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Franchise Estimated Worksheet Instructions
Who must file and pay
Every financial institution taxable under Iowa Code d. Detach the installment.
section 422.60 with $1,000 or more in tax due after e. For each remaining installment complete steps
credits must file and pay estimated tax. b-d.
Payments of estimated tax Enclose check or money order payable to
Dates for paying estimated tax in equal “Treasurer, State of Iowa” with the installment and
installments are: mail to: Franchise Tax Processing
a. The last day of the fourth month of the calendar Iowa Department of Revenue
or fiscal year. PO Box 10413
b. The last day of the sixth month of the calendar Des Moines, Iowa 50306-0413
or fiscal year. IMPORTANT: Be sure to use the actual tax year
c. The last day of the ninth month of the calendar for “tax year ending” rather than the date the
or fiscal year. payment is due. Failure to include the correct tax
d. The last day of the last month of the calendar or year ending on each estimated voucher will lead to
fiscal year. processing errors that may delay your refund or
Overpayment credit for Iowa franchise tax generate a billing.
return Please do not use corporation estimated forms
If you had an overpayment on your prior-period when making franchise tax estimated payments.
franchise tax return and elected to apply it as a Do not use the holding company Federal
credit to your estimated franchise tax for the Identification Number when making a franchise tax
current period, the amount will be automatically payment. In either case, automated processing
posted from your prior- period Iowa franchise tax may refund your payments to the wrong taxpayer,
return to your estimated tax account. possibly resulting in penalty assessments to the
Use the Estimated Tax Payment Schedule to financial institution.
record and apply your credit. If the credit equals or How to amend your estimated tax
exceeds the estimated tax liability for the first You may find after having filed and paid one or
installment, the balance of the estimated tax can more installments that your estimated Iowa
be paid in full or in equal installments beginning franchise tax has substantially increased or
with Installment 2. Do not send installment forms if decreased. If this happens, you should:
your current-period estimate is paid in full, either by a. Complete a new Franchise Estimated
overpayment from your prior- period franchise tax Worksheet to arrive at your amended estimated
return or by estimated payments already tax.
submitted. b. Do not mail remaining installment forms if your
How to complete and use the worksheet and amended estimated tax is paid in full or if your
installments amended estimated tax (line 14 of the
a. Fill out the Franchise Estimated Worksheet worksheet) is less than $1,000.
to compute your estimated tax for the current c. Complete the Estimated Tax Payment
tax year. If the tax after credits on line 14 is Schedule and enter the amount to be paid on
less than $1,000, you do not have to file and the “Payment Amount” line of the installment.
payestimated tax. d. Detach the installment and mail with required
b. Enter the amount from line 17 in column ofB payment.
the Estimated Tax Payment Schedule. Enter e. For each remaining installment, complete steps
any applicable overpayment in column C. c-d.
Subtract column Cfrom column andB enter in
column D “Amount to be paid ” line of the
installment. Please use whole dollars.
c. Enter the financial institution’s name, address,
and Federal Identification Number in the space
provided.
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