Form 1120n-Es - Nebraska Corporation Estimated Income Tax - 2013 Page 2
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6INSTRUCTIONS
WHO MUST MAKE ESTIMATED PAYMENTS. Every corporation subject to taxation under the Internal Revenue
Code must make estimated income tax payments if its Nebraska income tax liability can reasonably be expected to exceed
allowable credits by $400 or more. The allowable credits are the premium tax credit, the Community Development Assistance
Act credit, the Beginning Farmer credit, the biodiesel tax credit, and various economic incentive program credits reported on
Form 3800N. For additional information on these credits visit the Nebraska Department of Revenue's (Department) website
at
WHEN TO MAKE ESTIMATED TAX PAYMENTS. Estimated tax installments are due by the 15th day of the 4th, 6th, 9th,
and 12th months of the tax year. The estimated tax may be paid in full with the first installment, or paid in equal installments
on each due date.
If you miss a payment of estimated tax, or if you made a mistake which caused an underpayment in earlier installments, make
an immediate “catchup” payment with your next installment payment.
METHODS OF PAYMENT. Some corporations are required to make their corporation payments by electronic funds
transfer (EFT). A corporation with an EFT mandate from the Department must make all estimated tax payments using one of
the electronic methods outlined below. All corporations are encouraged to make their estimated tax payments electronically.
ELECTRONIC PAYMENT OPTIONS
E-PAY (ACH
DEBIT). E-pay is the Department's electronic payment system. You can schedule the estimated payments
up to one year in advance of having the corporation’s bank account debited. This payment option is free to use, and you
will receive an email confirmation for each payment.
CREDIT CARD. Secure credit card payments can be initiated through Official Payments at ,
or via telephone at 800-2PAY-TAX. Eligible credit cards include American Express, Discover, MasterCard, and VISA.
A convenience fee (2.49% of the tax payment, $1 minimum) is charged to the card you use. This fee is paid to the credit
card vendor, not the state, and will appear on your credit card statement separately from the tax payment.
ACH
CREDIT. The corporation, or its financial institution, must use computer software to create an electronic file
in the appropriate ACH file format, and submit it to the Federal Reserve. This file instructs the corporation's bank to
“credit” the State’s bank.
CHECK OR MONEY ORDER. Include a check or money order payable to the Nebraska Department of Revenue with
the payment voucher. Checks written to the Department may be presented for payment electronically.
CALCULATING THE AMOUNT OF EACH INSTALLMENT.
1.
Complete the 2013 Nebraska Corporation Estimated Income Tax Worksheet. If line 9 is less than $400, estimated
tax payments are not required.
2.
Complete the appropriate payment voucher. The amount of any overpayment from last year may be applied in full
or in part to any estimated payment installment if the corporation:
•
Had an overpayment on the
2012 Nebraska Corporation Income Tax Return, Form
1120N; and
•
Elected to apply the overpayment to the 2013 estimated tax.
CHANGES IN ESTIMATED TAX. If the corporation’s income increases during the year, it may be required to begin filing
or increase estimated tax payments at the next due date.
Use the Amended Computation Schedule to calculate the amended estimated tax if the corporation's estimated tax
substantially changes, or if the corporation's income substantially increases. Show the amended estimated tax on the next
payment voucher.
PENALTY FOR NOT PAYING ENOUGH ESTIMATED INCOME TAX. A penalty is imposed for underpayment of
estimated tax installments. An underpayment exists when the estimated payments plus allowable credits are less than
the tax liability. The penalty is not due if the corporation qualifies for any of the methods that avoid penalty listed on the
Corporation Underpayment of Estimated Tax, Form
2220N.
Each corporation with an underpayment of estimated tax must file a Form 2220N with its Nebraska Corporation Income Tax
Return, Form 1120N.
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