Form 45-009a - Estimated Income Tax For Individuals - Iowa Department Of Revenue Page 2
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3Iowa Department of Revenue
Page 2
If opting to use one of the methods other than the traditional worksheet, proceed to
number 21 located below the traditional worksheet under “Quarterly Estimated Tax Computation.”
Traditional Worksheet - for taxpayer record ONLY
1. Net income: Gross income minus adjustments
(report income for both spouses if filing a joint Iowa return) ........................................................................... 1. ____________
2. Federal income tax paid less federal income tax refund .................................................................................... 2. ____________
3. Balance: Subtract line 2 from line 1 ................................................................................................................... 3. ____________
4. Estimated deductions: Enter (a) total estimated itemized deductions or (b) standard deduction
(enter $1,750 single or $4,310 joint) ................................................................................................................. 4. ____________
5. Taxable income: Subtract line 4 from line 3. If less than zero, you do not owe estimated income tax ............. 5. ____________
6. Compute income tax using 2008 Tax Rate Schedule below .............................................................................. 6. ____________
7. Iowa lump-sum tax ............................................................................................................................................. 7. ____________
8. Iowa minimum tax .............................................................................................................................................. 8. ____________
9. Total estimated tax liability: Add lines 6 through 8 ........................................................................................... 9. ____________
10. Total credits: Personal and dependent exemptions and tuition and textbook credit .......................................... 10. ____________
11. Balance: Subtract line 10 from line 9 ................................................................................................................. 11. ____________
If you are a resident, please skip line 12.
12. Nonresident: Enter amount of Iowa-source net income ..................................................................................... 12. ____________
%
13. Percentage of Iowa income vs. total income: Divide line 12 by line 1. Iowa residents enter 100% ................. 13. ____________
14. Estimated Iowa tax: Multiply line 11 by line 13 ................................................................................................ 14. ____________
15. Total nonrefundable credits ................................................................................................................................ 15. ____________
16. Balance: Subtract line 15 from line 14 ............................................................................................................... 16. ____________
17. Iowa residents’ school district or emergency medical services surtax ............................................................... 17. ____________
18. Balance: Add lines 16 and 17 ............................................................................................................................. 18. ____________
19. Total Iowa credits: withholding, child and dependent care or early childhood development credit,
motor vehicle fuel tax, out-of-state tax, Iowa earned income credit, and other refundable credits .................. 19. ____________
20. Estimated tax: Subtract line 19 from line 18 (rounded to the nearest dollar). Do not file estimated
taxes if line 20 is less than $200. If line 20 exceeds $200, continue to line 21 directly below ......................... 20. ____________
Quarterly Estimated Tax Computation
21. If the estimated tax exceeds $200.00, enter 100% (unless high income) of the prior year’s tax liability, or 5%
of this year’s anticipated Iowa gross income, or the amount from line 20 on the above worksheet ................ 21.
22. Multiply line 21 by .25. This is your quarterly estimated payment amount. Enter this amount
into column A, lines 1 through 4, on the Estimated Tax Payment Schedule below ........................................... 22.
Estimated Tax Payment Schedule
2008 Tax Rate Schedule
Taxable Income
A
B
C
But
Of Excess
Computed
Refund Carryforward/
Amount to be paid
Date
Over
Not Over
Tax Rate
Over
Installment
Prior Period Overpayment
(column A less column B)
$0
$1,379
0
+
(0.36%
x
0)
1
04/30/2008
$1,379
$2,758
$4.96
+
(0.72%
x
1,379)
$2,758
$5,516
$14.89
+
(2.43%
x
2,758)
2
06/30/2008
$5,516
$12,411
$81.91
+
(4.50%
x
5,516)
3
09/30/2008
$12,411
$20,685
$392.19
+
(6.12%
x
12,411)
$20,685
$27,580
$898.56
+
(6.48%
x
20,685)
4
01/31/2009
$27,580
$41,370
$1,345.36
+
(6.80%
x
27,580)
$41,370
$62,055
$2,283.08
+
(7.92%
x
41,370)
$62,055
over
$3,921.33
+
(8.98%
x
62,055)
Total
EXAMPLE ON HOW TO COMPUTE ESTIMATED TAX: The taxable income is $22,000.
The calculation = $898.56 + [6.48% x ($22,000 - $20,685)].
The result = $898.56 + $85.21 = $983.77.
Round to the nearest dollar = $984.
45-009b (9/28/07)
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