Form 41ES Quarterly Estimated Tax/Extension of Time Payment

1 Anticipated Idaho taxable income this year 1 1 Was a tax return filed last year? 1 10 Estimated tax payments Multiply the smaller of lines 8 or 9 by 25% This is the amount of each 2 If yes enter the total tax less the total of the fuels tax sales/use tax and tax from 2 Income tax on anticipated Idaho taxable income Multiply line 1 by 7 6% 2 3 Estimated income tax due this year less estimated income tax credits (Estimated tax due 3 Permanent building fund tax ($10 or if a combined report multiply $10 by the number of 4 Enter 80% of the amount on line 3 4 4 Tax from recapture of business income tax credits See Form 44 Part II for a complete list 4 5 If you answered yes to the question on line 1 enter the lesser of the amount on line 2 or line 4 5 Total income tax Add lines 2 through 4 5 6 Anticipated income tax credits 6 6 Estimated tax payments and tentative payments 6 7 Estimated income taxes payable on this year's return Line 5 minus line 6 7 7 PAYMENT Line 5 minus line 6 If $50 or less a payment isn't required 7 8 Multiply line 7 by 90% 8 9 Idaho total tax less the total of any fuels tax sales/use tax and tax from recapture of QIE A Corporate Estimated Tax Payments Worksheet B Extension of time payment worksheet business income tax credits ) See instructions 3 corporations required to file for income tax purposes) 3 estimated tax payment 10 from the 2010 tax return 9 If the amount is less than $500 stop here You are not required to make estimated tax payments If you answered no enter the amount from line 4 5 includes the $20 minimum tax the $10 permanent building fund tax and tax from recapture of Mo Day Year recapture of QIE from the 2010 tax return 2 Use the worksheet in Part B to determine if you need to make an extension of time payment 08 25 11 08 25 11 1 CORPORATION FORM 41 3 FIDUCIARY FORM 66 1 ESTIMATED TAX 2 EXTENSION OF TIME 2 S CORPORATION FORM 41S 4 PARTNERSHIP FORM 65 A Corporate estimated tax payments A corporation must make estimated tax payments to the Tax Commission if it is required to make estimated tax payments to the Internal Revenue Service and will have an Idaho income tax liability of $500 or more Estimated tax payments aren't required if the corporation wasn't required to file an Idaho return the previous tax year Add the permanent building fund tax to the computed tax unless all income is distributed to beneficiaries or if the trust is a qualified Annualized Income and Estimated Tax Payments B business extension of time payments Business mailing address Tax Code Business name Federal employer identification number C Payments of QIE recapture City State and Zip Code Tran Code Computation of Estimated Tax Payments Corporations CUT HERE Due Dates Each estimated tax payment must be 25% of the lesser of the corporation's income tax for the prior year or 90% of its income tax for the current tax year Don't include fuels tax due sales/use tax due fuels tax refunds or tax from the recapture of qualified investment exemption (QIE) reported on the income tax returns EFO00026 EFO00026p2 ESTIMATED TAX PAYMENT / EXTENSION OF TIME PAYMENT Estimated Tax Payments Excess estimated tax payments will be refunded after you file the completed return You may apply all or part of the excess to next year's estimated tax by designating the amount on the Idaho Corporation Income Tax Return Form 41 or the S Corporation Income Tax Return Form 41S For calendar year or fiscal year beginning ending For calendar year taxpayers estimated tax payments are due by the 15th day of April June September and December For fiscal year taxpayers estimated tax payments are due by the 15th day of the 4th 6th 9th and 12th months of the tax year For corporations the tax required to be reported is defined as Idaho taxable income multiplied by the appropriate tax rate plus the permanent building fund tax plus tax from recapture of business income tax credits minus allowable income tax credits A corporation making estimated tax payments in a year following the revocation of subchapter S status will use $20 as the tax amount required to be reported on the prior year's return For S corporations estimated tax payments are computed on the Idaho tax due to net recognized built in gains and excess net passive income Estimated tax payments aren't required on the tax due on income being reported for individual shareholders Form 41ES may also be used to make payments of QIE recapture when you don't file your income tax return by the due date Write "Payment of QIE Recapture" at the bottom of the form and return it with your check Include a copy of Form 49ER funeral trust General Information IDAHO BUSINESS