Form M11l - Insurance Premium Tax Return For Life And Health Companies - 2014 Page 4
Download a blank fillable Form M11l - Insurance Premium Tax Return For Life And Health Companies - 2014 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form M11l - Insurance Premium Tax Return For Life And Health Companies - 2014 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4
52014 Form M11L Instructions (continued)
Completing Form M11L
T, attach a schedule reconciling the differ-
historic structure located in Minnesota. The
ence.
credit is equal to 100 percent of the federal
Check Boxes
credit, and it may be transferred or assigned
Lines 5 and 6
At the top of the form, check if the return is:
to others, including insurance companies.
Dividends
• an Amended Return: Check only if you
To qualify for the Minnesota credit, the
Enter the dividends to be included in the
are amending a previously filed return
project developer must apply for approval
gross taxable business. If dividends listed
for the same period. Include all original
from the State Historic Preservation Office
differ from your annual statement, attach a
and corrected premiums on the amended
(SHPO) of the Minnesota Historical Society
statement explaining the differences.
return.
before any rehabilitation of the structure
begins. For eligibility requirements and
Line 7
Columns A and B
information on how to apply for approval,
Other Additions
All domestic, foreign and alien insurers
go to the SHPO website at
Attach a separate schedule itemizing the ad-
must complete Column B (Minnesota
shpo.
ditions and amounts included on this line.
basis).
Once the approved project has been com-
Lines 10 through 15
Foreign and alien insurers (except Hawaii,
pleted and placed into service, the SHPO
New York, Massachusetts and Rhode Island
Dividends
will issue a credit certificate. From the credit
domiciled companies) must also complete
Enter dividends only if returned to the in-
certificate you received from the SHPO,
Column A (for purposes of applying Min-
sured person or entity paying the premium.
enter the five-digit NPS project number and
nesota retaliatory laws) and Schedule M11B.
the amount of your credit on line 40. You
Lines 25 and 30
Note: All premiums, deductions and
must include the credit certificate when you
Premium Tax Percentage Rate
file your Form M11L.
resulting taxes listed in Column A must
If premiums are taxed at more than one
be in accordance with the laws of the state
rate, enclose a schedule showing rates and
Lines 42a Through 42e
or country of incorporation as they would
premiums. Life insurance premiums are
Estimated Tax Payments
apply to a Minnesota insurer licensed and
taxed at 1.5 percent and accident and health
If any line contains more than one payment,
doing business in that state or country. If
premiums are taxed at 2 percent.
you must attach a schedule.
the taxing authority of the state or country
of incorporation requires a supplemental
Line 38
If payments are included from a merged
schedule to support tax computations, the
Guaranty Fund Assessment
company, attach a schedule listing the
same type of schedule (applying to business
Twenty percent of assessments (less any
merged company name, NAIC number,
in Minnesota) must be attached to Minne-
refunds) made and paid to the Minnesota
payment amounts and payment dates.
sota Form M11L.
Life and Health Guaranty Association or the
Line 44a
Minnesota Insurance Guaranty Association
In Column B (Minnesota basis), include di-
Additional Charge for Underpaying
are allowable offsets against the tax liability
rect premiums; stop-loss premiums; assess-
Estimated Tax
for the five years following the payment of
ments; deposits; policy, membership and
If you did not pay the correct amount of
the assessment. Contact our office if you
survey fees; and dues, dividends and interest
estimated tax by the due dates and your tax
have questions about carrying forward
applied to reduce current premiums, pay
liability on line 41 is more than $500, you
credits.
renewal premiums, shorten the premium
may have to pay an additional charge for
paying period or provide extended and
If assessments are more than your tax liabil-
underpaying. Complete the worksheet on
paid-up additional insurance.
ity (positive amount on line 37), use only
page 3 to determine the amount to enter on
the amount necessary to reduce your tax
Exclude employer contributions credited
line 44a.
liability to zero; the remaining amount may
for the insurer’s employees’ and agents’ life,
be deducted in future tax years.
Line 44b
accident and health insurance plans; and
all return premiums on policies not taken,
Penalty
If you receive a refund for an assessment
except cash surrender values paid upon
Late Payment. If you file on time but don’t
from the association, the refund must
the cancellation and surrender of policies
pay all the tax due by the due date, a late
be subtracted from the paid assessment
or certificates of life insurance. If these
payment penalty is due. The penalty is
amount. If a refund is more than the assess-
premiums were included on line 8, you
5 percent of the unpaid tax for any part of
ment, the excess must be paid to Minnesota.
may deduct them on line 15; if they were
the first 30 days the payment is late, and
Line 39
included on line 18, you may deduct them
5 percent for each additional 30-day period,
on line 19.
up to a maximum of 15 percent.
Tax Before Refundable Credits
The amount on line 39 can only be negative
Late Filing. Add a late filing penalty to
Line instructions
due to return premiums. It cannot be nega-
the late payment penalty if your return is
tive due to guaranty fund association offsets
Round amounts to the nearest dollar. De-
not filed by the due date. The penalty is
(see instructions for line 38).
crease any amount less than 50 cents and in-
5 percent of the unpaid tax. When added
crease any amount that is 50 cents or more
to the late payment penalty, the maximum
Line 40
to the next higher dollar.
combined penalty is 20 percent.
Historic Structure Rehabilitation Credit
If the reported premiums are different from
A refundable credit is available to taxpayers
the premiums on the state page or Schedule
who are eligible for the Federal Historic Re-
2
habilitation Credit for improving a certified
Continued
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial