Iowa Individual Income Tax Tax information for individuals from the Extension of Time to File.

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Presentation transcript:

Iowa Individual Income Tax Tax information for individuals from the Extension of Time to File

Is There an Iowa Extension Form? No Iowa does not have an extension form to obtain additional time to file.

Can I Use the Federal Extension Form for Iowa? No Iowa does not honor a federal extension.

So What Should I Do If I Cant File My Iowa Return on Time? Iowa grants an automatic additional six months to file if at least 90% of your total tax liability is paid by the original due date.

How Do I Know if Ive Paid 90% of my Tax? Step 1 A. Add lines 49, 51, 53, 68, and 75 of the IA 1040 if payment was made by the original due date. B. Add lines 46, 55, and 73. Step 2 Divide A by B. If the result is equal to at least 90%, a six month extension is automatic.

What Should I Do if I Dont Have 90% Paid and Cant File the Return on Time? If you need to make a tax payment to meet the 90% requirement, you may: arrange payment from your bank account through ePay (direct debit) on our Web site.ePay (direct debit) on our Web site pay by credit / debit card online or by telephonecredit / debit card use the IA 1040V (pdf) payment voucher formIA 1040V

So if 90% is Paid I Dont Owe any Penalty? You will not be charged a late file penalty. However, you may owe a 2210 penalty for failure to make estimated payments.2210 penalty for failure to make estimated payments You will owe interest on any tax still due after the original due date.

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