Estimated Income Tax For Individuals Pay Electronically - 2013

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Iowa Department of Revenue
2013 Estimated Income Tax for Individuals
Pay Electronically
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WHO needs to file and pay
HOW to compute estimated taxes - Compute
WHEN it needs to be paid -
estimates - Every individual or
estimated tax by using one of the following
The four due dates are preprinted
married couple filing a joint
on the installment coupons. For
methods:
Pay 5% of the anticipated Iowa gross
Iowa return that expects to have
fiscal year filers, the dates for
income, or
Pay 100% of the prior year’s Iowa
a tax liability of $200 or more
tax liability from IA 1040, line 54, less applicable
paying the estimated tax are the
from incomes not subject to
credits, or
Pay 110% if prior year’s federal
last day of the fourth, sixth, and
withholding.
ninth months of the fiscal year,
adjusted gross income plus any bonus
and the last day of the first month
depreciation adjustment from line 14 of the IA
1040 exceeded $150,000, or
Complete the
of the next fiscal year.
EXCEPTIONS
traditional worksheet provided on page 2.
Nonresidents ___________________________________________________________________________
Iowa law provides that nonresidents whose income from Iowa sources is other than wages have the option of having Iowa
income tax withheld or paying estimated income tax. If paying estimated tax is preferred, a release from withholding must be
obtained prior to receipt of income. Complete the Nonresident Request For Release From Withholding form (44-017) and
submit it with the tax payment and installment voucher to the Department at the address on the voucher. A release may then be
furnished to the payer from the Department, based on the information provided. To obtain this form, see the Department’s
Web site:
Farmers and Fishers _____________________________________________________________________
If 2/3 or more of estimated gross income is from farming or commercial fishing, two additional options are available, other
than making four estimated payments.
Option 1
Option 2
Pay the estimated tax in one payment
File the Iowa income tax return and pay the tax due in full on or before March 3,
on or before January 15, 2014, and file
2014. Those qualifying to make only one estimated payment under the
the Iowa income tax return by April 30,
“Exceptions” category should use the installment voucher from the quarter in
2014, or
which the Iowa-source income was generated.
Overpayment credit: If you had a refund on your 2012 Iowa
Credit: Estimated payments are credited to only one
income tax return and elected to apply it as a credit to your
individual. Each individual required to make estimated
estimated tax, the amount is automatically posted as an
payments must file an estimated payment under his/her name
estimated credit for 2013. Use the Estimated Tax Payment
and Social Security Number.
Schedule to record and apply the credit. If the credit equals or
Underpayment of estimated tax: A penalty for
exceeds the first estimated payment, do not send an estimated
underpayment of estimated tax may apply if sufficient
voucher until a payment is due.
estimated payments are not submitted, regardless of the
Amending estimated tax: If your income changes during the
computation method used in calculating the estimated tax
year, adjust the estimated tax for the remaining quarters
liability. Please see IA 2210 form for penalty exceptions.
accordingly.
Name/Address changes: Please contact Taxpayer Services at
1-800-367-3388 or 515-281-3114. E-mail: idr@iowa.gov
Low income exemption from tax
Taxpayers 65 years of age or older: You are exempt if (1)
Taxpayers under 65: You are exempt if (1) Your income is
You are single and your income is $24,000 or less, or (2)
less than $5,000 and you are claimed as a dependent on another
Your filing status is other than single and your combined
person’s Iowa return; or (2) You are single and your income
income is $32,000 or less. Note: The amount of any pension
is $9,000 or less and you are not claimed as a dependent on
exclusion or Social Security Phase-out exclusion must be
another person’s Iowa return; or (3) Your filing status is other
added back to income for purposes of determining the low-
than single and your combined income is $13,500 or less.
income exemption. Only one spouse must be 65 or older to
qualify for the exemption.
45-009a (09/07/12)

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