Form 45-010 - Corporation Estimated Income Worksheet - 2015

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Iowa Department of Revenue
Estimated Tax for Corporations Instructions
https://tax.iowa.gov
Pay Electronically
Good for the environment. Good for you.
Who must file and pay
installments beginning with Installment 2. Do
Every corporation with $1,000 or more in tax due
not send installment forms if your current-period
after credits must file and pay estimated tax.
estimate is paid in full, either by overpayment
Failure to make estimated payments may result in
from your prior-period income tax return or by
penalty for underpayment of estimated tax. See
estimated payments already submitted.
form IA 2220.
How to complete worksheet and installments
Installments must be made electronically when
Fill out the worksheet on the second page of
a.
total corporate tax liability for the tax year prior to
these instructions. If the tax after credits on
the tax year just completed exceeds $80,000.
line 21 is less than $1,000, you do not have to
file and pay estimated tax.
Payment options include Modernized eFile
Enter the amount from line 24 into column B of
(MeF), ePay (direct debit), ACH Credit, or
b.
payment by check. Visit the Department’s
the Estimated Tax Payment Schedule. Enter
website
(https://tax.iowa.gov)
for
ePayment
any applicable overpayment in column C.
information.
Subtract column C from the amount in column
B and enter the difference in column D. Also
Payments of estimated tax
enter the amount from column D on the
Dates
for
paying
estimated
tax
in
equal
“Payment Amount” line on form IA 1120ES.
installments are:
Enter the corporation’s name, address, and
c.
The last day of the fourth month of the
taxpayer identification number in the space
calendar or fiscal year.
provided on form IA 1120ES.
The last day of the sixth month of the
Detach the installment.
d.
calendar or fiscal year.
For each remaining installment, complete steps
e.
The last day of the ninth month of the
b-d.
calendar or fiscal year.
Mail to: Iowa Department of Revenue
The last day of the 12th month of the calendar
or fiscal year.
PO Box 10466
Des Moines Iowa 50306-0466
Overpayment credit for Iowa corporation
Make checks payable to “Treasurer, State of
income tax return
Iowa”.
If you had an overpayment on your prior-period
income tax return and elected to apply it as a
How to amend your estimated tax
credit to your estimated income tax for the
You may find after having filed and paid one or
current period, the amount will be automatically
more installments that your estimated Iowa
posted from your prior-period Iowa income tax
income tax has substantially changed. If this
return to your estimated tax account. Note: If
happens:
you elect to have your overpayment refunded,
Re-compute the estimated tax payments
a.
the refund will be processed automatically; it is
remaining in your tax year.
not necessary to file a claim for refund.
Upda te t he E st imat ed Ta x Pa ymen t
b.
S ched ule f o r th e qua rte rs rema in in g.
Use the Estimated Tax Payment Schedule
Fo llo w step s c-e from abo ve usin g the
to record and apply your credit
c.
re vised
f igu re s
f or
the
rema in in g
If the credit equals or exceeds the estimated
qu arte rs
tax liability for the first installment, the balance
.
of the estimated tax can be paid in full or equal
45-010a (07/13/15)

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