Arizona Booklet 120es - Corporation Estimated Tax Payment

Arizona Form 120W

All taxpayers: In each column on Form 120W, line 4, enter

Line 6 - Tax From Recapture of Tax Credits

the amounts from the corresponding column of line 48 of

Enter the amount of tax due from recapture of the

Schedule A.

environmental technology facility, healthy forest enterprises,

CAUTION: Do not compute any required installment until after

renewable energy industry, and qualified facilities tax credits.

the end of the month preceding the due date for that installment.

Line 8 - Nonrefundable Tax Credits

Part I - Annualized Income Installment Method

Enter the total amount of nonrefundable tax credits to which the

taxpayer is entitled because of events that occurred during the

Line 1 - Annualization Periods

months shown in the column headings used to calculate

Enter the annualization period that the taxpayer is using in the

annualized taxable income. Calculate this amount using the

space on line 1, columns (a) through (d), respectively.

instructions for 2013 Form 99T, line 9; 2013 Form 120, line 19;

or 2013 Form 120A, line 11; or 2013 Form 120S, line 15.

Forms 120, 120A, and 120S

Line 10 - Refundable Tax Credits

1st

2nd

3rd

4th

Enter the total amount of refundable tax credits to which the

Option

Installment

taxpayer is entitled because of events that occurred during the

months shown in the column headings used to calculate

Standard option

annualized taxable income. Calculate this amount using the

instructions for 2013 Form 99T, line 12; 2013 Form 120, line 22;

Option 1

or 2013 Form 120A, line 14; or 2013 Form 120S, line 18.

Line 11 - Claim of Right Adjustment (Forms 120

Option 2

and 120A)

Form 99T

A taxpayer that computes its tax liability under the claim of

right provisions should base its estimated tax liability on the

1st

2nd

3rd

4th

Option

net tax liability computed under the claim of right provisions.

Installment

Line 15 - Cumulative Installments

Standard option

Complete column (a) before completing columns (b)

through (d). Before completing line 15 in columns (b)

Option 1

through (d), complete the following items in each of the

Line 3 - Annualization Amounts

preceding columns: line 16; Part II (if applicable); and Part III.

Enter the annualization amounts for the option used on line 1.

EXAMPLE: Complete line 16, Part II (if using the adjusted

seasonal installment method), and Part III, in column (a)

Forms 120, 120A, and 120S

before completing line 15 in column (b).

1st

2nd

3rd

4th

Option

Part II - Adjusted Seasonal Installment Method

Installment

Do not complete this part unless the taxpayer's base period

Standard option

1.33333

percentage for any six consecutive months of the taxable year

equals or exceeds 70 percent. The term "base period

Option 1

1.71429

1.2

percentage" for any period of six consecutive months is the

average of the three percentages calculated by dividing the

Option 2

2.4

1.5

1.09091

taxable income for the corresponding six consecutive month

period in each of the three preceding taxable years by the

Form 99T

taxable income for each of their respective taxable years.

1st

2nd

3rd

4th

Line 26 - Calculate the Tax

Option

Installment

NOTE: Laws 2011, 2

Special Session, Chapter 1, Section 105,

Standard option

1.33333

lowers the corporate tax rate for tax year 2014 to 6.5%.

Calculate the tax on the amount in each column using the

Option 1

1.71429

1.2

instructions for 2013 Form 99T, line 6; or 2013 Form 120,

line 16; or 2013 Form 120A, line 8; or 2013 Form 120S,

Line 5 - Calculate the Tax

line 12.

NOTE: Laws 2011, 2

Special Session, Chapter 1, Section 105,

Line 33 - Tax From Recapture of Tax Credits

lowers the corporate tax rate for tax year 2014 to 6.5%.

Calculate the tax from the recapture of the environmental

Calculate the tax on the amount in each column using the

technology facility credit, the credits for healthy forest

instructions for 2013 Form 99T, line 6; or 2013 Form 120, line 16;

enterprises, the credit for renewable energy industry, and the

or 2013 Form 120A, line 8; or 2013 Form 120S, line 12.

credit for qualified facilities.

Arizona Booklet 120es - Corporation Estimated Tax Payment - 2014 Page 5

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