INCOME TAX Idaho Business Income Tax Payments Worksheets If no payment is being made don't return this form If the income is reported and the tax paid for the individual shareholders partners or beneficiaries use 7 6% to compute the estimated tax This is in addition to the tax computed for the S corporation trust or estate Add the $10 permanent building fund tax for each individual not filing an Idaho individual income tax return If the short tax year ends prior to any remaining due dates you must make a final estimated tax payment by the 15th day of the last month of the short tax year You aren't required to make an estimated tax payment if the short tax year is less than four months or if you haven't met the requirements to make an estimated tax payment before the first day of the last month in the short tax year If you can't file your Idaho return by the due date you will be allowed an automatic six month extension of time to file without sending a written request To qualify you must pay at least 80% of the current year income tax liability or 100% of the total income tax reported on your income tax return for the preceding year if one was filed If you will owe $50 or less a payment isn't required; however interest will accrue If you received personalized payment vouchers use the appropriate voucher for each filing period If any of the preprinted information is incorrect draw a line through it and enter the correct information Check the box on the voucher if there is a change in your mailing address If you don't have a preprinted form use the Form 41ES If your estimated tax payments are based on annualized income for federal purposes you may use that same method for making Idaho estimated tax payments The estimated tax due for the installment period is calculated by multiplying the applicable percentage (22 5% 45% 67 5% and 90% for the 1st 2nd 3rd and 4th installments respectively) by the full year's tax on the annualized income for the period and deducting any prior installments Instructions for Idaho Form 41ES Interest is due on the difference between the amount of estimated tax payment required to be made on each voucher and the amount of estimated tax payment actually made Interest is computed from the due date of the estimated payment until the required amount is paid or until the due date of the return The interest rate for 2011 and 2012 is 4% Mo Day Year Multiply 7 6% by the estimated taxable income If this results in less than $20 use $20 as the estimated tax Add the $10 permanent building fund tax to the estimated income tax and subtract the amount estimated for income tax credits Name change? Combined report? Amount paid Overpayment of Estimated Tax Overpayments will be applied to any prior year tax liabilities before carryovers or refunds are allowed You will be notified if your overpayment is applied to an existing liability or is used to reduce your refund or carryover Paying less than the required amount will result in a penalty A penalty will also result if you pay the required amount but fail to pay the remainder of the tax due by the extended due date Interest accrues on any balance of tax due on the return when it is filed Return this form with a check or money order payable to: Idaho State Tax Commission PO Box 83784 Boise ID 83707 3784 S Corporations S corporations are subject to tax on excess net passive income and net recognized built in gains Use 7 6% to compute the estimated tax on this income If the estimated tax on these items is less than $20 or the S corporation doesn't report income from these items use $20 as the estimated tax S Corporations Partnerships Trusts and Estates with Individual Shareholders Partners and Beneficiaries Short Tax Year The due dates for the federal and Idaho estimated tax payments are the same If the due date is on a Saturday Sunday or legal holiday the payment is due on the next regular business day The Form 41ES worksheet allows you to compare the income tax on last year's return with the anticipated income tax for the current year Use the smaller of the two amounts to determine the estimated tax payment for each period If your estimated tax payments are based on 90% of the income tax required to be paid on the current year's return and the anticipated income tax for the current year is revised use the revised amount to recompute any remaining estimated tax payments Trusts and Estates TYPE OF PAYMENT TYPE OF RETURN TO BE FILED Underpayment of Estimated Tax Use Form 41ESR to determine the amount of any underpayments of tax and interest due when you file your return Use the worksheet in Part A to compute your corporate estimated tax payments Who Must Make Estimated Tax Payments YES NO