Don’t Staple 8734 Form 41S 2022 S Corporation Income Tax Return Amended Return? Check the box. See For calendar year State use only Mo Day Year Mo Day Year page 1 of the instructions for reasons to 2022 or fiscal ▪ amend and enter the number that applies. ▪ year beginning 22 ending Business name State use only Federal Employer Identification Number (EIN) Current business mailing address NAICS Code ▪ City State ZIP code Foreign country (if not U.S.) 1. Check the type of return ▪ Regular ▪ Composite ▪ Affected business entity 2. If a federal audit was finalized this year, enter the latest year audited ...................... ▪ 3. Is this an inactive corporation or nameholder corporation? ......................................................................... Yes ▪ No 4. a. Were federal estimated tax payments required? .................................................................................... Yes ▪ No b. Were estimated tax payments based on annualized amounts? ............................................................. Yes ▪ No 5. Is this a final return? .................................................................................................................................... Yes ▪ No If yes, check the proper box below and enter the date the event occurred Withdrawn from Idaho Dissolved Merged or reorganized Enter new EIN 6. Is this an electrical or telephone utility? ....................................................................................................... Yes ▪ No 7. Did the ownership change during the year?................................................................................................ Yes ▪ No 8. Enter the amount of investment tax credit earned this tax year .................................................................. ▪ 9. Enter the amount of broadband equipment investment credit earned this tax year .................................... ▪ 10. Enter the amount of credit for Idaho research activities earned this tax year ............................................. ▪ 11. Reserved ..................................................................................................................................................... 12. Did you claim the property tax exemption for investment tax credit property acquired this tax year? ......... Yes ▪ No Income 13. Ordinary income (loss). Form 1120S, page 1 ................................................................................ ▪ 13 14. Net income (loss) from rental real estate activities. Form 1120S, Schedule K .............................. ▪ 14 15. Net income (loss) from other rental activities. Form 1120S, Schedule K ....................................... ▪ 15 16. Portfolio income (loss). Form 1120S, Schedule K ......................................................................... ▪ 16 Don’t Staple 17. Other items. See instructions ........................................................................................................ ▪ 17 18. Net distributable income. Add lines 13 through 17 ........................................................................ 18 Additions 19. Interest and dividends not taxable under Internal Revenue Code. Include a schedule ............... ▪ 19 20. State, municipal, and local taxes measured by net income. Include a schedule .......................... ▪ 20 21. Bonus depreciation. Include a schedule ....................................................................................... ▪ 21 22. Other additions ............................................................................................................................. ▪ 22 23. Add lines 18 through 22 ................................................................................................................ 23 Subtractions 24. Interest from Idaho municipal securities ...................................................... ▪ 24 25. Interest on U.S. government obligations. Include a schedule ..................... ▪ 25 26. Interest and other expenses related to lines 24 and 25................................ ▪ 26 27. Add lines 24 and 25, then subtract line 26 .................................................................................... 27 28. Technological equipment donation ................................................................................................ ▪ 28 29. Allocated income. Include a schedule .......................................................... ▪ 29 30. Interest and other expenses related to line 29. Include a schedule ............. ▪ 30 31. Subtract line 30 from line 29 .......................................................................................................... 31 32. Bonus depreciation. Include a schedule ........................................................................................ ▪ 32 33. Other subtractions. See instructions .............................................................................................. ▪ 33 34. Total subtractions. Add lines 27, 28, 31, 32, and 33 ...................................................................... 34 35. Net business income subject to apportionment. Subtract line 34 from line 23 .............................. ▪ 35 Continue to page 2. MAIL TO: Idaho State Tax Commission, PO Box 56, Boise ID 83756-0056 Include a complete copy of your federal Form 1120S. EFO00028 11-08-2022 Page 1 of 2 |
Form 41S 2022 (continued) 36. Net business income subject to apportionment. Enter the amount from line 35 ..................... 36 37. Corporations with all activity in Idaho enter 100%. Multistate/multinational corporations complete and include Form 42; enter the apportionment factor from Form 42, Part I, line 21 .............. ▪ 37 % 38. Net business income apportioned to Idaho. Multiply line 36 by the percent on line 37 ......................... ▪ 38 39. Income allocated to Idaho. See instructions .......................................................................................... ▪ 39 40. Affected business entity (ABE) Idaho net operating loss carryover ...................................................... ▪ 40 41. Reserved ............................................................................................................................................... 41 42. Income reported on entity’s composite return from Form PTE-12. Include Form PTE-12 .................... ▪ 42 43. ABE income. Add lines 38 and 39 then subtract line 40 ....................................................................... ▪ 43 Check if ABE has exempt members. See instructions .................................................... ▪ 44. Idaho income tax from Form PTE-12, Column c. or 6% of line 43. Include Form PTE-12 ................ ▪ 44 Credits 45. Credit for contributions to Idaho educational entities ................................... ▪ 45 46. Credit for contributions to Idaho youth and rehabilitation facilities .............. ▪ 46 47. Total business income tax credits from Form 44, Part I, line 10. Include Form 44 ........................................................................................... 47 48. Total credits. Add lines 45 through 47. If ABE has exempt entity members. See instructions ....... 48 49. Subtract line 48 from line 44. If line 48 is greater than line 44, enter zero .................................... 49 Other Taxes 50. Minimum tax. See instructions if the S corporation owes federal tax ............................................ ▪ 50 20 51. Permanent building fund tax. See instructions .............................................................................. ▪ 51 52. Total tax from recapture of income tax credits from Form 44, Part II, line 6. Include Form 44 ...... 52 53. Fuels tax due. Include Form 75 ..................................................................................................... 53 54. Sales/use tax due on untaxed purchases (online, mail order, and other) .............................. ▪ 54 55. Tax from recapture of qualified investment exemption (QIE). Include Form 49ER ........................ ▪ 55 56. Total tax. Add lines 49 through 55. If ABE has exempt entity members. See instructions ............. ▪ 56 57. Underpayment interest. Include Form 41ESR ............................................................................... ▪ 57 58. Donation to Opportunity Scholarship Program .............................................................................. ▪ 58 59. Add lines 56 through 58 ................................................................................................................. 59 Payments and Other Credits 60. Estimated tax payments. If made under other EINs, provide EINs, amounts, and rollforwards .......... ▪ 60 61. Tax paid by ABE on your behalf .......................................................................................................... ▪ 61 62. Specia l fuels tax refundGasoline tax refund Include Form 75 .... 62 63. Tax Reimbursement Incentive credit. Include certificate ................................................................ ▪ 63 64. Total payments and other credits. Add lines 60 through 63 .......................................................... 64 Refund or Payment Due 65. Tax due. If line 59 is more than line 64, subtract line 64 from line 59 ............................................ ▪ 65 66. Penalty ▪ Interest from the due date ▪ Enter total ....................... 66 67. Nonrefundable credit from a prior year return. See Form 44 instructions ..................................... ▪ 67 68. Total Due. Add lines 65 and 66, then subtract line 67 ................................................................. ▪ 68 69. Overpayment. If line 59 is less than line 64, subtract line 59 from line 64 ................................... ▪ 69 70. Refund ......... ▪ Apply to 2023 ......... ▪ See instructions. Amended Return Only. Complete this section to determine your tax due or refund. 71. Total due (line 68) or overpayment (line 69) on this return ........................................................... 71 72. Refund from original return plus additional refunds .......................................................................... 72 73. Tax paid with original return plus additional tax paid ..................................................................... 73 74. Amended tax due or refund. Add lines 71 and 72, then subtract line 73 ...................................... 74 Within 180 days of receiving this return, the Idaho State Tax Commission may discuss this return with the paid preparer identified below. ▪ Under penalties of perjury, I declare that to the best of my knowledge and belief this return is true, correct, and complete. See instructions. Signature of officer Date Sign ▪ Here Title Officer phone number Paid preparer’s signature Preparer’s EIN, SSN or PTIN ▪ ▪ Address Preparer’s phone number EFO00028 11-08-2022 Page 2 of 2 |
