Insurance Premium Estimated Tax Instructions: Worksheet To Determine Estimated Tax Payments For Tax Year

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Insurance Premium Estimated Tax Instructions
For property, casualty and title insurance companies filing Form M11, for life insurance companies filing M11L and
for township mutual insurance companies filing Form M11T (M.S. 297I.05, subd. 1-4)
Filing Requirements
Worksheet Instructions
numbers. When paying electronically, you
must use an account not associated with any
You must make estimated tax payments if
Step 2
foreign banks.
you estimate your Minnesota insurance pre-
If you choose to pay the estimated tax in full,
mium tax (as reported on Form M11, M11L
If you use other electronic payment
enter the amount from step 1 on step 2, Col-
or M11T) to be more than $500 this year.
methods, such as ACH credit method or
umn A. Otherwise, divide step 1 by four, and
Fed Wire, instructions are available on our
enter the result in Columns A, B, C and D.
Required Annual Payment. To avoid
website or by calling Business Registration
penalties and interest, your required an-
Step 3
Office at 651-282-5225 or 1-800-657-3605.
nual payment of estimated tax must equal
If you elected to have all or a portion of your
100 percent of last year’s tax liability or 80
Check Payments (Form M19)
previous year’s refund applied as a credit
percent of the actual tax due for the current
If you are not required to pay electroni-
to your estimated tax, enter the amount in
year, whichever is less. If you did not have
cally and choose to pay by check, you must
Column A.
an insurance premium tax liability last year,
complete a Form M19 payment voucher
you are not required to pay estimated tax
If step 3 is more than step 2 for any quarter,
and mail it with your check. Download the
for the current year.
include the difference as an overpayment
M19 voucher from our website, type in the
credit in step 3 of the next quarter’s column.
To determine your estimated tax payment
required information while the form is on
Any overpayment credit resulting from the
amounts, complete the worksheet below.
the screen and print a copy. A personalized
fourth installment will be refunded when
scan line will be printed on the bottom of the
Due Dates. Payments are due quarterly on
you file Form M11, M11L or M11T.
voucher using the information you entered.
March 15, June 15, Sept. 15 and Dec. 15.
When the due date falls on a Saturday, Sun-
Payments
Do not send a payment voucher if you pay
day or legal holiday, payments electronically
electronically or no amount is due.
Electronic Payments
made or postmarked on the next business
When you pay by check, your check autho-
If your total insurance taxes and surcharges
day are considered timely.
rizes us to make a one-time electronic fund
due for the last 12-month period ending
No billings or reminders will be sent.
transfer from your account, and you may not
June 30 is $10,000 or more, you are required
receive your canceled check.
to pay your tax electronically in all subse-
Underpaying Installments. If you un-
quent years.
derpay any installment or did not pay by
Note: Express deliveries only should be ad-
the due dates, an additional charge will be
dressed to Minnesota Revenue, Insurance
You must also pay electronically if you’re
added to your tax at a specified percentage
Taxes Section, 600 North Robert Street,
required to pay any Minnesota business tax
per year for the period of underpayment.
St. Paul, MN 55101.
electronically, such as sales or withholding
tax.
Before You Can Make a Payment. To
Information and Assistance
ensure your payment is processed correctly,
To pay over the Internet, go to the depart-
Website:
you must have a Minnesota tax ID number.
ment’s website at
Email:
insurance.taxes@state.mn.us
To register, go to
and login to e-Services. If you don’t have
Phone:
651-556-3024
or call 651-282-5225 or 1-800-657-3605.
Internet access, you can pay by phone at
1-800-570-3329. You’ll need your user name,
We’ll provide information in other
password and bank routing and account
formats upon request to persons
with disabilities.
Worksheet to Determine Estimated Tax Payments for Tax Year:
1 Required annual payment. Enter 100 percent of your total annual tax liability from last
year or 80 percent of your current year’s total annual tax liability, whichever is less . . . . . . . . . . . . . . . . . . . . . . 1
A
B
C
D
Due Dates:
March 15
June 15
Sept . 15
Dec . 15
2 Estimated tax payments (divide step 1 by four) . . 2
3 Overpayment credit, if any . . . . . . . . . . . . . . . . . . . 3
4 Estimated payments due each quarter
(subtract step 3 from step 2) . . . . . . . . . . . . . . . . 4
5 Date paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 Check or confirmation number . . . . . . . . . . . . . . . 6
(Rev . 10/13)

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