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Massachusetts Free Printable 63 FI-ES instr with coupon for 2024 Massachusetts Financial Institution Corporate Estimated Tax Payment Instructions and Worksheet

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Financial Institution Corporate Estimated Tax Payment Instructions and Worksheet
63 FI-ES instr with coupon

Form 63 FI-ES Instructions for Financial Institution Estimated Excise Payment Worksheet General Information What is the purpose of the estimated excise payment worksheet? The estimated excise payment worksheet provides a means for paying any current excises due under Chapter 63 of the Massachusetts General Laws. Note: Taxpayers subject to combined filing must file Form 355U, Excise for Taxpayers Subject to Combined Reporting. Who must make estimated payments? All financial institutions that reasonably estimate their excise to be in excess of $1,000 for the taxable year are required to make estimated payments. Note: Financial institutions must make estimated payments electronically. See Technical Information Release (TIR) 21-9. A taxable member of a combined group must make its estimated payments electronically. See TIR 09-18. Go to MassTaxConnect at mass. gov/masstaxconnect for more information. All estimated payments made by a combined filing group should be reported under the principal reporting entity’s tax account. Are there penalties for failing to pay estimated excise? Yes. An additional charge is imposed on the underpayment of estimated excise for the period of that underpayment. Use Form M-2220 when filing your annual return to determine any penalty due. When and where are estimated excise payments made? Estimated tax payments may be paid in full on or before the 15th day of the third month of the taxable year or according to the following installment amount schedule: on or before the 15th day of the third, sixth, ninth and twelfth months of the taxable year. Percent of estimated excise due First full taxable year with All less than 10 employees others 30% 40% 25% 25% 25% 25% 20% 10% What if the financial institution's estimated excise liability changes during the year? Even though you may not be required to make estimated excise payments at the beginning of the taxable year, your expected income, assets and credits may change such that you will be required to make payments later. Financial instititutions that first meet the requirement for paying estimated excises sometime after the first quarterly period should make estimated payments as shown on the enclosed chart. Massachusetts Department of Revenue What if the financial institution credited its prior tax year overpayment to its current tax year excise? Financial institutions that are C corporations are required to file their excise returns on or before the 15th day of the fourth month following the close of each taxable year (April 15 for corporations filing on a calendar year basis). The filing due date for financial institutions that are organized as an S corporation is the 15th day of the third month following the close of each taxable year. For further details and for special rules relating to combined groups see TIR 17-5. Payments made with a return, including extension payments, estimated excise payments and withholding, are considered to be paid on the last day prescribed for the filing of the return and/or the payment of the excise, without regard to any extensions. See MGL ch 62C, § 79. Therefore, any overpayment from a prior year return will be considered to be paid as of the prior year return due date. For example, if a calendar year C corporation reported an overpayment on its prior tax year corporation excise return and elected to apply it as a credit to its current tax year estimated excise, the payment will be credited as of April 15 of the current tax year, which is the prior tax year return due date and about one month after the due date of the first estimated excise installment payment for the current tax year. To avoid the imposition of underpayment penalties the first estimated excise installment should be paid on or before the first installment due date, not the return due date. No credit may be applied to any estimated excise other than the current tax year. Specific Instructions Complete the enclosed Financial Institution Corporation Estimated Excise Worksheet. Once you have used the worksheet to determine your estimated excise due, pay the full amount of each installment electronically on MassTaxConnect at mass.gov/masstaxconnect or by using third-party vendor software. If you must amend your estimated excise or if you first meet the requirements to pay estimated excise in the 2nd, 3rd or 4th quarter of the taxable year, use the Amended Estimated Excise Payment Schedule. Financial Institution Corporation Estimated Excise Worksheet a. Total excise for prior year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a. $ b. Overpayment from prior year to be credited to estimated excise for current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b. $ c. Estimated excise for current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c. $ If you first meet the requirements for making estimated payments in the taxable year, use the Amended Estimated Excise Payment Schedule below. 1st installment 2nd installment 3rd installment 4th installment 1. Amount of each installment. Enter 40% of item c for installment 1. For second, third and fourth installments use 25%, 25% and 10% of item c, respectively. Note: Taxpayers in their first full taxable year with less than 10 employees should use 30%, 25%, 25% and 20% respectively. $ 2. Enter amount of overpayment from prior year applied to an installment, if any. $ $ $ $ 3. Amount of this excise expected to be withheld during current tax year. $ $ $ $ 4. Amount due. Subtract the total of lines 2 and 3 from line 1. $ $ $ $ $ $ $ Amended Estimated Excise Payment Schedule 1. Enter total excise for prior year, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. $ 2. Enter overpayment from prior year, if any, to be credited to estimated excise for current year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. $ 3. Enter recomputed estimated excise for current tax year, if amending. (Enter estimated excise for prior tax year, if first meeting the requirement for making estimated payments in the second, third or fourth quarter.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. $ a. If amending your estimated excise in the second, third or fourth quarter, multiply line 3 by the appropriate installment percentage amount, then subtract previous amounts paid and overpayments applied to date, if any . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a. $ Enter the item a amount in the proper column of line 1 in the Estimated Excise Worksheet (above) and adjust or complete the remaining applicable items. Current Tax Year Record of Estimated Excise Payments Estimated tax payment installment number a. Date c. Prior tax year overpayment credit applied to installment b. Amount paid Total amount paid and credited from Jan. 1 through the installment date shown (col. b + col. c) 1 2 3 4 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If the corporation first meets the requirement to make estimated payments By the last day of the 2nd month The corporation* should pay the following percentage by the 15th day of the: Number of installments required 3rd month 6th month 9th month 12th month 4 40% 25% 25% 10% 65% 25% 10% 90% 10% After the last day of the 2nd month and before the first day of the 6th month 3 After the last day of the 5th month and before the first day of the 9th month 2 After the last day of the 8th month and before the first day of the 12th month 1 *New taxpayers in their first full taxable year with fewer than 10 employees*have lower percentages: 30–25–25–20%; 55–25–20% and 80–20%. Payments must be made electronically on MassTaxConnect at mass.gov/masstaxconnect or by using third-party vendor software. 100%
Extracted from PDF file 2023-massachusetts-form-63-fi-es.pdf, last modified February 2022

More about the Massachusetts Form 63 FI-ES Individual Income Tax TY 2023

Form 63 FI-ES is used by all financial institutions to report their estimated excise payments which exceed $1000 for the current tax year

We last updated the Financial Institution Corporate Estimated Tax Payment Instructions and Worksheet in February 2024, so this is the latest version of Form 63 FI-ES, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 63 FI-ES directly from TaxFormFinder. You can print other Massachusetts tax forms here.

Other Massachusetts Individual Income Tax Forms:

TaxFormFinder has an additional 126 Massachusetts income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 1 Resident Income Tax Return
Form 1-NR/PY Nonresident or Part-Year Resident Income Tax Return
Form 1-ES Instructions Estimated Income Tax Forms & Instructions
Form M-4868 Application for Automatic Six-Month Extension of Time to File Massachusetts Income Tax Return
Form 1 Instructions Individual Income Tax Instructions

Download all MA tax forms View all 127 Massachusetts Income Tax Forms


Form Sources:

Massachusetts usually releases forms for the current tax year between January and April. We last updated Massachusetts Form 63 FI-ES from the Department of Revenue in February 2024.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Massachusetts Form 63 FI-ES

We have a total of two past-year versions of Form 63 FI-ES in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form 63 FI-ES

63 FI-ES instr with coupon

2022 Form 63 FI-ES

63 FI-ES instr with coupon


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