This article provides a detailed, step-by-step guide to completing Indiana Form FT-ES, which is used for making quarterly estimated payments of the Financial Institution Tax (FIT) in Indiana. Financial institutions are required to file Form FT-ES if they expect to owe tax for the year. The form is due on specific dates based on the taxpayer’s calendar or fiscal year. By following these instructions, you’ll ensure that you file the form correctly and avoid penalties.
What Is Indiana Form FT-ES?
Indiana Form FT-ES is the estimated payment voucher used by financial institutions to submit quarterly payments of the Financial Institution Tax (FIT) due to the Indiana Department of Revenue. This form must be filed by all financial institutions who expect to owe taxes for the year. The payments are due quarterly on specific dates: April 20, June 20, September 20, and December 20 for calendar-year taxpayers, or on the 20th day of the 4th, 6th, 9th, and 12th months of the tax period for fiscal-year or short-year filers. The form ensures that payments are made on time to avoid penalties and interest. If the annual tax liability is less than $2,500, estimated payments are not required. Additionally, for payments exceeding $5,000, electronic funds transfer (EFT) is mandatory.
How to File Indiana Form FT-ES
Form FT-ES can be filed via paper or electronically. If you receive preprinted vouchers at the start of your tax year, simply use those for your payments. If you do not have preprinted vouchers, you must fill out the FT-ES voucher manually. After completing the form, you will mail it to the Indiana Department of Revenue at P.O. Box 7228, Indianapolis, IN 46207-7228. Payments must be made in U.S. funds, and checks should be made payable to the Indiana Department of Revenue.
If the quarterly tax payment exceeds $5,000, you are required to make the payment using electronic funds transfer (EFT). This can be done by contacting the EFT section at (317) 232-5500 for more details.
How to Complete Indiana Form FT-ES: Line-by-Line Instructions
- Name:
Enter the name of the financial institution filing the form. - Address:
Provide the complete address of your financial institution. - Federal Employer Identification Number (FEIN):
Enter the FEIN assigned to your institution by the IRS. - Voucher Number:
Indicate the voucher number corresponding to the quarter. This will be either 1, 2, 3, or 4 depending on the quarter in which you are submitting the payment. - Calendar or Fiscal Year Ending:
Enter the ending month and year of the tax period. For calendar-year filers, this will typically be 12-YYYY. For fiscal-year filers, enter the appropriate month and year. - Due Date:
Enter the specific due date for the estimated payment. This will be April 20, June 20, September 20, or December 20 for calendar-year filers, or the 20th day of the respective quarter for fiscal-year filers. - Signature of Officer:
An authorized officer from your institution must sign the form to certify its accuracy. - Title:
The officer who signs the form must also provide their title (e.g., CFO, Controller). - Date:
The date on which the form is signed. - Daytime Telephone Number:
Provide a contact number where the institution can be reached if needed. - Financial Institution Tax Due for the Quarter:
Enter the total financial institution tax due for the quarter. This is the amount your institution must pay to the state of Indiana for that quarter.
Important Notes on Filing and Payment
- Late Payment:
Any late payment will not be credited back to the institution and cannot be claimed as a credit on the annual return. Penalty and interest paid due to late payments will not be refunded. - Refunds and Adjustments:
Refund claims can only be processed annually. If you find errors on a quarterly filing, they should be adjusted on the next quarterly return or on the annual return, and a complete explanation must accompany the corrected filing. - Electronic Funds Transfer (EFT):
If the payment exceeds $5,000, it must be paid via EFT. If you do not have the proper forms or need further guidance, contact the EFT Section at the provided number. - Authorized Officer Signature:
Each form must be signed by an authorized officer of the financial institution to validate the submission.