Schedule M-15 Instructions For 2000 - Minnesota Department Of Revenue
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2MINNESOTA Department of Revenue
Schedule M-15 Instructions for 2000
Underpayment of Estimated Income Tax for Individuals, Trusts, and Partnerships
Who must file
Partnerships
If you did not file a 1999 return, skip line
5 and fill in the amount from line 4 on
If you are an individual, trust, or partner-
Use a separate Schedule M-15 to deter-
line 6.
ship, use this schedule to determine if you
mine the penalty for underpaying
owe a penalty for underpaying estimated
estimated tax on your minimum fee and
Trusts: Fill in the amount from line 14 of
tax.
for each nonresident individual partner
your 1999 Form M-2, unless your 1999
electing to file composite income tax. See
Minnesota assignable adjusted gross
You may owe an underpayment penalty
Form M-3, Partnership Return, instruction
income was more than $150,000. If the
if you received income in 2000 on which
booklet for more details.
trust had more than $150,000 of Minne-
$500 or more of Minnesota income tax is
Required annual payment
sota assignable adjusted gross income,
due after you subtract:
multiply line 14 of the 1999 Form M-2 by
To avoid an underpayment penalty of
• the amount of Minnesota income tax
110 percent (1.10) and fill in the result on
estimated tax, you must have had
that was withheld from your income,
line 5 of the Schedule M-15.
withholding or made timely estimated tax
and
payments and paid the lesser of:
Line 6
• the amount, if any, you claim for the
Fill in the amount from line 4 or line 5,
• 90 percent of your current year’s
2000 Minnesota child and dependent
whichever is less.
original tax liability (66.7 percent if
care credit, working family credit, or
you are a farmer), or
K–12 education credit.
Compare the amounts on line 6 and line
• 100 percent of your prior year’s total tax
2. If line 2 is more than or equal to line 6,
If you were a Minnesota resident for all of
liability — unless your federal adjusted
stop here. You were not required to file
1999 and your 1999 return covered a 12-
gross income on your 1999 return is
estimated tax payments and, therefore,
month period, you do not have to pay a
more than $150,000, then you must use
you do not owe an underpayment penalty
penalty for underpayment of estimated
110 percent of your previous year’s tax
for estimated tax.
tax if you did not have a Minnesota tax
liability instead of 100 percent.
liability on line 11 of your 1999 Form M-1.
If line 2 is less than line 6, you must
Nonresidents, part-year residents
continue with either line 7 or line 13,
A corporation or an S corporation must
Determine your required annual payment
depending on which method you use to
use Schedule EST, Underpayment of
based on your Minnesota assignable
determine the penalty amount.
Estimated Tax by Corporations, to determine
adjusted gross income.
the penalty for underpaying estimated
Optional short method or
franchise tax or S corporation taxes.
Fiscal year taxpayers
regular method
If you file your Minnesota return on a
Farmers
You may use the optional short method
fiscal year basis, change the payment due
If you filed Form M-1, Minnesota Income
only if:
dates to the 15th day of the fourth, sixth,
Tax Return, and paid your entire income
and ninth months of your fiscal year, and
• you did not make any estimated tax
tax by March 1, 2001, or if you filed your
the first month of your next fiscal year.
payments (or your only payments
estimated tax voucher and paid two-
were from Minnesota income tax
thirds of your income tax by January 16,
Line instructions
withheld from your wages), OR
2001, you do not have to complete this
These instructions refer to your original
schedule.
• you paid your 2000 estimated tax in
return. However, an amended return is
four equal amounts on or before the due
You are considered a farmer if two-thirds
considered the original return if it is filed by
date of each installment.
of your annual gross income is earned by
the due date of the original return. Also, a
Note: If any payment was made before
farming.
joint return that replaces previously filed
the installment due date, it is best to
separate returns is considered the original
Exceptions to the penalty
use the regular method. Using the
return.
short method will cause you to pay a
If the Internal Revenue Service (IRS) does
larger penalty than the regular
not require you to pay additional charges
Line 5
method. If the payment was only a
for underestimating your federal tax
Individuals: Fill in the amount from line
few days early, the difference is likely
because you are newly retired or dis-
11 of your 1999 Form M-1, unless your
to be small.
abled, or because of a casualty, disaster or
1999 federal adjusted gross income (from
other unusual circumstances, do not
line 33 of your 1999 federal Form 1040 or
Continue with line 7 to use the optional
complete Schedule M-15. Attach a copy
line 18 of Form 1040A) was more than
short method.
of your federal request to your Form M-1.
$150,000. Nonresidents and part-year
residents use Minnesota assignable
If you are not eligible or if you choose not
adjusted gross income.
to use the optional short method, you
must use the regular method to determine
If your 1999 federal adjusted gross
your underpayment penalty. Skip lines 7
income was more than $150,000, multiply
through 12 and continue with line 13.
line 11 of your 1999 Form M-1 by 110
percent (1.10). Fill in the result on line 5 of
Schedule M-15.
Stock No. 1500150
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