Form 45-009a - Estimated Income Tax For Individuals - Iowa Department Of Revenue printable pdf download

Iowa Department of Revenue

Estimated Income Tax for Individuals

Pay your taxes electronically this year!

Fast - Easy - Secure

Make your estimated payments and/or your final tax payment using ePay (direct debit)

through eFile & Pay at

1) ePay: Free! Submit through eFile & Pay at

2) Credit Card: A 2.5% fee is charged by the vendor. Go to or call 1-800-272-9829

WHO needs to file and pay

HOW to compute estimated taxes - Compute

WHEN it needs to be paid -

estimates - Every individual or

The four due dates are preprinted

estimated tax by using one of the following

married couple filing a joint

methods:

Pay 5% of the anticipated Iowa gross

on the installment coupons. For

Iowa return that expects to have

income, or

Pay 100% of the prior year’s Iowa

fiscal year filers, the dates for

a tax liability of $200 or more

tax liability (from IA 1040, line 54), less

paying the estimated tax are: the

from incomes not subject to

last day of the fourth, sixth, and

applicable credits, 110% if prior year’s federal

withholding.

adjusted gross income plus any bonus

ninth months of the fiscal year,

depreciation adjustment from line 14 of the IA

and the last day of the first month

1040 exceeded $150,000, or

Complete the

of the next fiscal year.

EXCEPTIONS

traditional worksheet provided on page 2.

Nonresidents ___________________________________________________________________________

Iowa law provides that nonresidents, whose income from Iowa sources is other than wages, have the option of having Iowa

income tax withheld or paying estimated income tax. If paying estimated tax is preferred, a release from withholding must be

obtained prior to receipt of income. Complete the Nonresident Request For Release From Withholding form (44-017) and

submit it with the tax payment and installment coupon to the department at the address on the coupon. A release may then be

furnished to the payer from the department, based on the information provided. To obtain this form, see the department’s Web

site or receive it by fax (1-800-572-3943; order number 0044017).

Farmers and Fishers _____________________________________________________________________

If 2/3 or more of estimated gross income is from farming or commercial fishing, two additional options are available, other

than making four estimated payments.

Option 1

Option 2

Pay the estimated tax in one payment

File the Iowa income tax return and pay the tax due in full on or before March 1,

on or before January 15, 2008, and file

2008. Those qualifying to make only one estimated payment under the

the Iowa income tax return, or

“Exceptions” category should use the installment coupon from the quarter in

which the Iowa source income was generated.

Overpayment credit: If you had a refund on your 2007 Iowa

Credit: Estimated payments are credited to only one

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

individual. Each individual required to make estimated

estimated tax, the amount is automatically posted as an

payments must file an estimated payment under his/her name

estimated credit for 2008. Use the Estimated Tax Payment

and Social Security Number.

Schedule to record and apply the credit. If the credit equals or

Underpayment of estimated tax: A penalty for

exceeds the first estimated payment, do not send an estimated

underpayment of estimated tax may apply if sufficient

coupon until a payment is due.

estimated payments are not submitted, regardless of the

Amending estimated tax: If your income changes during the

computation method used in calculating the estimated tax

year, adjust the estimated tax for the remaining quarters

liability.

accordingly.

Name/Address changes: Please contact Taxpayer Services at

1-800-367-3388 or 515/281-3114. E-mail: idr@iowa.gov

Low income exemption from tax

Taxpayers 65 years of age or older: Beginning in 2007, you

Taxpayers under 65: You are exempt if (1) Your income is

are exempt if (1) You are single and your income is $18,000

less than $5,000 and you are claimed as a dependent on another

or less, or (2) Your filing status is other than single and your

person’s Iowa return, or (2) You are single and your income

combined income is $24,000 or less. Note: The amount of

is $9,000 or less and you are not claimed as a dependent on

any pension exclusion or Social Security phase-out exclusion

another person’s Iowa return, or (3) Your filing status is other

must be added back to income for purposes of determining

than single and your combined income is $13,500 or less.

the low-income exemption. Only one spouse must be 65 or

older to qualify for the exemption.

45-009a (9/28/07)

Form 45-009a - Estimated Income Tax For Individuals - Iowa Department Of Revenue

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