Form 41S — Instructions 2022 S Corporation Income Tax Return Instructions are for lines not fully explained on the form. Question 1 Return Type. Check the appropriate box. An S corporation must provide each shareholder A composite return is a single return filed by an entity with an Idaho Form ID K-1. This form shows the on behalf of its eligible owners. An affected business shareholder’s proportionate share of Idaho additions, entity is an S corporation that elects to be taxed at subtractions, and credit information. For shareholders the entity level. Include Form ABE, Affected Business who aren’t individuals, the Form ID K-1 also provides Entity Election with your return. If the entity checks the apportionment factor information that’s needed to ABE box and an authorized person signs the return, no complete their Idaho income tax return. Form ID election form is necessary. If the person who signs the K-1 also identifies the proportionate share of gross return isn’t authorized by the entity, the signatures of all income to help determine Idaho filing requirements of members must be provided on Form ABE. individual shareholders. See additional information including Forms PTE-12 and Include all Form ID K-1s and a complete copy of PTE-01 on our Pass-through Entity Guidance page at federal Form 1120S, including all federal Schedule tax.idaho.gov/pte. K-1s, with the Idaho Form 41S. Question 2 Federal Audit. If a federal audit was Rounding finalized during the tax year, enter the most recent tax year covered in the audit. Round the amounts on the return to the nearest whole dollar. Round down if under 50 cents, round up if 50 Question 3 Inactive or Nameholder Corporations. cents or more. Check the “Yes” box if the S corporation is authorized to transact business in Idaho but has no business activity Heading and no income attributable to Idaho. File the 2022 return for calendar year 2022 or a fiscal year that begins in 2022. For a fiscal year, fill Question 4 Estimated Tax Payments. in the tax year space at the top of the form. a. Check the “No” box if the corporation wasn’t required to make federal estimated tax payments Write your business name, address, and federal in 2022. Employer Identification Number (EIN) in the space provided. Don’t include the dash when entering your b. Check the “Yes” box if your estimated tax payments EIN. Also, provide your NAICS (North American were based on annualized amounts. Industry Classification System) code, listed as the Question 5 Final Return. If this is the corporation’s business activity code on your federal return. final return for Idaho, check the box that explains the reason and enter the date the event occurred. Enter Amended Return the new federal EIN if the corporation was merged or You can use this form as an original return or an reorganized. amended return. Question 6 Electrical or Telephone Utility. If this If you’re filing this form as an amended return, check return is for an electrical or telephone utility, check the the box at the top of the form. Enter the number from “Yes” box. the following list that best describes your reason for amending. Question 7 Ownership Change. Check the “Yes” box 1. Federal Audit if a shareholder’s interest was terminated or if a new 2. Federal Amended shareholder acquired an interest in the corporation. 3. Other – Include an explanation Question 8 Investment Tax Credit (ITC). Enter the Complete the entire form using the corrected amounts. amount from Form 49, Part I, line 6. This is the Idaho ITC the corporation earned for the tax year. Questions 1 – 12 Question 9 Broadband Equipment Investment Credit. Mark the appropriate boxes and provide the Enter the amount from Form 68, line 2. This is the requested information. Answer each question or the broadband equipment investment credit the corporation return will be considered incomplete. Incomplete earned for the tax year. returns delay processing. Unanswered questions in this section will be assumed to be a “no.” EIN00098 11-08-2022 Page 1 of 8 |
Form 41S — Instructions 2022 (continued) Question 10 Credit for Idaho Research Activities. Don’t enter any amounts from property acquired during Enter the amount from Form 67, line 16. This is the 2008 and 2009. credit for Idaho research activities the corporation earned for the tax year. Line 22 Other Additions Enter any miscellaneous Idaho additions. If you have Question 12 Property Tax Exemption. Check the separately stated items that must be added back, “Yes” box if you elected the property tax exemption include the amount. Include a schedule identifying each on personal property that qualifies for the ITC. addition. Include a copy of your Form 49E. Include on this line any amounts excluded from taxable income for funds received according to the Income emergency rental assistance program established under Line 16 Portfolio Income Public Law 116-260 for COVID-19 relief. Enter your net portfolio income or loss from Form 1120S, Schedule K, lines 4, 5a, 6, 7, and 8a. Subtractions Line 17 Other Items Line 24 Interest From Idaho