Instructions For Idaho Form 41es Quarterly Estimated Payments printable pdf download

Instructions for Idaho Form 41ES

TC00034

9-21-99

Quarterly Estimated Payments

WHO MUST MAKE ESTIMATED INCOME TAX PAYMENTS

UNDERPAYMENT OF ESTIMATED TAX

A corporation is required to make estimated tax payments to

Interest is due on the difference between the amount of esti-

the State Tax Commission if it is required to make estimated

mated payment required to be made on each quarterly voucher

payments to the Internal Revenue Service and will have an Idaho

and the amount of quarterly payment actually made. Interest is

income tax liability of $500 or more. Estimated payments are

computed from the due date of the estimated payment until the

not required if the corporation was not required to file an Idaho

required amount is paid or until the due date of the return. The

return the previous tax year.

interest rate for 1999 was 7%. The interest rate for 2000 is

8%.

If you received personalized payment vouchers, use the appro-

priate voucher for each filing period. If any of the preprinted

Form 41ESR, Underpayment of Estimated Tax by Corporations,

information is incorrect, draw a line through it and enter the

is provided with your corporate income tax return packet. Use

correct information. Check the box on the voucher if there is a

the form to determine the amount of any underpayments and

change in your mailing address.

interest due when you file your return.

If you do not have a preprinted form, you may use the Form

OVERPAYMENT OF ESTIMATED TAX

41ES on the back of these instructions.

Excess estimated tax payments will be refunded after the com-

ESTIMATED TAX PAYMENTS

pleted return is filed.

Each estimated tax payment must be 25% of the tax required

You may elect to apply the excess to the subsequent year's

to be reported on the corporation's return for the prior year, or

estimated tax by designating the carryover on the corporation

90% of the tax required to be paid on the current year's return,

income tax return, Form 41, or the S corporation return, Form

whichever is less.

41S.

For C corporations, the tax required to be reported is defined as

Overpayments will be applied to any prior year tax liabilities

Idaho taxable income multiplied by the appropriate tax rate, plus

before carryovers or refunds are allowed. You will be notified if

the permanent building fund tax, plus recapture of investment

your overpayment is applied to an existing liability, reducing

credit, minus allowable credits.

your refund or carryover.

For S corporations, estimated tax payments are computed on

ANNUALIZED INCOME AND ESTIMATED PAYMENTS

the Idaho tax due to built-in gains, excess net passive income,

or capital gains. Estimated payments are not required on the

If your estimated payments are based on annualized income for

tax due on income being reported for individual shareholders.

federal purposes, you may use that same method for making

Idaho estimated payments. The estimated tax due for the in-

A C corporation making estimated payments in a year following

stallment period is calculated by multiplying the applicable per-

the revocation of subchapter S status will use $20 as the tax

centage (22.5%, 45%, 67.5% and 90% for the 1st, 2nd, 3rd

amount required to be reported on the prior year's return.

and 4th installments, respectively) by the full year's tax on the

annualized income for the period and deducting any prior install-

COMPUTATION OF ESTIMATED TAX PAYMENTS

ments.

The worksheet on the back of this page will allow you to com-

SHORT TAX YEAR

pare the tax on last year's return with the anticipated tax for

the current year and, using the smaller of the two, determine

If the short tax year ends prior to any remaining due dates, a

the estimated payment for each period. If your estimated pay-

final estimated payment will be made on the 15th day of the

ments are based on 90% of the tax required to be paid on the

last month of the short tax year. No estimated tax payment is

current year's return and the anticipated tax for the current year

required if the short tax year is less than four months or if the

is revised, use the revised amount to recompute any remaining

requirements to make an estimated payment are not met be-

estimated tax payments.

fore the first day of the last month in the short tax year.

DUE DATES

EXTENSION OF TIME

For CALENDAR YEAR taxpayers, estimated payments are due

No extensions of time are allowed for payment of estimated

on the 15th day of April, June, September and December. For

taxes.

FISCAL YEAR taxpayers, estimated payments are due on the

15th day of the 4th, 6th, 9th, and 12th months of the tax year.

The due dates for the federal estimated tax payments and the

Idaho estimated tax payments are the same. If the due date is

on a Saturday, Sunday, or legal holiday, substitute the next

work day as the due date.

Instructions For Idaho Form 41es Quarterly Estimated Payments

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