Form Ft-Qp - Indiana Financial Institution Tax Estimated Quarterly Returns

Form Ft-Qp - Indiana Financial Institution Tax Estimated Quarterly Returns - 2000 Page 6

Instructions for Completing Form FT-QP

Instructions for Completing the FT-QP Extension Payment

Use the designated preprinted estimated quarterly payment form corresponding to your

Do not submit this form if no payment is due.

calendar or fiscal year reporting period. Enter your total franchise tax due for the quarter.

See example on page 3.

The extension return, Form FT- QP, is to be used when a payment is due and additional time

is necessary for filing the annual Indiana financial institution tax return. A penalty for late

Taxpayers that file an annual return and pay the full tax due by the end of the month following

payment will not be imposed if at least 90% of the tax due is paid by the original due date

the close of the taxable year are not required to file Form FT-QP for the fourth quarter of that

and the remaining balance, plus interest, is paid in full by the extended due date.

taxable year.

The Department recognizes the Internal Revenue Service’s application for automatic

An authorized officer must sign and date each remittance form. Use the window envelope to

extension of time to file (Form 7004); therefore, it is not necessary to request a separate

mail payment by your quarterly return due date. Make sure the return address shows through

Indiana extension. If an extension payment for Indiana is not due, a copy of the federal

the window.

extension need not be submitted separately, but should be attached to the annual return

when filed. Returns received within thirty (30) days after the last date indicated on an

NOTE: Any penalty or interest paid as a result of an assessment for late payment cannot be

attached federal extension will be considered timely filed. In the event a federal extension

claimed as a credit on the annual return.

is not needed, the taxpayer may request in writing an Indiana extension of time to file.

Claims for refund are processed on an annual basis. If errors are discovered on a quarterly

filing, these errors should either be adjusted on the next quarterly return or on the annual

return. Adjustments of quarterly returns may be made during the tax year of such quarterly

returns.

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Form Ft-Qp - Indiana Financial Institution Tax Estimated Quarterly Returns - 2000 Page 6