Form 45-010 - Estimated Tax For Corporations Instructions - 2011

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Iowa Department of Revenue
2011 Estimated Tax For Corporations Instructions
Pay Electronically
Good for the environment. Good for you.
Purpose of making estimated payments
b. Enter the amount on line 24 in column (b) of the
Estimated Tax Payment Schedule. Enter any applicable
To provide a basis for paying currently any Iowa corporation
overpayment in column (c). Subtract column (c) from the
income tax.
amount in column (b) and enter in column (d) and
Who must file and pay
“Amount of Payment” line of the installment. Please use
Every corporation with $1,000 or more in tax due after
whole dollars.
credits must file and pay estimated tax.
c. Enter the corporation’s name, address, and taxpayer
Certain corporate estimated filers are required to remit the tax
identification number in the space provided.
due electronically. Installments must be made electronically
d. Detach the installment at the perforation.
when total corporate tax liability for the tax year prior to the
e. For each remaining installment, complete steps b-d.
tax year just completed exceeds $80,000. See our Web site to
Payment
pay through eFile & Pay (free direct debit) or by ACH Credit.
Payment options include Modernized eFile (MeF), ePay
Payments of estimated tax
(direct debit), ACH Credit, or payment by check. Do not
Dates for paying estimated tax in equal installments are:
send cash. Make checks payable to “Treasurer - State of
a. The last day of the fourth month of the calendar or fiscal
Iowa” and include the corporation’s FEIN on all checks.
year.
Mail to:
b. The last day of the sixth month of the calendar or fiscal
Corporation Estimate Processing
year.
Iowa Department of Revenue
c. The last day of the ninth month of the calendar or fiscal
PO Box 10466
year.
Des Moines, Iowa 50306-0466
d. The last day of the 12th month of the calendar or fiscal
Penalty
year.
A penalty set at the statutory rate will be assessed each month
Overpayment credit for Iowa corporation income tax
or fraction thereof for failure to pay the correct amount of
return
estimated tax. The penalty will be computed and assessed
If you had an overpayment on your prior-period income tax
according to the provisions of the Code of Iowa.
return and elected to apply it as a credit to your estimated
How to amend your estimated tax
income tax for the current period, the amount will be
You may find after having filed and paid one or more
automatically posted from your prior-period Iowa income tax
installments that your estimated Iowa income tax has
return to your estimated tax account. Note: If you elect to
substantially increased or decreased. If this happens, you
have your overpayment refunded, the refund will be
should:
processed automatically; it is not necessary to file a claim for
a. Complete the amended computation column on the
refund.
worksheet to arrive at your amended estimated tax.
Use the Estimated Tax Payment Schedule to record
b. Not mail remaining installment forms if your amended
and apply your credit
estimated tax is paid in full or if your amended estimated
If the credit equals or exceeds the estimated tax liability for
tax (line 21 of the worksheet) is less than $1,000.
the first installment, the balance of the estimated tax can be
c. Complete the Estimated Tax Payment Schedule and enter
paid in full or equal installments beginning with Installment
the amount to be paid on the “Amount of Payment” line
2. Do not send installment forms if your current-period
of the installment.
estimate is paid in full, either by overpayment from your
d. Detach the installment at the perforation and mail with
prior-period income tax return or by estimated payments
required payment.
already submitted.
e. For each remaining installment, complete steps c-d.
How to complete and use worksheet and installments
Filing date for amended estimates will be the due date of the
a. Fill out the worksheet on the second page of these
installment for the quarter during which the change occurs.
instructions. Use the column titled Original Computation
Information Disclosure
to compute your estimated tax for the current period. If
the tax after credits on line 21 is less than $1,000, you do
State tax information may be disclosed to tax officials of
not have to file and pay estimated tax.
another state or of the United States for tax administrative
purposes.
45-010a (07/30/10)

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