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Iowa Free Printable IA 1040ES Instructions, 45-009 for 2020 Iowa Estimated Tax Coupons

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Estimated Tax Coupons
IA 1040ES Instructions, 45-009

2020 IA 1040ES Iowa Individual Estimated Income Tax Instructions https://tax.iowa.gov Pay electronically using eFile & Pay. See the Department’s website for additional information regarding 2020 taxes: https://tax.iowa.gov/ Who needs to file and pay estimates: EXCEPTIONS: Every individual or married couple filing a joint Iowa Nonresidents: return that expects to have a tax liability of $200 or Iowa law provides that nonresidents whose income more from income not subject to withholding. from Iowa sources is other than wages have the option Each individual required to make estimated payments of having Iowa income tax withheld or paying must file an estimated payment under his/her name estimated income tax. If paying estimated tax is and Social Security Number. preferred, a release from withholding must be obtained Due dates: prior to receipt of income. Complete the Nonresident If any date falls on a weekend, federal holiday, or Request for Release from Withholding form (44-017). legal holiday as defined in Iowa Code section 4.1(34), To obtain this form, see the Department’s Website. substitute the next regular business day. Submit the form with the tax payment and installment voucher to the Department at the address on the For fiscal year filers, the dates for paying the voucher. A release may then be furnished to the payer estimated tax are the last day of the fourth, sixth, and from the Department, based on the information ninth months of the fiscal year, and the last day of the provided. first month of the next fiscal year. How to compute estimated taxes: Farmers and Fishers: Compute estimated tax by using one of the following If 2/3 or more of estimated gross income is from methods: farming or commercial fishing, two additional options are available: • Pay 5% of the anticipated Iowa gross income; or • Pay the estimated tax in one payment on or • Pay 100% of the prior year’s Iowa tax liability before January 15, 2021, and file the Iowa from IA 1040, line 53, less applicable credits; or income tax return by April 30, 2021; or • Pay 110% of the prior year’s Iowa tax liability • File the Iowa income tax return and pay the tax from IA 1040, line 53, less applicable credits, if due in full on or before March 1, 2021. prior year’s federal adjusted gross income plus any bonus depreciation adjustment/section 179 Those qualifying to make fewer than four estimated from IA 1040, line 14 and all other Iowa net payments should use the installment voucher for the income decoupling, exceeded $150,000; or quarter from which the Iowa-source income was • Complete the traditional worksheet provided on generated. page 2. Low income exemption from tax: Overpayment credit: Taxpayers 65 years of age or older: You are exempt If you had a refund on your 2019 Iowa income tax if: (1) You are single and your net income is $24,000 return and elected to apply it as a credit to your or less, or (2) Your filing status is other than single and estimated tax, the amount is automatically posted as your combined net income is $32,000 or less. Only an estimated credit for 2020. Use the Estimated Tax one spouse must be 65 or older to qualify for the Payment Schedule to record and apply the credit. If exemption. the credit equals or exceeds the first estimated Taxpayers under 65 years of age: You are exempt if: payment, do not send an estimated voucher until a (1) Your net income is less than $5,000 and you are payment is due. claimed as a dependent on another person’s Iowa Amending estimated tax: return, or (2) You are single and your net income is If your income changes during the year, adjust the $9,000 or less and you are not claimed as a estimated tax for the remaining quarters accordingly. dependent on another person’s Iowa return, or (3) Underpayment of estimated tax: Your filing status is other than single and your A penalty for underpayment of estimated tax may combined net income is $13,500 or less. apply if sufficient estimated payments are not Note: The amount of any pension exclusion (except submitted, regardless of the computation method used military retirement pay), Reportable Social Security in calculating the estimated tax liability. Please see IA Benefits, and Lump-Sum Tax distributions of taxable 2210 form for penalty exceptions. income must be added back to net income for purposes of determining the low income exemption regardless of age. 45-009a (07/03/19) 2020 Iowa Individual Estimated Income Tax, page 2 If opting to use one of the methods other than the traditional worksheet, proceed to number 21 of the traditional worksheet under “Quarterly Estimated Tax Computation.” Traditional Worksheet - for taxpayer record ONLY 1. Net income. Gross income minus adjustments. Report income for both spouses if filing a joint Iowa return ............................................1. 2. Federal income tax paid less federal income tax refund ................................................2. 3. Balance. Subtract line 2 from line 1 ...............................................................................3. 