Form Est - Additional Charge For Underpayment Of Estimated Tax - 2011 Page 2
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22011 Schedule EST Instructions
Additional Charge for Underpayment of Estimated Tax for Trusts (Form M2), Partnerships (Form M3) and
S Corporations (Form M8)
This schedule is not required if you
sixth, ninth and final months. No install-
Line 13
ment is required for a short taxable year of
Enter 25 percent (.25) of line 6 in each of the
are filing your first Minnesota tax
fewer than four months.
four columns on line 13.
return.
If you prefer to use the annualized income
Line Instructions
installment method to determine the install-
What’s New?
These instructions refer to your original
ment amounts, contact the department.
Starting with tax year 2011, all pass-through
return. However, an amended return is con-
entities (trusts, partnerships and S corpora-
sidered the original return if it is filed by the
Line 14
tions) must use Schedule EST when deter-
regular due date of the original return.
For each payment period, enter the total
mining the additional charge for underpay-
amount of:
Line 2 — 2011 Withholding and Credits
ment of estimated tax.
• estimated payments you paid for each pay-
Trusts: Add lines 15b through 15f of your
ment period;
Individuals will continue to use Schedule
2011 Form M2.
• Minnesota income tax withheld in 2011;
M15 to determine if they owe a penalty for
Partnerships: Add lines 5, 7, 8 and 9 of your
• your 2010 income tax refund, if you
underpaying estimated tax. C corporations
2011 Form M3.
elected on your 2010 Minnesota return
will use the new Schedule M15C.
to apply all or a portion of your refund to
S corporations: Add lines 6, 10, 11 and 12 of
Who Must File
your 2011 estimated tax; and
your 2011 Form M8.
• any refundable credits you claim for 2011.
If you are a trust, partnership or S corpora-
Optional Short Method or
tion, use this schedule to determine if you
You are considered to have received any
owe an additional charge for underpaying
Regular Method
refundable credits evenly during the year un-
estimated tax. (Decedent estates are not
less you show otherwise. Your 2011 refund,
You may use the optional short method only
subject to the additional charge.)
if any, is considered a credit to your first
if:
You may owe an additional charge if:
payment period.
• you did not make any estimated tax pay-
• you did not pay the correct amount of
ments; OR
Lines 15 and 16
estimated tax by the due dates, even if you
• you paid your 2011 estimated tax in four
Compare line 13 of each column to line 14 of
expect to receive a refund; or
equal amounts on or before the due date
the same column.
• your Minnesota tax liability for the cur-
of each installment.
rent year, less any credits, is $500 or more.
If line 14 is more than line 13, you have
Note: If any payment was made before the
an overpayment for the payment period.
Exception. You are not subject to an addi-
installment due date, it is best to use the
Subtract line 13 from line 14 and enter the
regular method. Using the short method
tional charge for underpayment of estimated
result on line 15.
tax if this is the first year you are filing a
will cause you to pay a larger additional
Minnesota tax return.
charge than the regular method. If the pay-
Add line 15 to the credit on line 14 of the
ment was only a few days early, the differ-
next column. Overpayments in any quarter
Avoiding the Additional Charge
ence is likely to be small.
following an underpayment must first be ap-
To avoid an additional charge for underpay-
plied to making up previous underpayments.
Continue with line 7 to use the optional
ment of estimated tax, you must make the
short method, and skip lines 13-22.
If line 14 is less than line 13, you have
required estimated tax payments on time
an underpayment for that payment period.
and pay the lesser of:
If you are not eligible or you choose not
Subtract line 14 from line 13 and enter the
to use the optional short method, use the
• 90 percent of your current year’s original
result on line 16. Continue with line 17.
regular method to determine your addi-
tax liability, less any credits; or
tional charge. Skip lines 7–12 and continue
Line 17
• 100 percent of your prior year’s total tax
with line 13.
If you have an underpayment in all four
liability, less any credit. However, if your
quarters, in each column enter the date you
Minnesota assignable gross income on
Optional Short Method
filed your return or the regular due date for
your 2010 Form M2 is more than $150,000,
filing your return, whichever is earlier.
Line 7
you must use 110 percent of your previous
year’s tax liability instead of 100 percent.
Enter the total amount of 2011 estimated tax
Otherwise, enter the date when the under-
payments you made in 2011 and 2012. Do
payment on line 16 was paid in full.
Fiscal Year Taxpayers
not include any other amounts on line 7.
Example: You made your first quarter esti-
If you file your Minnesota return on a fiscal
Regular Method
year basis, change the payment due dates to
mated tax payment on April 20, but you show
the 15th day of the fourth, sixth and ninth
an underpayment on line 16. On June 14, you
Complete column A, lines 13–16. Then,
months of your fiscal year, and the first
paid your second quarter payment in full and
depending on whether you have an under-
month of your next fiscal year.
included the underpayment from the first
payment or an overpayment, either continue
quarter. On line 17, you would enter June 14
with line 17 of column A (underpayment) or
Short Taxable Year
in the first and second quarter columns.
line 13 of column B (overpayment).
If you have a short taxable year, the install-
ments are due on the 15th day of the third,
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