Form Ia Fran Es - Installment/franchise Estimated Worksheet

Iowa Department of Revenue

Estimated Tax For Financial Institutions

INSTRUCTIONS

Purpose of making estimated payments

d. Detach the installment at the perforation.

e. For each remaining installment complete steps b-d.

To provide a basis for paying any Iowa franchise tax.

Enclose check or money order payable to “Treasurer

Who must file and pay

- State of Iowa” with the installment and mail to:

Every financial institution taxable under Iowa Code

section 422.60 with $1,000 or more in tax due after

Franchise Tax Processing

credits must file and pay estimated tax.

Iowa Department of Revenue

Payments of estimated tax

PO Box 10413

Dates for paying estimated tax in equal installments are:

Des Moines, Iowa 50306-0413

a. The last day of the fourth month of the calendar or

fiscal year.

Penalty

b. The last day of the sixth month of the calendar or

A penalty set at the statutory rate will be assessed for

fiscal year.

failure to pay the correct amount of estimated tax. The

c. The last day of the ninth month of the calendar or

penalty will be computed and assessed according to the

fiscal year.

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 for

“tax year ending” rather than the date the payment is

Overpayment credit for Iowa franchise tax return

due. Failure to include the correct tax year ending on

If you had an overpayment on your prior-period

each estimated voucher will lead to processing errors

franchise tax return and elected to apply it as a credit to

that may delay your refund or generate a billing.

your estimated franchise tax for the current period, the

amount will be automatically posted from your prior-

How to amend your estimated tax

period Iowa franchise tax return to your estimated tax

account. Note: If you elect to have your overpayment

You may find after having filed and paid one or more

refunded, the refund will be processed automatically, and

installments that your estimated Iowa franchise tax has

it is not necessary to file a claim for refund.

substantially increased or decreased. If this happens, you

should:

Use the Estimated Tax Payment Schedule to record and

a. Complete the amended computation column on the

apply your credit. If the credit equals or exceeds the

worksheet to arrive at your amended estimated tax.

estimated tax liability for the first installment, the

b. Not mail remaining installment forms if your

balance of the estimated tax can be paid in full or in

amended estimated tax is paid in full or if your

equal installments beginning with Installment 2. Do not

amended estimated tax (line 14 of the worksheet) is

send installment forms if your current-period estimate is

less than $1,000.

paid in full, either by overpayment from your prior-

c. Complete the Estimated Tax Payment Schedule and

period franchise tax return or by estimated payments

enter the amount to be paid on the “Amount of

already submitted.

Payment” line of the installment.

How to complete and use worksheet and

d. Detach the installment at the perforation and mail

installments

with required payment.

a. Fill out the Franchise Estimated Worksheet using the

e. For each remaining installment, complete steps c-d.

column titled Original Computation to compute your

Please do not use corporation estimated forms when

estimated tax for the current tax year. If the tax after

making franchise tax estimated payments. Do not use the

credits on line 14 is less than $1,000, you do not

holding company Federal Identification Number when

have to file and pay estimated tax.

making a franchise tax payment. In either case,

b. Enter the amount on line 17 in column b of the

automated processing may refund your payments to the

Estimated Tax Payment Schedule. Enter any

wrong taxpayer, possibly resulting in penalty

applicable overpayment in column c. Subtract

assessments to the financial institution.

column c from column b and enter in column d and

“Amount of Payment” line of the installment. Please

Information disclosure

use whole dollars.

State tax information may be disclosed to tax officials of

c. Enter the financial institution’s name, address, and

another state or of the United States for tax

Federal Identification Number in the space provided.

administrative purposes.

43-006 (06/28/11)

Form Ia Fran Es - Installment/franchise Estimated Worksheet - 2013 Page 3

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