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Iowa Free Printable IA 1040ES Instructions, 45-009 for 2024 Iowa Individual Estimated Income Tax Instructions

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Individual Estimated Income Tax Instructions
IA 1040ES Instructions, 45-009

2023 IA 1040ES Iowa Individual Estimated Income Tax Instructions tax.iowa.gov Pay electronically using eFile & Pay. See the Department’s website for additional information regarding 2023 taxes: tax.iowa.gov Who needs to file and pay estimates: Every individual or married couple filing a joint Iowa return that expects to have a tax liability of $200 or more from income not subject to withholding. Each individual required to make estimated payments must file an estimated payment under his/her name and Social Security Number. Due dates: If a due date ends on a weekend or holiday as defined in Iowa Code section 421.9A, substitute the next regular business day for the due date. For fiscal year filers, the dates for paying the estimated tax are the last day of the fourth, sixth, and ninth months of the fiscal year, and the last day of the first month of the next fiscal year. How to compute estimated taxes: Compute estimated tax by using one of the following methods: • Pay 5% of the anticipated Iowa gross income; or • Pay 100% of the prior year’s Iowa tax liability from IA 1040, line 53, less applicable credits; or • Pay 110% of the prior year’s Iowa tax liability from IA 1040, line 53, less applicable credits, if prior year’s federal adjusted gross income plus any bonus depreciation adjustment/section 179 from IA 1040, line 14 and all other Iowa net income decoupling, exceeded $150,000; or • Complete the traditional worksheet provided on page 2. Overpayment credit: If you had a refund on your 2022 Iowa income tax return and elected to apply it as a credit to your estimated tax, the amount is automatically posted as an estimated credit for 2023. Use the Estimated Tax Payment Schedule to record and apply the credit. If the credit equals or exceeds the first estimated payment, do not send an estimated voucher until a payment is due. Amending estimated tax: If your income changes during the year, adjust the estimated tax for the remaining quarters accordingly. Underpayment of estimated tax: A penalty for underpayment of estimated tax may apply if sufficient estimated payments are not submitted, regardless of the computation method used in calculating the estimated tax liability. Please see form IA 2210 for penalty exceptions. EXCEPTIONS Nonresidents: Income from pass-through entities: If a nonresident partner, shareholder, or beneficiary (“member”) is included on a pass-through entity’s (partnership, S corporation, estate, or trust) composite return under Iowa Code section 422.16B, the nonresident member is not required to pay estimated tax on their distributive share of income from that pass-through entity. If a nonresident member is exempt from inclusion on the composite return or is excluded from the composite return pursuant to a 2023 Nonresident Member Composite Agreement (41-175) signed by the member and the entity, the nonresident member must include their distributive share of pass-through income in the calculation of their estimated tax. To obtain the 2023 Nonresident Member Composite Agreement form, visit the Department’s website. Other non-wage income: For Iowa-source income other than income from wages or a pass-through entity, Iowa law provides that nonresidents have the option of having Iowa income tax withheld or paying estimated income tax. If paying estimated tax is preferred, a release from withholding must be obtained prior to receipt of income. Complete the Nonresident Request for Release from Withholding form (44017). To obtain this form, see the Department’s website. Submit the form with the tax payment and installment voucher to the Department at the address on the voucher. A release may then be furnished to the payer from the Department, based on the information provided. Farmers and Fishers: If 2/3 or more of estimated gross income is from farming or commercial fishing, two additional options are available: • Pay the estimated tax in one payment on or before January 15, 2024 and file the Iowa income tax return by April 30, 2024; or • File the Iowa income tax return and pay the tax due in full on or before March 1, 2024. Those qualifying to make fewer than four estimated payments should use the installment voucher for the quarter from which the Iowa-source income was generated. Low income exemption from tax: Taxpayers 65 years of age or older: You are exempt if: (1) You are single and your net income is $24,000 or less, or (2) Your filing status is other than single and your combined net income is $32,000 or less. Only one spouse must be 65 or older to qualify for the exemption. Taxpayers under 65 years of age: You are exempt if: (1) Your net income is less than $5,000 and you are claimed as a dependent on another person’s Iowa return, or (2) You are single and your net income is $9,000 or less and you are not claimed as a dependent on another person’s Iowa return, or (3) Your filing status is other than single and your combined net income is $13,500 or less. Note: The amount of any reportable Social Security benefits and lump-sum tax distributions of taxable income must be added back to net income for purposes of determining the low income exemption regardless of age. 45-009a (11/01/2022) 2023 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 records ONLY 1. Federal taxable income. Report income for both spouses if filing a joint Iowa return ..............................1. ________________ 2. Iowa modifications to federal taxable income ...........................................................................................2. ________________ 3. Iowa taxable income. Add lines 1 and 2. If less than zero, you do not owe estimated income tax .................................................................................................................................................3. ________________ 4. Compute income tax using 2023 Tax Rate Schedule below ....................................................................4. ________________ 5. Iowa lump-sum tax ....................................................................................................................................5. ________________ 6. Total estimated tax liability. Add lines 4 and 5 ..........................................................................................6. ________________ 7. Total credits. Personal and dependent exemptions, tuition and textbook credit, firefighter/EMS/reserve peace officer credit ..............................................................................................7. ________________ 8. Balance. Subtract line 7 from line 6. If you are a resident, skip line 9 ......................................................8. ________________ 9. Nonresidents. Enter amount of Iowa-source net income ..........................................................................9. ________________ 10. Percentage of Iowa income vs. total income. Nonresidents divide line 9 by line 1, round to the nearest ten-thousandth of a percent. Iowa residents enter 100% ........................................10. _____________ % 11. Estimated Iowa tax. Multiply line 8 by line 10 ...........................................................................................11. _______________ 12. Out-of-state tax credit and any other nonrefundable Iowa credits ............................................................12. _______________ 13. Balance. Subtract line 12 from line 11 ......................................................................................................13. _______________ 14. Iowa residents’ school district or emergency medical services surtax......................................................14. _______________ 15. Balance. Add lines 13 and 14 ...................................................................................................................15. _______________ 16. Total Iowa credits: fuel tax, child and dependent care or early childhood development, Iowa earned income tax credit, other refundable Iowa credits, composite, and withholding ....................16. _______________ 17. Estimated tax. Subtract line 16 from line 15, rounded to the nearest dollar. Do not file estimated taxes if line 17 is less than $200. If line 17 exceeds $200, continue to line 18 directly below .......................................................................17. _______________ Quarterly Estimated Tax Computation 18. 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 17 on the above worksheet ................................................................................................................18. _______________ 19. Multiply line 18 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..................................19. _______________ 2023 Tax Rate Schedule Taxable income: Single, Head of Household, Married Filing Separately, or Married Filing Jointly: Qualifying widower with dependent child Over But not Of excess Over But not Of excess over over over over 0 6,000 $0 plus 4.4% 0 0 12,000 $0 plus 4.4% 0 6,000 30,000 $264 plus 4.82% 6,000 12,000 60,000 $528 plus 4.82% 12,000 30,000 75,000 $1,420.80 plus 5.7% 30,000 60,000 150,000 $2841.60 plus 5.7% 60,000 75,000 $3,985.80 plus 6% 75,000 150,000 $7,971.60 plus 6% 150,000 Estimated Tax Payment Schedule Date Installment 1 05/01/2023 Installment 2 06/30/2023 Installment 3 10/02/2023 Installment 4 01/31/2024 A Computed Installment B 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 of a single taxpayer is $24,000. The calculation = $867.60 + [4.82% x ($24,000 $6,000)]. The result = $867.60 + $264.00 = $1131.60. Round to the nearest dollar = $1132.00 45-009b (11/01/2022)
Extracted from PDF file 2023-iowa-ia-1040-es-instructions.pdf, last modified November 2022