Municipal Securities Enter your other items from Form 1120S, Schedule K. Enter interest income from securities issued by the state Include any other income, loss, or deductions (such as of Idaho and its political subdivisions, if included on Section 179 or charitable contributions) required to be line 20. reported separately to shareholders from the federal Line 25 Interest on U.S. Government Obligations Form 1120S, Schedule K. Idaho doesn’t tax interest income from U.S. government obligations. Deduct any U.S. government interest Additions included in federal income. Examples of U.S. Line 19 Interest and Dividends Not Taxable Under government obligations include: Internal Revenue Code (IRC) • Banks for Cooperatives Enter the interest and dividends net of applicable • Federal Farm Credit Banks amortization received or accrued from obligations of any state or political subdivision excluded from federal • Federal Financing Bank income under the provisions of the IRC. • Federal Homeowners Loan Bank • Federal Intermediate Credit Bank Line 20 State, Municipal, and Local Taxes Enter the total of all state, municipal, and local taxes • Federal Land Bank measured by net income that have been paid or • Guam accrued during the tax year, minus any refunds that • Puerto Rico have been included in federal income. Include taxes • Student Loan Marketing Association paid on built-in gains and excess net passive income. Include a schedule of all taxes deducted on the • Tennessee Valley Authority Bonds federal return. • Territory of Alaska • Territory of Hawaii Line 21 Bonus Depreciation If you claimed bonus depreciation for federal purposes • Territory of Samoa for property acquired before 2008 or after 2009: • U.S. Series EE and HH Bonds • Complete a separate federal Form 4562 or • U.S. Treasury Bills and Notes detailed computation for Idaho depreciation • Virgin Islands purposes as if the special depreciation allowance Idaho taxes interest income from the Federal National hadn’t been claimed. Mortgage Association (FNMA) and the Government • Compute the Idaho adjusted basis and any gains National Mortgage Association (GNMA). or losses from the sale or exchange of property using the Idaho depreciation amounts. If you have interest income from a mutual fund that invests in both nonexempt securities and exempt • If the federal depreciation (including gains and U.S. government securities, you can deduct the losses) is more than the Idaho depreciation portion of the interest earned that’s attributable to (including gains and losses), include the direct U.S. government obligations. The mutual fund difference as an addition on this line; otherwise, must identify the amount for it to be deductible. enter the difference on line 32. EIN00098 11-08-2022 Page 2 of 8 |
Form 41S — Instructions 2022 (continued) Line 26 Interest Expense Offset 1. Expenses directly related to Complete the following computation to calculate the nonbusiness income .............................. interest expense offset. 2 a. Interest expense. Total interest 1a. Interest expense. Total interest expense deducted in determining expense deducted in determining federal income ........................................ federal income ........................................ b. Interest expense disallowed under IRC Sections 265 and 291 ..................... b. Interest expense disallowed under IRC Sections 265 and 291 ............................ c. Interest expense from a pass-through entity ....................................................... c. Interest expense from a pass-through entity ....................................................... d. Subtotal. Add lines a through c .............. d. Intercompany interest expense ............. e. Interest expense included in line 1 ........ e. Total interest expense. Add lines a f. Interest expense on line 26 attributable through c and subtract line d ................. to tax-exempt income ............................. 2. Total tax-exempt income (interest on g. Intercompany interest expense ............. qualifying obligations of the United h. Total interest expense. Subtract States and the state of Idaho, its cities, lines e, f, and g from line d ..................... and political subdivisions) ...................... 3. Total nonbusiness income ..................... 3. Total income. Refer to Rule 115, Idaho 4. Total income. Refer to Rule 115, Idaho Income Tax Administrative Rules .......... Income Tax Administrative Rules .......... 4. Divide line 2 by line 3 ............................. % % 5. Divide line 3 by line 4 ............................. 5. Multiply line 1e by line 4. Enter 6. Multiply line 2h by line 5. This is amount on line 26 ................................. the interest expense prorated to nonbusiness income .............................. Line 28 Technological Equipment Donation 7. Other indirect expenses related to Enter the lesser of cost or fair market value of both business and nonbusiness technological equipment donated to one or more income .................................................... of the following Idaho educational institutions or libraries located in Idaho: 8. Multiply line 7 by line 5 ........................... 9. Add lines 1, 6, and 8. Enter amount • Public or nonprofit private elementary or on line 30 ................................................ secondary school • Public or nonprofit private college or university Line 32 Bonus Depreciation • Public library or library district If you claimed bonus depreciation for federal purposes Items that qualify for this deduction are limited for property acquired before 2008 or after 2009: to computers, computer software, and scientific • Complete a separate federal Form 4562 or detailed equipment or apparatus manufactured within five computation for Idaho depreciation purposes as years of the date of donation. The amount deducted if the special depreciation allowance hadn’t been can’t reduce Idaho taxable income to less than zero. claimed. Any unused deduction can’t be carried to another • Compute the Idaho adjusted basis and any gains year. or losses from the sale or exchange of property using the Idaho depreciation amounts. Line 29 Allocated Income Enter the amount of nonbusiness income. Include • If the federal depreciation (including gains and a schedule detailing the source of the income losses) is less than the Idaho depreciation and explaining why the income was classified as (including gains and losses), include the difference nonbusiness. as a deduction on this line; otherwise, enter the difference on line 21. Line 30 Nonbusiness Expense Offset Don’t enter any amounts for property acquired during Add back expenses included in computing federal 2008 and 2009. income that are related to the production of allocated nonbusiness income listed on line 29. EIN00098 11-08-2022 Page 3 of 8 |
Form 41S — Instructions 2022 (continued) Line 33 Other Subtractions Credits Enter any miscellaneous Idaho deductions. Include Except for the Tax Reimbursement Incentive credit and any deductions from separately stated items the investment tax credit earned by an S corporation you’re required to report except for deductions not while a former C corporation, credits earned by the S allowed to S corporations when paying the tax for corporation pass through to each shareholder based on shareholders. Include a schedule identifying each that shareholder’s proportionate share of S corporation deduction. income or loss. When an S corporation has a fiscal Include any amounts included in net distributable year-end other than that of the shareholder, the credit income, line 18 for funds received or loans forgiven passes through in the same period that the shareholder according to Public Laws 116-136, 116-139, and reports the S corporation income or loss for federal tax 116-142 for COVID-19 relief. purposes. The S corporation must provide each shareholder Line 37 Apportionment Factor with an Idaho Form ID K-1. This form shows the If all the activity is in Idaho, enter 100%. If the S shareholder’s proportionate share of credits earned, corporation has multistate/multinational operations, credits subject to recapture, and contribution information enter the apportionment factor from Form 42, Part I, needed to calculate certain credits. Each shareholder line 21. Include Form 42. uses this information to determine the amount of Idaho Line 38 Net Business Income Apportioned to Idaho credit allowed, recapture required, and credit carryovers Multiply line 36 by the percent on line 37. to report on the shareholder’s Idaho income tax return. Credits reported by each shareholder are subject to the Line 39 Income Allocated to Idaho limitations applicable to that shareholder. Include copies Enter the amount of nonbusiness income allocated of Form ID K-1 with this return for the year when the to Idaho minus the nonbusiness expense offset credit is earned. from line 30 that applies to this income. Include a If an individual shareholder’s portion of the income schedule detailing the source of the income allocated is taxed on the S corporation’s return, the tax can be to Idaho. offset by that shareholder’s proportionate share of Line 40 Affected Business Entity (ABE) Idaho Net credits. Credits applied to this tax are computed based Operating Loss (NOL) Carryover on the credit limitations applicable to corporations. Enter the total Idaho NOL carryover amount for the For example, if an S corporation pays the tax for ABE. Include Form 56 or a schedule showing the three individual shareholders, the amount of credit for application of the loss. contributions to educational institutions is the lesser of If the S corporation isn’t making the ABE election, the following amounts: don’t enter anything on this line. Any unused NOL • 50% of the three shareholders’ share of the amount flows through to the shareholders. donated • 10% of the tax computed for the three Line 42 Income Reported on Entity’s Composite shareholders, or Return from Form PTE-12 Enter the total composite income reported on • $5,000 Form PTE-12 for all nonresident individual owners. Credits allowed to a shareholder that aren’t used to This amount should be the total Idaho distributable offset that shareholder’s tax can’t be used to offset the income for all shareholders on Form PTE-12 with tax computed for other shareholders. The broadband filing code “C”. equipment investment credit can be transferred to another taxpayer rather than used by the taxpayer who Line 43 ABE Income earns the credit. Check the box if the ABE has any exempt entity members and subtract their share of Idaho income To claim a credit you acquired through a transfer, from the total affected business income reported on include a copy of the Form 70, Idaho Statement of lines 38 and 39 minus line 40. Enter the difference Credit Transfer, with each return you’re claiming a on this line. An exempt entity means an entity that’s transferred credit on. a member of the ABE and is exempt from income tax Line 45 Credit for Contributions to Idaho under Idaho Code. Educational Entities Donations made by an S corporation to a qualified educational entity can qualify for a tax credit. Donations of goods or services don’t qualify. EIN00098 11-08-2022 Page 4 of 8 |
