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Idaho Free Printable Form 41ES, Estimated Tax Payment/Extension of Time Payment Business Income Tax and Instructions for 2020 Idaho Worksheet for Determining Estimated Payment Amount

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Worksheet for Determining Estimated Payment Amount
Form 41ES, Estimated Tax Payment/Extension of Time Payment Business Income Tax and Instructions

Form 41ES — Worksheets Business Income Tax Payments Use the worksheet in Part A to compute your business estimated tax payments. Use the worksheet in Part B to determine if you need to make an extension of time payment. A. Business Estimated Tax Payments Worksheet 1. 2019 estimated Idaho taxable income ....................................................................................... 1. 2. Income tax on estimated Idaho taxable income. Multiply line 1 by 6.925% ............................... 2. 3. Permanent building fund tax ($10 or, if a combined report, multiply $10 by the number of corporations required to file an Idaho income tax return) ...................................................... 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. Estimated income tax credits ..................................................................................................... 6. 7. 2019 estimated income taxes payable. Line 5 minus line 6 ...................................................... (If the amount is less than $500, stop here. You aren’t required to make estimated tax payments.) 7. 8. Multiply line 7 by 90% ................................................................................................................ 8. 9. Idaho total tax less the total of the fuels tax, sales/use tax, tax from recapture of Qualified Investment Exemption (QIE) and the Tax Reimbursement Incentive credit from the 2018 tax 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 ..................................................................................... 10. B. Extension of Time Payment Worksheet Yes 1. Was a tax return filed last year? ................................................................................................. 2. If yes, enter the total tax less the total of the fuels tax, sales/use tax, tax from recapture of QIE and the Tax Reimbursement Incentive credit from the 2018 tax return ......................... No 1. 2. 3. 2019 estimated income tax due less estimated income tax credits. (Estimated tax due includes the $20 minimum tax, the $10 permanent building fund tax and tax from recapture of business income tax credits.) See instructions ........................................ 3. 4. Multiply line 3 by 80% ................................................................................................................ 4. 5. If you answered yes to the question on line 1, enter the smaller amount from line 2 or 4. If you answered no, enter the amount from line 4 ...................................................................... 5. 6. Estimated tax payments and tentative payments ...................................................................... 6. 7. Payment. Line 5 minus line 6. If $50 or less, a payment isn’t required ..................................... 7. Pay online at tax.idaho.gov/epay (don’t send voucher). Sending check and/or money order? Use voucher below. Form 41ES — Voucher Estimated Tax Payment/Extension of Time Payment Business Income Tax Mo For calendar year Day Year Mo , or fiscal year beginning Day Mail to: Idaho State Tax Commission PO Box 83784 Boise ID 83707-3784 Year ending Business name Federal Employer Identification Number (EIN) Current business mailing address Tax code City State Name/address change? Yes 1 2 Type of Payment Estimated Tax Extension of Time EFO00026 08-26-2019  ZIP Code Tran code Combined report? No 10 Amount paid Yes 1 2 05 Type of Return to be Filed Corporation - Form 41 S Corporation - Form 41S $ No 3 4 00 Fiduciary - Form 66 Partnership - Form 65 Form 41ES — Instructions Business Income Tax Payments A. Business Estimated Tax Payments 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 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. 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 mailing address change 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: • 100% of the corporation’s income tax for 2018 • 90% of its income tax for 2019. Don’t include: • Fuels tax due • Sales/use tax due • Fuels tax refunds • Tax from the recapture of qualified investment exemption (QIE) or • The Tax Reimbursement Incentive credit 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 you report for individual shareholders. EIN00073 08-26-2019  Computation of Estimated Tax Payments 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. 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 2019 is 5%. The interest rate for 2020 is 4%. Use Form 41ESR to determine the amount of any underpayments of tax and interest due when you file your return. Overpayment of Estimated Tax If your estimated tax payments are more than the tax you owe, you’ll receive a refund after filing your return. You may apply all or part of the excess to next year’s estimated tax by designating the amount on Form 41, Idaho Corporation Income Tax Return or Form 41S, S Corporation Income Tax Return. Overpayments will be applied to any prior year tax debt before carryovers or refunds are allowed. You’ll be notified if your overpayment is applied to an existing debt or is used to reduce your refund or carryover. Page 1 of 2 Form 41ES — Instructions Annualized Income and Estimated Tax Payments If your estimated tax payments are based on annualized income for federal purposes, you can use that same method for making Idaho estimated tax payments. Calculate the estimated tax due for the installment period 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. 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. B. Business Extension of Time Payments General Information If you can’t file your Idaho return by the due date, you’ll 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 2019 income tax liability or • 100% of the total income tax reported on the 2018 income tax return If you’ll owe $50 or less, a payment isn’t required; however, interest will accrue. Paying less than the required amount will result in a penalty. We’ll charge a penalty if you pay the required amount but don’t 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’s filed until it’s paid in full. (continued) Corporations Multiply 6.925% by the estimated taxable income. If the amount is 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. S Corporations S corporations are taxed on excess net passive income and net recognized built-in gains. Use 6.925% 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, Trust and Estates with Individual Shareholders, Partners and Beneficiaries If the income is reported and the tax paid for the individual shareholders, partners or beneficiaries, use 6.925% to compute the estimated tax. This is in addition to the tax computed for the S corporation, partnership, trust or estate. Add the $10 permanent building fund tax for each individual not filing an Idaho individual income tax return. Trusts and Estates Add the permanent building fund tax to the computed tax unless all income is distributed to beneficiaries or if the trust is a qualified funeral trust. C. Payments of QIE Recapture You also can use Form 41ES to make payments of QIE recapture when you file your income tax return after 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. Contact us: In the Boise area: (208) 334-7660 | Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00073 08-26-2019 Page 2 of 2
Extracted from PDF file 2019-idaho-form-41est.pdf, last modified September 2019

More about the Idaho FORM 41EST Corporate Income Tax Voucher TY 2019

We last updated the Worksheet for Determining Estimated Payment Amount in March 2020, so this is the latest version of FORM 41EST, fully updated for tax year 2019. You can download or print current or past-year PDFs of FORM 41EST directly from TaxFormFinder. You can print other Idaho tax forms here.

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 41 Idaho Corporation Income Tax Return
FORM 56 Idaho Net Operating Loss
FORM 42 Idaho Apportionment And Combined Reporting Adjustments
FORM PTE-12 Idaho Schedule For Pass-Through Owners with Instructions
FORM 66 Idaho Fiduciary Income Tax

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 March 2020.

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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 seven 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:


2019 FORM 41EST

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


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