Form Ia Fran Es - Iowa Tax Payments For Financial Institutions

Iowa Department of Revenue

Estimated Tax For Financial Institutions

INSTRUCTIONS

Purpose of making estimated payments. To provide a

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

basis for paying any Iowa franchise tax.

Enclose check or money order payable to “Treasurer

Who must file and pay. Every financial institution

- State of Iowa” with the installment and mail to:

taxable under Iowa Code section 422.60 with $1,000 or

more in tax due after credits must file and pay estimated

Franchise Tax Return Processing

tax.

Iowa Department of Revenue

PO Box 10413

Payments of estimated tax. Dates for paying estimated

Des Moines, Iowa 50306-0413

tax in equal installments are:

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

fiscal year.

Penalty. A penalty set at the statutory rate will be

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

assessed for failure to pay the correct amount of

fiscal year.

estimated tax. The penalty will be computed and

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

assessed according to the provisions of the Code of Iowa.

fiscal year.

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

IMPORTANT: Be sure to use the actual tax year

fiscal year.

for “tax year ending” rather than the date the

Overpayment credit for Iowa franchise tax return.

payment is due. Failure to include the correct tax

If you had an overpayment on your prior-period

year ending on each estimated voucher will lead to

franchise tax return and elected to apply it as a credit to

processing errors that may delay your refund or

your estimated franchise tax for the current period, the

generate a billing.

amount will be automatically posted from your prior-

period Iowa franchise tax return to your estimated tax

How to amend your estimated tax. You may find after

account. Note: If you elect to have your overpayment

having filed and paid one or more installments that your

refunded, the refund will be processed automatically,

estimated Iowa franchise tax has substantially increased

and it is not necessary to file a claim for refund.

or decreased. If this happens, you should:

a. Complete the amended computation column on the

Use the Estimated Tax Payment Schedule to record

worksheet to arrive at your amended estimated tax.

and apply your credit. If the credit equals or exceeds

b. Not mail remaining installment forms if your

the estimated tax liability for the first installment, the

amended estimated tax is paid in full or if your

balance of the estimated tax can be paid in full or in

amended estimated tax (line 14 of the worksheet) is

equal installments beginning with Installment 2. Do

less than $1,000.

not send installment forms if your current-period

c. Complete the Estimated Tax Payment Schedule and

estimate is paid in full, either by overpayment from

enter the amount to be paid on the “Amount of

your prior-period franchise tax return or by estimated

Payment” line of the installment.

payments already submitted.

d. Detach the installment at the perforation and mail

How to complete and use worksheet and installments.

with required payment.

a. Fill out the Franchise Estimated Worksheet using the

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

column titled Original Computation to compute your

Please do not use corporation estimated forms when

estimated tax for the current tax year. If the tax after

making franchise tax estimated payments. Do not use the

credits on line 14 is less than $1,000, you do not

holding company Federal Identification Number when

have to file and pay estimated tax.

making a franchise tax payment. In either case,

b. Enter the amount on line 17 in column b of the

automated processing may refund your payments to the

Estimated Tax Payment Schedule. Enter any

wrong taxpayer, possibly resulting in penalty

applicable overpayment in column c. Subtract

assessments to the financial institution.

column c from column b and enter in column d and

“Amount of Payment” line of the installment. Please

INFORMATION DISCLOSURE: State tax

use whole dollars.

information may be disclosed to tax officials of another

c. Enter the financial institution’s name, address, and

state or of the United States for tax administrative

Federal Identification Number in the space provided.

purposes.

d. Detach the installment at the perforation.

43-006 (05/08/09)

Form Ia Fran Es - Iowa Tax Payments For Financial Institutions - 2010 Page 3

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