Form 41S — Instructions 2022 (continued) Composite Return Line 46 Credit for Contributions to Idaho Youth If the S corporation pays the tax for one or more and Rehabilitation Facilities nonresident individual shareholders, determine each An S corporation can claim this credit if it donated cash shareholder’s proportionate share of the following or goods to the following: amounts and enter the total of these amounts on • Qualified center for independent living this line. • Youth or rehabilitation facility or its foundation, or The credit is limited to the smallest of: • Nonprofit substance abuse center licensed by the • One-half of the amount donated Idaho Department of Health and Welfare • 10% of the tax on line 44, or Composite Return • $5,000 If the S corporation is paying the tax for one or more Don’t enter the total credit earned by the S corporation nonresident individual shareholders, determine each if the S corporation isn’t paying the tax for all shareholder’s proportionate share of the following shareholders. amounts and enter the total of these amounts here. The credit is limited to the smallest of: ABE Return The credit is limited to the smallest of: • One-half of the amount donated • One-half of the amount donated • 10% of the tax on line 44 • 10% of the tax on line 44, or • $500, or • $5,000 • The tax on line 44 minus the amounts on line 45 and Form 44, Part I, line 1 Enter the total credit earned by the ABE Don’t enter the total credit earned by the S corporation if A qualified educational entity includes: the S corporation isn’t paying the tax for all shareholders. • A nonprofit corporation, fund, foundation, research park, trust, or association organized ABE Return and operated exclusively for the benefit of Idaho The credit is limited to the smallest of: colleges and universities • One-half of the amount donated • A nonprofit, private, or public Idaho school • 10% of the tax on line 44 (elementary, secondary, or higher education) or • $500, or its foundation • The tax on line 44 minus the amounts on line 45 • Idaho education public broadcast system and Form 44, Part I, line 1 foundations Enter the total credit earned by the ABE • The Idaho State Historical Society or its foundation The qualified youth or rehabilitation facilities and their foundations are: • An Idaho public library or its foundation • Anchor House • An Idaho library district or its foundation • The Arc, Inc., Boise • An Idaho public or private nonprofit museum • The Children’s Home Society of Idaho, Inc., Boise • The Idaho Commission for Libraries • The Children’s Village, Inc., Coeur d’Alene • Idaho Commission on Hispanic Affairs • Dawn Enterprises, Inc., Blackfoot • Idaho Commission for the Blind and Visually Impaired • Development Workshop, Inc., Idaho Falls • Idaho Council on Developmental Disabilities • Gem Youth Services, Emmett • Idaho State Independent Living Council • Hope House, Inc., Nampa • Idaho STEM Action Center • Idaho Drug Free Youth, Inc., Coeur d’Alene • Idaho Council for the Deaf and Hard of Hearing • Idaho Elks Rehabilitation Hospital, Inc., Boise • Medical residency programs or support • Idaho Youth Ranch organizations devoted to training residents in • Kinderhaven, Sandpoint Idaho • Learning Lab, Inc., Boise • Magic Valley Rehabilitation Services, Inc.,Twin Falls • New Day Products, Inc., Pocatello EIN00098 11-08-2022 Page 5 of 8 |
Form 41S — Instructions 2022 (continued) • Northwest (North Idaho) Children’s Home This includes an S corporation. The $20 minimum • Opportunities Unlimited, Inc., Lewiston tax isn’t required to be paid by a: • Panhandle Special Needs, Inc., Sandpoint • Nonproductive mining corporation • Project P.A.T.C.H. (Planned Assistance for • Corporation not organized for profit that isn’t Troubled Children) required to pay federal tax on unrelated business income • Shepherd’s Home, Inc., McCall • Homeowners’ association filing Form 1120-H and • Transitional Employment Services for the having no federal taxable income Handicapped, Coeur d’Alene • Corporation under the protection of Public • Walker Center, Gooding Law 86-272 • Winchester Occupational Workshop, Winchester If the S corporation owes federal tax on excess net • Witco Inc., Caldwell passive income or net recognized built-in gains, • Women’s and Children’s Alliance compute the Idaho tax using the following instructions: The following are the qualified centers for • Compute the Idaho tax on excess net passive independent living: income by multiplying 6% by the lesser of Idaho • Disability Action Center Northwest, Moscow and apportioned excess net passive income or Coeur d’Alene Idaho apportioned taxable income. See federal Form 1120S instructions. Include a copy of the • Living