Form 1120n-Es- Nebraska Corporation Estimated Income Tax Payment Voucher - 2014 Page 2
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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 revenue.nebraska.gov.
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.
Credit. The corporation, or its financial institution, must use computer software to create an electronic file in the
ACH
appropriate ACH file format, and submit it to the Federal Reserve. This file instructs the corporation's bank to “credit”
the State’s bank.
Tele-pay. Tele-pay allows corporations to make estimated payments over the phone at 800-232-0057. Similar to
the e-pay system, Tele-pay allows you to schedule estimated payments up to one year in advance of having the
corporation's bank account debited.
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 2014 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
2013 Nebraska Corporation Income Tax Return, Form
1120N; and
•
Elected to apply the overpayment to the 2014 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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