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Idaho Free Printable Form 41EST Instruction, Worksheet for Determining Estimated Payment Amount for 2024 Idaho Worksheet for Determining Estimated Payment Amount

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Worksheet for Determining Estimated Payment Amount
Form 41EST Instruction, Worksheet for Determining Estimated Payment Amount

Form 41EST — Instructions Payment of Estimated Business Income Tax Who Must Make Estimated Tax Payments. A corporation must make estimated tax payments to the Tax Commission if it’s required to make estimated tax payments to the Internal Revenue Service and owes Idaho income tax 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. If you received personalized payment vouchers (Form 41EST), 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’s a change in your mailing address. If you don’t have a preprinted form, use the Form 41ES available at tax.idaho.gov. Estimated Tax Payments. Each estimated tax payment must be 25% of the lesser of the tax required to be reported on the corporation’s return for the prior year, or 90% of the income tax required to be paid on the current year’s return. Don’t include fuels tax, sales/use tax, fuels tax refunds, tax from the recapture of qualified investment exemption (QIE) or Tax Reimbursement Incentive Act credit reported on the income tax returns. 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. Computation of Estimated Tax Payments. The Form 41EST 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. EIN00035 12-30-2022 Due Dates. 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. 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. Underpayment of Estimated Tax. 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 2022 is 3%. The interest rate for 2023 is 5%. Use Form 41ESR to determine the amount of any underpayments of tax and interest due when you file your return. Overpayment of Estimated Tax. 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 Form 41 or the Idaho Form 41S. 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. Annualized Income and Estimated Tax Payments. If your estimated payments are based on annualized income for federal purposes, you may use the 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. Short Tax Year. If the short tax year ends before 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. No estimated tax payment is required if the short tax year is less than four months or if the requirements to make an estimated tax payment aren’t met before the first day of the last month in the short tax year. Page 1 of 2 Form 41EST — Worksheet (continued) Use the worksheet below to determine your corporate estimated tax payments. 1. Anticipated Idaho taxable income this year .................................................................... 1 2. Income tax on anticipated Idaho taxable income. Multiply line 1 by 6% ........................ 2 3. Permanent building fund tax ($10 or, if a combined report, multiply $10 by the number of corporations required to file for income tax purposes) ....................... 3 4. Tax from recapture of business income tax credits. See Form 44, Part II, for a complete list ........................................................................................................... 4 5. Total income tax. Add lines 2 through 4 .......................................................................... 5 6. Anticipated income tax credits ........................................................................................ 6 7. Estimated income taxes payable on this year’s return. Line 5 minus line 6 ................... 7  If the amount is less than $500, stop here. You aren’t required to make estimated tax payments.  8. Multiply line 7 by 90% ..................................................................................................... 8 9. Idaho total tax less the total of any fuels tax, sales/use tax, tax from recapture of QIE and Tax Reimbursement Incentive credit from the 2021 return ........................... 9 10. Estimated tax payments. Multiply the smaller of lines 8 or 9 by 25%. This is the amount of each estimated tax payment. Enter this amount in the “Payment Due” box of your Form 41EST ...................................................................... 10 Contact us: In the Boise area: (208) 334-7660 | Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00035 12-30-2022  Page 2 of 2
Extracted from PDF file 2023-idaho-form-41est.pdf, last modified January 2023

More about the Idaho FORM 41EST Corporate Income Tax Voucher TY 2023

We last updated the Worksheet for Determining Estimated Payment Amount in February 2023, so this is the latest version of FORM 41EST, fully updated for tax year 2023. You can download or print current or past-year PDFs of FORM 41EST directly from TaxFormFinder. You can print other Idaho tax forms here.


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Other Idaho Corporate Income Tax Forms:

TaxFormFinder has an additional 65 Idaho income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
FORM 67 Credit for Idaho Research Activities
FORM 41ESR Underpayment of Estimated Tax by Corporations
FORM 65 Idaho Partnership Return of Income
FORM 14 Idaho Water's Edge Election and Consent
FORM 29 Quarterly Idaho Oil and Gas Production Tax Statement

Download all ID tax forms View all 66 Idaho Income Tax Forms


Form Sources:

Idaho usually releases forms for the current tax year between January and April. We last updated Idaho FORM 41EST from the State Tax Commission in February 2023.

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FORM 41EST is an Idaho Corporate Income Tax form. Payment vouchers are provided to accompany checks mailed to pay off tax liabilities, and are used by the revenue department to record the purpose of the check and the SSN/EIN of the taxpayer who sent it. Many states recommend that taxpayers also write their social security number and the purpose of the payment on the check itself, in case the accompanying payment voucher is misplaced or destroyed.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Idaho FORM 41EST

We have a total of ten past-year versions of FORM 41EST in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 FORM 41EST

Form 41EST Instruction, Worksheet for Determining Estimated Payment Amount

2021 FORM 41EST

Form 41ESR, Underpayment of Estimated Tax and Instructions 2021 approved

2020 FORM 41EST

Form 41EST, Underpayment of Estimated Tax and Instructions 2020

2019 FORM 41EST

Form 41ES, Estimated Tax Payment/Extension of Time Payment Business Income Tax and Instructions


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