Independence Network Corporation, Boise computations. and Twin Falls • Compute the Idaho tax on net recognized built-in • Living Independently For Everyone, Inc., Blackfoot, gains by multiplying 6% by the Idaho apportioned Idaho Falls and Pocatello net recognized built-in gain. See federal Line 47 Total Business Income Tax Credits Form 1120S, Schedule D instructions. Include a copy of the computations. Composite Return If the S corporation pays the tax for one or more • If the corporation was previously a C corporation nonresident individual shareholders, determine with credit carryover, the credit can be used to each shareholder’s proportionate share of the total offset all or part of the tax. business income tax credits allowed from Form 44, If the total tax computed is more than $20, draw a line Part I, line 10 and enter the total of these amounts through the 20 printed on the form. Enter on this line the here. Don’t enter the total credit earned by the total Idaho tax on excess net passive income and net S corporation if the S corporation isn’t paying the tax recognized built-in gains minus applicable income tax for all shareholders. Include Form 44. credit carryovers. Credit limitations apply. The total tax ABE Return before credits can’t be less than $20. Enter the total credits earned by the ABE. If the ABE tax computed is more than $20, draw a line through the 20 printed on the form. Enter on this line Line 48 Total Credits the total ABE tax minus applicable income tax credits. If the ABE has any exempt entity members, subtract Credit limitations apply. The total ABE tax before credits their share of Idaho credits from the total ABE credits can’t be less than $20. reported on lines 45 through 47. Enter the difference on this line. An S corporation electing to be an ABE must pay the PBF tax for each member that is an Idaho nonresident. Other Taxes Line 51 Permanent Building Fund (PBF) Tax Line 50 Minimum Tax The following are required to pay the $10 PBF: The minimum tax of $20 is required for each • A corporation required to file an Idaho income tax corporation: return. This includes: • That transacts business in Idaho Homeowners’ associations • Is registered with the Idaho Secretary of State Inactive or nameholder corporations, and to do business in Idaho, or Nonproductive mining corporations registered • Is exercising its corporate franchise in Idaho with the Idaho Secretary of State to do business in Idaho EIN00098 11-08-2022 Page 6 of 8 |
Form 41S — Instructions 2022 (continued) • Each corporation in the unitary group that’s Line 56 Total Tax required to file an Idaho income tax return If the ABE has any exempt entity members, subtract their • An S corporation required to pay tax on excess share of Idaho total tax from recapture of income tax net passive income or net recognized built-in credits from the total ABE tax from recapture of income gains. An S corporation must pay for each tax credits reported on line 52. Enter the difference plus individual included in the composite return. the amounts on lines 49, 50, 51, 53, 54 and 55 on this line. A corporation under the protection of Public Law 86-272 isn’t required to pay the PBF tax. Line 57 Underpayment Interest An S corporation electing to be an ABE must pay Use Form 41ESR, Part I, Underpayment of Estimated the PBF tax for each member that is an Idaho Tax, to determine if there’s an underpayment of nonresident. any estimated tax payments. Enter the amount of underpayment interest from Form 41ESR, Part II, Line 52 Total Tax From Recapture of Income Tax line 24. Include Form 41ESR. Credits If this is an amended return, enter the amount from the Composite Return original return. If the S corporation is paying the tax for one or more nonresident individual shareholders, include on this Line 58 Donation to Opportunity Scholarship line those shareholders’ proportionate share of the Program total tax from recapture of income tax credits from You can make a voluntary donation to the Idaho Form 44, Part II, line 6. Include Form 44. Opportunity Scholarship Program. The amount designated will either reduce your refund or increase ABE return your tax due. Your choice to donate can’t be changed; Enter the total tax from recapture of income tax you can’t get a refund later. credits from Form 44, Part II, line 6. Include Form 44. Contributions help provide need-based scholarship Line 53 Fuels Tax Due funds to Idaho high school graduates who attend If you buy gasoline, aircraft fuel or special fuels approved higher education institutions in Idaho. (diesel, propane, or natural gas) without paying the For more information visit the Idaho Opportunity fuels tax and later use this fuel in licensed vehicles Scholarship Program website at boardofed.idaho.gov/ or aircraft, you owe fuels tax. Add the amounts on scholarships/Idaho-opportunity-scholarship. Form 75, Section IV, lines 3 and 4 and enter the total here. Include Form 75. Payments and Other Credits Line 54 Sales/Use Tax Due Line 60 Estimated Tax Payments If you purchased an item from an out-of-state seller Enter the total amount of estimated tax payments made (including internet, catalog, radio, and TV purchases) for tax year 2022 from the following forms: and the seller didn’t collect sales tax on that • Form 41ES, Estimated Tax Payment/Extension purchase, you