Fillable Form 41esr - Underpayment Of Estimated Tax

EFO00027p2

Instructions for Idaho Form 41ESR

09-15-11

A corporation must make estimated tax payments to the Tax

month through the 15th day of the 9th month of the tax year. In

Commission if it is required to make estimated tax payments

column D, enter payments made after the 15th day of the 9th

to the Internal Revenue Service and will have an Idaho income

month through the 15th day of the 12th month of the tax year.

tax liability of $500 or more. Estimated tax payments are not

required if the corporation was not required to file an Idaho return

Line 10. Enter any overpayment shown on line 14 of the

the previous tax year.

previous column.

Each estimated tax payment must be 25% of the lesser of

Line 11. If you had any underpayment in the previous column,

the corporation’s income tax for the prior tax year or 90% of

enter the amount of this period’s payment that will be applied to

its income tax for the current tax year. Use Form 41ESR to

the underpayment. Don’t enter more than the amount on line 9.

determine whether the corporation underpaid its estimated tax

Line 13. If your payments on line 12 are less than the

and to compute the interest on any underpaid amount. Additional

copies of this form may be needed in cases where multiple

payments due on line 8, subtract line 12 from line 8 and enter

payments are made and applied to the underpayment of a prior

your underpayment here. If line 13 shows an underpayment,

period.

complete Part II to compute the interest.

PART I. UNDERPAYMENT COMPUTATION

Line 14. If your payments on line 12 are more than the

Complete Part I to determine if you have an underpayment for

payments due on line 8, subtract line 8 from line 12 and enter

any of the payment periods.

your overpayment.

Line 1. Enter the total tax amount reported on the 2011 return.

PART II. UNDERPAYMENT INTEREST COMPUTATION

For Form 41, this is the amount on line 49. For Form 41S, this is

If you computed an underpayment on line 13 of Part I, complete

lines 15 through 24 to determine the amount of the interest due

the amount on line 55.

on the underpayment.

Line 2. Enter the total of the fuels tax, sales/use tax, tax from

Line 15. Enter the date you made a payment that was applied

recapture of qualified investment exemption (QIE), and the Hire

One Act credit claimed on the corporate return. For Form 41, this

to the underpayment amount shown on line 13, or enter the

is the total of lines 46 through 48 and line 55. For Form 41S, this

15th day of the 4th month following the close of the tax year,

is the total of lines 52 through 54 and line 61.

whichever is earlier.

Line 5. Enter the total tax amount less the total of the fuels tax,

Line 16. Enter the number of days from the due date of the

sales/use tax, and tax from recapture of QIE reported on the

installment shown on line 7 to the date shown on line 15.

2010 return. For Form 41, this is the amount on line 50 minus

Line 19. Divide the number of days shown on line 17 by 365.

the total of lines 47 through 49. For Form 41S, this is the amount

on line 55 minus the total of lines 52 through 54.

Multiply the results by 4%, the interest rate for 2011. Compute

the percentage to two places to the right of the decimal point

Line 6. Enter the smaller of lines 4 or 5. If you used annualized

(00.00%).

income to determine your estimated tax payments, use Part III to

Line 20. Divide the number of days shown on line 18 by 366.

show the annualized computation.

Multiply the results by 4%, the interest rate for 2012. Compute

Line 7. Enter the installment dates for your estimated tax

the percentage to two places to the right of the decimal point

(00.00%).

payments. The installment due dates for Idaho’s estimated tax

payments will be the same due dates required for your federal

estimated tax payments.

Complete columns B through D, lines 7 through 23. For a short

period return, complete the appropriate number of columns.

Line 8. Multiply the amount on line 6 by 25%. This is the

required installment for each quarter. If income is annualized,

Line 24. Add the amounts shown on line 23, columns A through

enter the amounts from line 33.

D. Enter the total here and on Form 41 or Form 41S.

PART III. ANNUALIZED INCOME INSTALLMENT METHOD

Complete lines 9 through 14 for one column before completing

the next column.

If your estimated tax payments are based on annualized income

for federal purposes, you may use that same method to make

Idaho estimated tax payments. Use Schedule A, Part II of the

Line 9. Enter the estimated tax payments made during the

payment period. For column A only, include the amount credited

federal Form 2220 to compute the federal annualized income.

to 2011 estimated tax from your 2010 return and estimated tax

Line 25. For a 100% Idaho corporation, enter its federal

payments made by the 15th day of the 4th month of the tax year.

In column B, enter payments made after the 15th day of the 4th

annualized income adjusted for Idaho additions and subtrac-

tions for each period. If the corporation is multistate, multiply

month through the 15th day of the 6th month of the tax year. In

column C, enter payments made after the 15th day of the 6th

the federal annualized income, adjusted for Idaho additions and

subtractions, by the apportionment factor and enter the results.

Form 41esr - Underpayment Of Estimated Tax - 2011 Page 2

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