning

amount of the ﬁ rst installment for

the income tax liability for the current

of the corporation’s ﬁ scal year. If

the taxable year as determined

the due date falls on a Saturday,

tax year or for the prior tax year

under this provision.

reduced by any allowable credits is

Sunday or legal holiday, substitute

less than $1,000, the requirement is

the next succeeding day which is

5. UNDERPAYMENT PENALTY.

not a Saturday, Sunday or legal

waived. See 36 MRSA § 5228(2).

A penalty equal to the interest rate on

holiday.

2. AMOUNT OF ESTIMATED TAX TO

overdue taxes accrues automatically

BE PAID.

4. AMOUNT OF INSTALLMENTS.

on underpayments of the required

installment amount for the period

The estimated tax must be no less

The amount of estimated tax due

of underpayment.

The period of

than the smaller of the following:

for the taxable year must be paid in

underpayment is the period of time

four equal installments unless:

a. An amount equal to the preceding

from the date the installment is due

year’s tax liability, if that preceding

a. The taxpayer establishes by

until the underpayment is satisﬁ ed

year was a taxable year of 12

adequate

record

the

actual

or until the tax return to which the

distribution of tax liability and

months; or

estimate installment applies is due,

allowable credits during the tax

whichever occurs earlier. Calculate

b. An amount equal to 90% of the

year; or

the underpayment penalty on Form

tax liability for the current tax

2220ME.

year.

b. The

taxpayer

large

corporation

deﬁ ned

6. SHORT TAXABLE YEAR.

Exception: Large corporations as

IRC § 6655(g)(2)(A).

Such

deﬁ ned by IRC § 6655(g)(2)(A),

For a corporation having a tax

large corporations may elect

are required to pay estimated taxes

year of less than 12 months, the

to determine the ﬁ rst required

in accordance with paragraph b,

estimated tax must be paid in full

installment for any taxable year

except as provided in 36 MRSA §

by the 15th day of the last month of

based on the preceding year’s

5228(5)(C)

the tax year. If you are ﬁ ling a tax

state income tax liability, if that

return for a short tax year, identify

preceding year was a taxable

your next ﬁ ling period in the space

year of 12 months.

However,

provided on the voucher.

if the corporation so elects, the

1120W-ME INSTRUCTIONS

Line 5

Column A - Quarterly Estimate. Divide line 2b by 4 and enter the result in each row.

Column B - Prior Year Overpayment. Enter the amount from line 3 on row 1. If this amount is larger than the amount in

column A, subtract the amount in column A from this amount. Enter the result in column B, line 2. Repeat this

procedure on each line until the amount of overpayment is all used.

Column C - Balance Due. Subtract column B, line 1 from column A, line 1 and enter the result here. This amount is the

balance due for the quarter. The total of all four rows in this column should equal the amount on line 4 (Balance

of estimated Maine corporate income tax).

Column D - Date Paid. Enter the date the balance in column C is paid.

Column E - Check or Transaction #. Enter the check number or the bank transaction number for the quarterly payment

made.

Estimated Tax Worksheet Page 2

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