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Per IRS Instructions for Form 1120-W Estimated Tax for Corporations, on page 1:

Who Must Make Estimated Tax Payments

  • Corporations must generally make estimated tax payments if they expect their estimated tax (income tax less credits) to be $500 or more.
  • S corporations must make estimated tax payments for certain taxes. S corporations should see the Instructions for Form 1120-S, U.S. Income Tax Return for an S Corporation, to figure their estimated tax payments.
  • Tax-exempt corporations, tax-exempt trusts, and domestic private foundations must make estimated tax payments for certain taxes. These entities should see the instructions for their tax return to figure the amount of their estimated tax payments.

For C corporations, per IRS Instructions for Form 1120 U.S. Corporation Income Tax Return, on page 4:

Estimated Tax Payments

Generally, the following rules apply to the corporation's payments of estimated tax.

On page 5:

  • The corporation must make installment payments of estimated tax if it expects its total tax for the year (less applicable credits) to be $500 or more.
  • The installments are due by the 15th day of the 4th, 6th, 9th, and 12th months of the tax year. If any date falls on a Saturday, Sunday, or legal holiday, the installment is due on the next regular business day.
  • The corporation must use electronic funds transfer to make installment payments of estimated tax.
  • Use Form 1120-W, Estimated Tax for Corporations, as a worksheet to compute estimated tax. See the Instructions for Form 1120-W.
  • Penalties may apply if the corporation does not make required estimated tax payment deposits. See Estimated tax penalty below.
  • If the corporation overpaid estimated tax, it may be able to get a quick refund by filing Form 4466, Corporation Application for Quick Refund of Overpayment of Estimated Tax. See the instructions for Schedule J, Part III, line 15, later.

To set up estimated tax payments in the TaxAct 1120 program:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click 2021 Estimated Tax Payments in the Federal Quick Q&A Topics menu to enter or review the information regarding your estimated tax payments.
  3. Continue with the interview process to enter all of the appropriate information.
  4. The screen titled Federal 2021 Estimated Tax - Quarterly Payments will reflect if your entries have resulted in estimated tax payments and, if so, the following screen titled Federal 2021 Estimated Tax - Print 1120-W will provide the option to check Print Form 1120-W for the homeowners association's records to force Form 1120-W to print with the return.

Once you have completed that section of the Q&A, you can e-file them with your return or you may set up payments through the IRS Electronic Federal Tax Payment System (EFTPS).

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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