4. Estimated deductions. Enter (a) total estimated itemized deductions or (b) standard deduction. Enter $2,110 single or $5,210 joint. ..............................................................4. 5. Taxable income. Subtract line 4 from line 3. If less than zero, you do not owe estimated income tax .....................................................................................................5. 6. Compute income tax using 2020 Tax Rate Schedule below. .........................................6. 7. Iowa lump-sum tax .........................................................................................................7. 8. Iowa alternative minimum tax.........................................................................................8. 9. Total estimated tax liability. Add lines 6 through 8 .........................................................9. 10. Total credits. Personal and dependent exemptions, tuition and textbook credit, firefighter/EMS/reserve peace officer credit. ................................................................ 10. 11. Balance. Subtract line 10 from line 9. If you are a resident, please skip line 12.......... 11. 12. Nonresidents. Enter amount of Iowa-source net income. ............................................ 12. 13. Percentage of Iowa income vs. total income. Nonresidents divide line 12 by line 1, round to the nearest tenth of a percent. Iowa residents enter 100%. ........................... 13. 14. Estimated Iowa tax. Multiply line 11 by line 13 ............................................................. 14. 15. Out-of-state tax credit and any other nonrefundable Iowa credits ................................ 15. 16. Balance. Subtract line 15 from line 14 ......................................................................... 16. 17. Iowa residents’ school district or emergency medical services surtax. ........................ 17. 18. Balance. Add lines 16 and 17 ...................................................................................... 18. 19. Total Iowa credits: withholding, child and dependent care or early childhood development, fuel tax, Iowa earned income tax credit, and any other refundable Iowa credits. ......... 19. 20. Estimated tax. Subtract line 19 from line 18, rounded to the nearest dollar. Do not file estimated taxes if line 20 is less than $200. If line 20 exceeds $200, continue to line 21 directly below. ......................................... 20. Quarterly Estimated Tax Computation 21. If the estimated tax exceeds $200, enter 100% (110% if high income taxpayer) of the prior year’s tax liability, or 5% of this year’s anticipated Iowa gross income, or the amount from line 20 on the above worksheet. .................................................................................. 21. 22. Multiply line 21 by 0.25. This is your quarterly estimated payment amount. Enter this amount into column A, lines 1 through 4, on the Estimated Tax Payment Schedule below. ..... 22. 2020 Tax Rate Schedule Estimated Tax Payment Schedule B Taxable income: Over 0 1,666 3,332 6,664 14,994 24,990 33,320 49,980 74,970 But Not Over 1,666 3,332 6,664 14,994 24,990 33,320 49,980 74,970 Of Excess Over Tax Rate 0.00 5.50 16.66 91.63 436.49 999.26 1,495.73 2,536.98 4,396.24 plus plus plus plus plus plus plus plus plus 0.33% 0.67% 2.25% 4.14% 5.63% 5.96% 6.25% 7.44% 8.53% 0 1,666 3,332 6,664 14,994 24,990 33,320 49,980 74,970 Date Installment 1 04/30/2020 Installment 2 06/30/2020 Installment 3 09/30/2020 Installment 4 01/31/2021 A Computed Installment Refund Carryforward/ Prior Period Overpayment % C Amount to be Paid (column A less column B) Example on how to compute estimated tax: The taxable income is $24,000. The calculation = $436.49 + [5.63% x ($24,000 - $14,994)]. The result = $436.49 + $507.04 = $943.53. Round to the nearest dollar = $944.00 45-009b (10/03/19)
Extracted from PDF file 2020-iowa-form-ia-1040es.pdf, last modified October 2019

More about the Iowa Form IA 1040ES Individual Income Tax Estimated TY 2020

If you don't have your tax withholding with an employer, you may be responsible for submitting your tax quarterly. Use the estimated tax coupons in form IA-1040ES to submit your quarterly payments.

We last updated the Estimated Tax Coupons in March 2020, so this is the latest version of Form IA 1040ES, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form IA 1040ES directly from TaxFormFinder. You can print other Iowa tax forms here.

Other Iowa Individual Income Tax Forms:

TaxFormFinder has an additional 43 Iowa income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form IA 1040 Individual Income Tax Return
IA 1040-A Schedule A
IA 1040-V Tax Payment Voucher
IA 1040 Table IA 1040 Tax Tables
IA 1040-ES Individual Income Estimate Tax Payment Voucher

Download all IA tax forms View all 44 Iowa Income Tax Forms


Form Sources:

Iowa usually releases forms for the current tax year between January and April. We last updated Iowa Form IA 1040ES from the Department of Revenue in March 2020.

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Form IA 1040ES is an Iowa Individual Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

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 Iowa Form IA 1040ES

We have a total of six past-year versions of Form IA 1040ES in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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