1120W-ME: Worksheet for Calculating Estimated Tax Payments (2024)
Maine · Maine Revenue Services · Used for tax years 2024
Form 1120W-ME is Maine’s 2024 corporate income tax estimated tax worksheet for Form 1120ES-ME. It calculates estimated tax and installment balances, tracks payments and prior-year overpayment credits, and includes a worksheet for revising installments when estimated tax changes.
Who files this form
Form 1120W-ME is a worksheet for calculating Maine corporate estimated tax payments. Keep it for your records.
Every corporation subject to Maine income tax under 36 M.R.S., Part 8 must pay estimated tax unless the requirement is waived. The requirement is waived if income tax liability, after allowable credits, is less than $1,000 for either the current tax year or the prior tax year.
When it's due
For 2024 calendar-year filers, estimated tax installments are due:
- April 17, 2024
- June 17, 2024
- September 16, 2024
- December 16, 2024
For fiscal-year corporations using the 2024 worksheet, installments are due on the 15th day of the 4th, 6th, 9th, and 12th months of the fiscal year. If a due date falls on a Saturday, Sunday, or legal holiday, use the next day that is not a Saturday, Sunday, or legal holiday.
For a short tax year of less than 12 months, the 2024 worksheet instructions require estimated tax to be paid in full by the 15th day of the last month of the tax year.
What you'll need
Have the following information ready to complete the worksheet:
- Adjusted federal taxable income for 2023 or estimated adjusted federal taxable income for 2024, depending on the year selected.
- Your estimated Maine apportionment factor.
- Any prior-year overpayment elected for credit toward estimated tax.
- The due date of your 2023 Form 1120ME, without an extension, and the date of the payment that created the overpayment, if applicable.
- Payment records showing amounts paid, payment dates, and check or bank transaction numbers.
If you amend your estimate, you also need the prior-year credit already applied, current-year payments made, and the number of installments remaining.
Common mistakes
- Using the calendar-year dates for a fiscal-year corporation. The printed payment dates apply only to calendar-year filers.
- Leaving an estimate unchanged when your estimated tax changes. The worksheet notes that you may use the amended computation worksheet to determine revised payment amounts.
- Underpaying a required installment. A penalty accrues automatically on underpayments at the interest rate for overdue taxes.
- Missing the short-year voucher reminder. If filing a short-year tax return, identify your next filing period in the space provided on the voucher.
Questions people ask
Should I keep Form 1120W-ME?
Yes. The worksheet says to keep it for your records.
When can I apply my 2023 overpayment to a 2024 installment?
Enter the credit in the row corresponding to the later of the 2023 Form 1120ME due date, without regard to an extension, or the date the payment creating the overpayment was made. Carry any credit exceeding that quarter’s estimate to the following row, repeating until the credit is used.
What if my estimated tax changes during the year?
You may use the amended computation worksheet. Subtract prior-year credits already applied and current-year payments from the amended estimated tax, then divide the unpaid balance by the number of remaining installments.
How is an underpayment penalty calculated?
The penalty uses the interest rate on overdue taxes. It runs from the installment due date until the underpayment is paid or the related tax return is due, whichever comes first. Use Form 2220ME to calculate it.