Schedule M-15 Instructions For 2000 - Minnesota Department Of Revenue Page 2
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1
2Optional short method
Line 17
• You are a farmer and you did not pay
Line 7
your entire income tax by March 1,
If you have an underpayment in all four
quarters, in each column fill in the date
2001, or you did not pay two-thirds of
Fill in the total amount of 2000 estimated
your income tax with your estimated
you filed your return or April 16, 2001,
tax payments you made in 2000 and 2001.
whichever is earlier.
tax voucher by January 16, 2001.
Do not include any other amounts on line 7.
Fill in the full amount of line 6 under
Otherwise, fill in the date when the
column D of line 13 and omit columns
Line 12
underpayment amount on line 16 was
A, B, and C of line 13.
Subtract line 11 from line 10. This is the
paid in full.
amount of your underpayment of
Line 14
For example: You made your first quarter
estimated tax penalty.
For each payment period, fill in the total
estimated tax payment on April 13, but
amount of:
Individuals: Fill in this amount on line 23
you show an underpayment on line 16.
of your Form M-1. If you owe an amount
On June 14, you paid your second quarter
• estimated payments you paid for each
on line 22 of your Form M-1, add the
payment in full and included the under-
payment period, plus any 1999
penalty from line 12 of this schedule to
payment from the first quarter. On line
Minnesota income tax refund which
the amount owed and fill in the total on
17, you would fill in June 14 in the first
you elected to apply to your 2000
line 22 of your Form M-1.
and second quarter columns.
estimated tax,
If you have a refund on line 20 of your
Line 22
• Minnesota income tax withheld in
Form M-1, subtract the penalty from line
2000, and
Add the amounts in columns A through
12 of this schedule from your refund and
D and fill in the result on line 22. This is
fill in the result on line 20 of your Form
• child and dependent care credit (from
the amount of your underpayment of
M-1.
line 16 of your Form M-1), working
estimated tax penalty.
family credit (line 17 of Form M-1), or
Trusts: Fill in the amount from line 12 on
K–12 education credit (line 18 of Form
Individuals: Fill in this amount on line 23
line 17 of Form M-2.
M-1).
of your Form M-1.
Partnerships: Fill in the amount from line
You are considered to have paid any
If you owe an amount on line 22 of your
12 on line 11 of Form M-3.
Minnesota income tax withheld or
Form M-1, add the penalty from line 22 of
received any refundable credits (child and
Regular method
this schedule to the amount owed and fill
dependent care, working family, or K–12
Line 13
in the total on line 22 of your Form M-1.
education credits) evenly over the period
Unless one of the conditions below
you worked during the year unless you
If you have a refund on line 20 of your
applies to you, fill in 25 percent (.25) of
show otherwise. If you worked all year,
Form M-1, subtract the penalty from line
the amount on line 6 in each of the four
divide the total amount of withholding
22 of this schedule from your refund and
columns on line 13.
and credits by 4, and fill in the result in
fill in the result on line 20 of your Form
each column.
M-1.
If one of the conditions below applies to
you, follow the instructions given:
If you filed your 2000 Minnesota return
Trusts: Fill in your underpayment of
and paid the tax you owed on or before
• Your taxable income was higher at
estimated tax penalty on line 17 of Form
January 31, 2001, you may consider the
M-2.
some times during the year and lower
tax paid as of January 16, 2001.
at others.
Partnerships: Fill in your underpayment of
You may be better off figuring your
Trusts: Fill in the amount of prepaid taxes
estimated tax penalty on line 11 of Form
installments by using the annualized
included on line 15 of your 2000 Form
M-3.
income installment method. For
M-2.
example, if you received income from
Lines 15 and 16
which no tax was withheld in April or
later, fill out the worksheet on the back
Compare line 13 of each column to line 14
of the same column.
of Schedule M-15.
The annualized income installment
If line 14 for the payment period is more
worksheet automatically selects the
than line 13, you have an overpayment.
smaller of the annualized income
Subtract line 13 from line 14 and fill in the
installment or the regular installment
result on line 15.
(increased by the amount saved by
using the annualized income install-
Add line 15 to the credit on line 14 of the
ment method in figuring earlier
next column. Overpayments in any
installments).
quarter following an underpayment must
first be applied to making up previous
If you use this method for one pay-
underpayments.
ment due date, you must use it for all.
Follow the worksheet instructions on
If line 14 is less than line 13, you have an
the back of Schedule M-15.
underpayment for that payment period.
Subtract line 14 from line 13 and fill in the
result on line 16. Continue with line 17.
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