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The .gov means it's official

Government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on an official government site.

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The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

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  • Does Alabama require estimated tax payments for financial institutions?

Does Alabama require estimated tax payments for financial institutions?

Yes. If your tax liability is $500 or more, you are required to make estimated tax payments. Please refer to Alabama Code Section 40-16-5.1 for details on the specific requirements.

Yes. If your tax liability is $500 or more, you are required to make estimated tax payments. Please refer to Alabama Code Section 40-16-5.1 for details on the specific requirements.

Related FAQs in Estimated Tax Payments, Financial Institution Excise Tax

Yes. If your tax liability is $500 or more, you are required to make estimated tax payments. Please refer to Alabama Code Section 40-16-5.1 for details on the specific requirements.

Yes, the taxpayer must submit Form 2220E and the Federal Form 2220 with the return (Form ET-1) when filed to compute the required payment and penalty. The taxpayer also has the option to compute their required quarterly installments using an approved federal method (annualized or seasonal). The Form 2220E will not be accepted after the return (Form ET-1) has been submitted.