Form 1120n-Es - Nebraska Corporation Estimated Income Tax Payment Vouchers - 2015 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, new markets tax credit (NMTC), the Nebraska rehabilitation
tax credit (NRTC), 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 Income Tax Payments. Estimated income tax installments are due by the 15th day of the
4th, 6th, 9th, and 12th months of the tax year. The estimated income 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 income 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 electronically. A corporation with
an electronic payment mandate from the Department must make all estimated income tax payments using one of the electronic
methods outlined below. All corporations are encouraged to make their estimated income tax payments electronically.
Electronic Payment Options
E-pay (ACH
Debit). E-pay is the Department’s electronic payment system. You can schedule the estimated income
tax 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 income tax payments over the phone at 800-232-0057.
Similar to the e-pay system, Tele-pay allows you to schedule estimated income tax 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 2015 Nebraska Corporation Estimated Income Tax Worksheet. If line 9 is less than $400, estimated
income 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 income tax payment installment if the corporation:
•
Had an overpayment on the
2014 Nebraska Corporation Income Tax Return, Form
1120N; and
•
Elected to apply the overpayment to the 2015 estimated income tax.
Changes in Estimated Income Tax. If the corporation’s income increases during the year, it may be required to begin
filing or increase estimated income tax payments at the next due date.
Use the Amended Computation Schedule to calculate the amended estimated income tax if the corporation's estimated
income tax substantially changes, or if the corporation's income substantially increases. Show the amended estimated
income tax on the next payment voucher.
Penalty For Not Paying Enough Estimated Income Tax. A penalty is imposed for underpayment of estimated income
tax installments. An underpayment exists when the estimated income tax payments plus allowable credits are less than the
income 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 income tax must file a Form 2220N with its Nebraska Corporation
Income Tax Return, Form 1120N.
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