Ia Fran Es 2009 Page 3
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3Iowa Department of Revenue
Estimated Tax For Financial Institutions
INSTRUCTIONS
Purpose of making estimated payments. To provide a
d. Detach the installment at the perforation.
basis for paying currently any Iowa franchise tax.
e. For each remaining installment complete steps b-d.
Who must file and pay. Every financial institution
Enclose check or money order payable to “Treasurer
taxable under Iowa Code Section 422.60, with $1,000 or
- State of Iowa” with the installment and mail to:
more in tax due after credits must file and pay estimated
tax.
Franchise Tax Return Processing
Iowa Department of Revenue
Payments of estimated tax. Dates for paying estimated
PO Box 10413
tax in equal installments will be:
Des Moines, Iowa 50306-0413
a. The last day of the fourth month of the calendar or
fiscal year.
b. The last day of the sixth month of the calendar or
Penalty. A penalty set at the statutory rate will be
fiscal year.
assessed for failure to pay the correct amount of
c. The last day of the ninth month of the calendar or
estimated tax. The penalty will be computed and
fiscal year.
assessed according to the provisions of the Code of Iowa.
d. The last day of the last month of the calendar or
fiscal year.
IMPORTANT: Be sure to use the actual tax year
Overpayment credit for Iowa franchise tax return.
for “tax year ending” rather than the date the
If you had an overpayment on your prior period
payment is due. Failure to include the correct tax
franchise tax return and elected to apply it as a credit to
year ending on each estimate voucher will lead to
your estimated franchise tax for the current period, the
processing errors and may delay your refund or
amount will be automatically posted from your prior
could generate a billing.
period Iowa franchise tax return to your estimated tax
account. Note: If you elect to have your overpayment
How to amend your estimated tax. You may find after
refunded, the refund will be processed automatically;
having filed and paid one or more installments that your
and it is not necessary to file a claim for refund.
estimated Iowa franchise tax has substantially increased
or decreased. If this happens, you should:
Use the Estimated Tax Payment Schedule to record
a. Complete the amended computation column on the
and apply your credit. If the credit equals or exceeds
worksheet to arrive at your amended estimated tax.
the estimated tax liability for the first installment, the
b. Remaining installment forms do not need to be
balance of the estimated tax can be paid in full or
mailed if your amended estimated tax is paid in full
equal installments beginning with Installment 2. Do
or if your amended estimated tax (line 14 of the
not send installment forms if your current period
worksheet) is less than $1,000.
estimate is paid in full, either by overpayment from
c. Complete the Estimated Tax Payment Schedule and
your prior period franchise tax return or by estimate
enter the amount to be paid on the “Amount of
payments already submitted.
Payment” line of the installment.
How to complete and use worksheet and installments.
d. Detach the installment at the perforation and mail
a. Fill out the worksheet on the back of this page using
with required payment.
the column titled Original Computation to compute
e. For each remaining installment, complete steps c-d.
your estimated tax for the current tax year. If the tax
Please do not use corporation estimate forms when
after credits on line 14 is less than $1,000, you do
making franchise tax estimate payments. Do not use the
not have to file and pay estimated tax.
holding company federal identification number when
b. Enter the amount on line 17 in column b of the
making a franchise tax payment. In either case,
Estimated Tax Payment Schedule. Enter any
automated processing may refund your payments to the
applicable overpayment in column c. Subtract
wrong taxpayer possibly resulting in penalty assessments
column c from column b and enter in column d and
to the financial institution.
“Amount of Payment” line of the installment. Please
use whole dollars.
INFORMATION DISCLOSURE: State tax
c. Enter the financial institution’s name, address and
information may be disclosed to tax officials of another
taxpayer identification number in the space
state or of the United States for tax administrative
provided.
purposes.
43-006 (6/28/05)
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