Form 45-010 - Corporation Estimated Income Worksheet

Iowa Department of Revenue

2010 Estimated Tax For Corporations Instructions

Pay Electronically

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online through eFile & Pay

by Credit Card

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Purpose of making estimated payments

the tax after credits on line 21 is less than $1,000, you do

not have to file and pay estimated tax.

To provide a basis for paying currently any Iowa corporation

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

income tax.

Estimated Tax Payment Schedule. Enter any applicable

Who must file and pay

overpayment in column (c). Subtract column (c) from the

Every corporation with $1,000 or more in tax due after

amount in column (b) and enter in column (d) and

credits must file and pay estimated tax.

“Amount of Payment” line of the installment. Please use

Certain corporate estimated filers are required to remit the tax

whole dollars.

due electronically. Installments must be made electronically

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

when total corporate tax liability for the tax year prior to the

identification number in the space provided.

tax year just completed exceeds $80,000. See our Web site to

d. Detach the installment at the perforation.

pay through eFile & Pay (free direct debit or credit card) or to

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

pay by ACH Credit. The only paper document to be filed will

Payment

be the annual corporate income tax return.

Enclose check or money order payable to “Treasurer -

Payments of estimated tax

State of Iowa” with the installment and mail to:

Dates for paying estimated tax in equal installments are:

Corporation Estimate Processing

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

Iowa Department of Revenue

year.

PO Box 10466

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

Des Moines, Iowa 50306-0466

year.

Penalty

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

A penalty set at the statutory rate will be assessed each month

year.

or fraction thereof for failure to pay the correct amount of

d. The last day of the 12th month of the calendar or fiscal

estimated tax. The penalty will be computed and assessed

year.

according to the provisions of the Code of Iowa.

Overpayment credit for Iowa corporation income tax

How to amend your estimated tax

return

You may find after having filed and paid one or more

If you had an overpayment on your prior-period income tax

installments that your estimated Iowa income tax has

return and elected to apply it as a credit to your estimated

substantially increased or decreased. If this happens, you

income tax for the current period, the amount will be

should:

automatically posted from your prior-period Iowa income tax

a. Complete the amended computation column on the

return to your estimated tax account. Note: If you elect to

worksheet to arrive at your amended estimated tax.

have your overpayment refunded, the refund will be

b. Not mail remaining installment forms if your amended

processed automatically; it is not necessary to file a claim for

estimated tax is paid in full or if your amended estimated

refund.

tax (line 21 of the worksheet) is less than $1,000.

Use the Estimated Tax Payment Schedule to record

c. Complete the Estimated Tax Payment Schedule and enter

and apply your credit

the amount to be paid on the “Amount of Payment” line

If the credit equals or exceeds the estimated tax liability for

of the installment.

the first installment, the balance of the estimated tax can be

d. Detach the installment at the perforation and mail with

paid in full or equal installments beginning with Installment

required payment.

2. Do not send installment forms if your current-period

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

estimate is paid in full, either by overpayment from your

Filing date for amended estimates will be the due date of the

prior-period income tax return or by estimated payments

installment for the quarter during which the change occurs.

already submitted.

Information Disclosure

How to complete and use worksheet and installments

State tax information may be disclosed to tax officials of

a. Fill out the worksheet on the second page of these

another state or of the United States for tax administrative

instructions. Use the column titled Original Computation

purposes.

to compute your estimated tax for the current period. If

45-010a (06/24/09)

Form 45-010 - Corporation Estimated Income Worksheet - 2010

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