Form 41esr - Underpayment Of Estimated Tax

EFO00027

09-15-15

Instructions for Idaho Form 41ESR

A corporation must make estimated tax payments to the Tax

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

Commission if it’s required to make estimated tax payments to

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

the Internal Revenue Service and owes Idaho income tax of

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

$500 or more. Estimated tax payments aren’t required if the

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

corporation wasn’t required to file an Idaho return the previous

tax year.

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

previous column.

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

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

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

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

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

determine whether the corporation underpaid its estimated tax

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

and to compute the interest on any underpaid amount. Additional

copies of this form may be needed in cases where multiple

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

payments are made and applied to the underpayment of a prior

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

period.

your underpayment here. If line 13 shows an underpayment,

complete Part II to compute the interest.

PART I. UNDERPAYMENT COMPUTATION

Complete Part I to determine if you have an underpayment for

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

any of the payment periods.

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

your overpayment.

Line 1. Enter the total tax amount reported on the 2015 return.

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

PART II. UNDERPAYMENT INTEREST COMPUTATION

the amount on line 55.

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

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

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

on the underpayment.

recapture of qualified investment exemption (QIE), and the

Reimbursement Incentive Act credit claimed on the corporate

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

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

return. For Form 41, this is the total of lines 46 through 48 and

line 55. For Form 41S, this is the total of lines 52 through 54 and

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

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

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

sales/use tax, tax from recapture of QIE, and the Reimbursement

Incentive Act credit reported on the 2014 return. For Form 41,

this is the amount on line 49 minus the total of lines 46 through

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

Multiply the result by 4%, the interest rate for 2015. Compute

48 and line 55. For Form 41S, this is the amount on line 55

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

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

(00.00%).

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

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

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

Multiply the result by 4%, the interest rate for 2016. Compute

show the annualized computation.

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

Line 7. Enter the installment dates for your estimated tax

(00.00%).

payments. The installment due dates for Idaho’s estimated

tax payments are the same due dates required for your federal

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

estimated tax payments.

period return, complete the appropriate number of columns.

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

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

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

required installment for each quarter. If income is annualized,

enter the amounts from line 33.

PART III. ANNUALIZED INCOME INSTALLMENT METHOD

If your estimated tax payments are based on annualized income

Complete lines 9 through 14 for one column before completing

the next column.

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

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

federal Form 2220 to compute the federal annualized income.

Line 9. Enter the estimated tax payments made during the

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

to 2015 estimated tax from your 2014 return and estimated tax

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

annualized income adjusted for Idaho additions and subtrac-

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

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

the federal annualized income, adjusted for Idaho additions and

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

subtractions, by the apportionment factor and enter the result.

Form 41esr - Underpayment Of Estimated Tax - 2015 Page 2

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