must pay the use tax directly to the of Time Payment and Tax Commission. Multiply the total amount of those • The amount applied from your 2021 return purchases by 6% (.06). • Don’t include PTE-01 payments here If you computed use tax on Form 75, add it to the use tax on other purchases and enter the total here. Line 61 Tax Paid by ABE on Your Behalf If you have an Idaho sales or use tax account, don’t If the S corporation is a member in an ABE, enter enter your sales or use tax on this line, but continue the amount of tax paid by the ABE (upper entity) to report the tax on these purchases on your sales on this S corporation’s behalf. Include a copy of and use tax returns. Form ID K-1s with your return. Line 55 Tax From Recapture of Qualified Line 62 Special Fuels and Gasoline Tax Refund Investment Exemption (QIE) The special fuels (diesel, propane, or natural gas) tax If you’ve claimed the QIE for property tax on property refund is available to those who use the fuel for heating that no longer qualifies before the end of the five-year or in off-highway equipment and have paid the tax on recapture period, you must recapture part or all the special fuels purchased. Enter the amount from of the property tax benefit. Enter the amount from Form 75, Section IV, line 2. Include Form 75. Form 49ER, Part III, line 18. Include Form 49ER. EIN00098 11-08-2022 Page 7 of 8 |
Form 41S — Instructions 2022 (continued) The gasoline tax refund is available to those who buy Amended Return Only and use gasoline in off-highway equipment or auxiliary Complete lines 71 through 74 only if you’re filing this engines. Enter the amount from Form 75, Section IV, return as an amended return. line 1. Include Form 75. Line 71 Total Due or Overpayment on This Return Line 63 Tax Reimbursement Incentive Credit If the total due shown on line 68 is greater than zero, Enter the total credit allowed from the Idaho enter the amount here as a positive amount. Reimbursement Incentive Certificate. Include a copy of the certificate with the return. If line 68 is zero, enter the amount of overpayment from line 69 here as a negative amount. Refund or Payment Due Line 72 Refund from Original Return Plus Additional Line 66 Penalty and Interest Refunds Penalty and interest are computed on the tax on Enter the total refund amount from previous returns for line 65 minus the underpayment interest on line 57 this tax year here as a positive amount. and the donation amount on line 58. Line 73 Tax Paid with Original Return Plus Penalty: Idaho law provides penalties for not filing Additional Tax Paid tax returns by the due date, not paying tax due Enter the total due paid from previous returns for this tax on time, and not prepaying enough on extension year here as a positive amount. Don’t include penalty, returns. For more information or to calculate a interest, Form 51 estimated payments, withholding, or penalty, see our Penalties and Interest page at unpaid tax. tax.idaho.gov/penalties. Line 74 Amended Tax Due or Refund Interest: We charge interest on the amount of tax Add lines 71 and 72 then subtract line 73. A positive due from the due date until paid in full. The rate for amount is your amended tax due. A negative amount is 2023 is 5%. your amended refund. Line 67 Nonrefundable Credit From a Prior Year Return Signature If you were denied a refund from an overpayment of An authorized individual must sign the return on behalf tax on a prior year return because of the three-year of the corporation. statute of limitations, you may be eligible to take a credit for the amount. See Idaho Form 44 for Tax Preparer calculation of your credit and include it with your Check this box if you paid a tax preparer to complete return. your return, and you’re authorizing the Tax Commission Line 70 Refund/Apply to 2023 to discuss your return with the paid preparer identified Refund on your return. Enter the amount of your overpayment from line 69 You’re also authorizing the paid preparer to: that you want refunded to you. Refunds of less than • Give the Tax Commission any information that’s $1 won’t be issued. You have three years from the missing from your return, and return’s due date (not including extensions) to claim a • Call the Tax Commission for information about refund. Refunds will be reduced by unpaid Idaho tax the processing of your return or the status of your liabilities and can be applied to unpaid liabilities owed refund or payments to other agencies. You’re not authorizing the paid preparer to receive The agency or party seizing the refund must send you any refund check, bind you to anything including any notice of the action. Questions about a refund seizure additional tax liability or otherwise represent you before should be directed to the agency or party that initiated the Tax Commission. This authorization is valid for the claim for seizure. up to 180 days from the date the Tax Commission Apply to 2023 receives the return. If you want the Tax Commission If you’re filing an original return, subtract the amount to contact you instead of your preparer, leave the box you want to refund from line 69. Any difference will blank. be applied to your 2023 tax and won’t be refunded. Contact us: In the Boise area: (208) 334-7660 |Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00098 11-08-2022 Page 8 of 8 |