More about the Iowa IA 1040-ES Instructions Individual Income Tax Estimated TY 2023

We last updated the Individual Estimated Income Tax Instructions in February 2023, so this is the latest version of IA 1040-ES Instructions, fully updated for tax year 2023. You can download or print current or past-year PDFs of IA 1040-ES Instructions directly from TaxFormFinder. You can print other Iowa tax forms here.


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Related Iowa Individual Income Tax Forms:

TaxFormFinder has an additional 43 Iowa income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Iowa IA 1040-ES Instructions.

Form Code Form Name
Form IA 1040 Individual Income Tax Return
IA 1040-ES Individual Income Estimate Tax Payment Voucher
IA 1040-A Form 1040 Schedule A (Itemized Deductions)
Form IA 1040ES Estimated Tax Coupons
IA 1040-V Tax Payment Voucher
IA 1040-B Form 1040 Schedule B (Interest and Dividend Income)
IA 1040 Table IA 1040 Tax Tables
IA 1040X Amended Individual Income Tax Return 41-122
Form IA 1040C Composite Return 41-006

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 IA 1040-ES Instructions from the Department of Revenue in February 2023.

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IA 1040-ES Instructions 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 IA 1040-ES Instructions

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


2023 IA 1040-ES Instructions

IA 1040ES Instructions, 45-009

2021 IA 1040-ES Instructions

IA 1040ES Instructions, 45-009

2020 IA 1040-ES Instructions

IA 1040ES Instructions, 45-009

2018 IA 1040-ES Instructions

IA 1040ES Instructions, 45-009


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