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Estimated Tax For Corporations

IOWA

department of Revenue and Finance

INSTRUCTIONS

Purpose of making estimated payments. To provide a

credits on line 21 is less than $1,000 you do not have to

basis for paying currently any Iowa Corporation income

file and pay estimated tax.

b. Enter the amount on line 24 in column b of the

tax.

Estimated Tax Payment Schedule. Enter any applicable

overpayment in column c. Subtract column c from the

Who must file and pay. Every corporation expecting to

amount in column b and enter in column d and

have $1,000 or more in tax due after credits must file and

“Amount of Payment” line of the installment. Please

pay estimated tax.

use whole dollars.

c. Enter the corporation’s name, address and taxpayer

Certain corporate estimate filers are required to remit the

identification number in the space provided.

tax due via Electronic Funds Transfer, or EFT. If you have

d. Detach the installment at the perforation.

made $80,000 or more for the next tax year’s estimate

e. For each remaining installment complete steps b-d.

payments, please call the Iowa EFT Helpline at 800-338-

4692 for instructions on how to pay your tax electronically.

Enclose check or money order with the installment and

Once EFT is implemented, the only paper document to be

mail to:

filed will be the annual corporate income tax return.

Corporation Estimate Processing

Iowa Department of Revenue and Finance

Payments of estimated tax. Dates for paying estimated

PO Box 10468

tax in equal installments will be:

Des Moines, Iowa 50306-0468

a. The last day of the fourth month of the calendar or

fiscal year.

Penalty. A penalty set at the statutory rate will be assessed

b. The last day of the sixth month of the calendar or

each month or fraction thereof for failure to file an

fiscal year.

estimated tax installment or to pay the tax. The penalty will

c. The last day of the ninth month of the calendar or

be computed and assessed according to the provisions of

fiscal year.

the Code of Iowa.

d.The last day of the last month of the calendar or fiscal

year.

How to amend your estimated tax. You may find after

having filed and paid one or more installments that your

Overpayment credit for Iowa Corporation income tax

estimated Iowa income tax has substantially increased or

return. If you had an overpayment on your prior period

decreased. If this happens, you should:

income tax return and elected to apply it as a credit to your

a. Complete the amended computation column on the

estimated income tax for the current period, the amount

worksheet to arrive at your amended estimated tax.

will be automatically posted from your prior period Iowa

b. Remaining installment forms do not need to be mailed

income tax return to your estimated tax account. Note: If

if your amended estimated tax is paid in full or if your

you elect to have your overpayment refunded, the refund

amended estimated tax (line 21 of the worksheet) is

will be processed automatically; and it is not necessary to

less than $1,000.

file a claim for refund.

c. Complete the Estimated Tax Payment Schedule and

enter the amount to be paid on the “Amount of

Use the Estimated Tax Payment Schedule to record

Payment” line of the installment.

and apply your credit. If the credit equals or

d. Detach the installment at the perforation and mail with

exceeds the estimated tax liability for the first

required payment.

installment, the balance of the estimated tax can be

e. For each remaining installment, complete steps c-d.

paid in full or equal installments beginning with

Installment 2. Do not send installment forms if

Filing date for amended estimates will be the due date of

your current period estimate is paid in full, either

the installment for the quarter during which the change

by overpayment from your prior period income tax

occurs.

return or by estimate payments already submitted.

INFORMATION DISCLOSURE: State tax information

How to complete and use worksheet and installments.

may be disclosed to tax officials of another state or of the

a. Fill out the worksheet on the back of this page using the

United States for tax administrative purposes.

column titled Original Computation to compute your

estimated tax for the current period. If the tax after

45-004 inst (6/98)

Instructions For Form 45-004 - Estimated Tax For Corporations - Iowa Department Of Revenue And Finance

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