Form M15c - Additional Charge For Underpayment Of Estimated Tax - Minnesota Department Of Revenue - 2013 Page 2
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1
2Schedule M15C Instructions
This schedule is not required if
applied to the first quarter. The additional
Line 24. Use the tax rate of 9.8 percent.
charge for the first quarter is computed
you are filing your first Minnesota
Line 25. Use the alternative minimum tax
from the first-quarter due date to the date
rate of 5.8 percent.
tax return.
the second-quarter payment is made.
Line 35. Enter 25 percent (.25) of line 3
Also, the second-quarter installment will
Figuring the Underpayment
of Schedule M15C in each column. Large
then be underpaid by $100 (assuming that
corporations: To determine the amounts to
Line 1
the second-quarter required installment is
enter, see the instructions below.
$200) until sufficient payments are received
Enter your 2013 tax from Form M4, line 1,
to eliminate the underpayment.
Line 38. Enter the required installments
less any credits reported on Form M4, lines
from line 38 on line 5 of this Sched-
4 through 7.
If more than one payment has been made
ule M15C.
for a required installment, attach a separate
Line 2
computation for each payment.
Attach the federal schedule to this schedule
Enter your 2012 tax from your 2012
if an alternative
method is used for any
If the due date falls on a weekend or legal
Form
M4, line 1, less any credits reported
installment.
holiday, payments electronically made or
on your 2012 Form M4, lines 4 through 8.
postmarked the next business day are con-
Large Corporations
Line 4
sidered timely.
A corporation is considered a large corpora-
The due dates of the installments are the
tion if it had Minnesota taxable net income
Alternative Methods
15th day of the third, sixth, ninth and 12th
(after apportionment) of $1 million or more
months of the taxable year.
in any of the three tax years immediately
If your income varied during the year, there
preceding the current year.
are two alternative methods of determining
If you have a short taxable year, the install-
the required installment:
ments are due on the 15th day of the third,
A unitary business is considered a large cor-
sixth, ninth and final months. No install-
poration if the combined Minnesota taxable
• Adjusted Seasonal Installment Method,
ment is required for a short taxable year of
net income of its members was $1 million
and
or more in any of the three tax years imme-
fewer than four months.
• Annualized Income Installment Method.
diately preceding the current year.
To use one or both of these methods to
Line 5
A large corporation must use 100 percent of
figure one or more required installments,
Each required installment is 25 percent
its current year’s tax liability as its required
complete Schedule A of federal Form 2220
of the amount on line 3 unless you use an
annual payment unless an alternative
and make the following adjustments for
alternative method (see “Alternative Meth-
method is used for any installment (see
Minnesota tax purposes.
ods”). Large corporations, read the special
previous column). For the first quarter only,
instructions under “Alternative Methods. ”
Lines 1a, 1b, 1c and 2. Column (a) of these
the installment may be based on a required
lines should include income for the first two
annual payment equal to 100 percent of
To determine the amount of each required
months of each tax year.
the prior year’s tax liability. Any resulting
installment for a short taxable year, divide
reduction in the installment must be added
the amount on line 3 by the number of
Lines 3a, 3b and 3c. Column (a) of these
to the second-quarter installment.
installments due.
lines should include income for the first
three months of each tax year.
The second, third and fourth installments
Line 6
must be based on a required annual payment
Line 10. Use the tax rate of 9.8 percent.
In the first column, enter payments made
equal to 100 percent of the current year’s tax
by the 15th day of the third month of the
Line 15. Use the alternative minimum tax
liability unless an alternative method is used
tax year. Include any overpayment from
rate of 5.8 percent.
for any installment (see previous column).
your 2012 return that was credited to your
Line 20. Enter your Minnesota annualiza-
2013 estimated tax account. For each of the
tion periods, using the following:
other columns, enter payments made after
the previous column’s due date and by that
• In Column (a), enter 2.
column’s due date shown on line 4.
• In Column (b), enter either 2 or 5.
• In Column (c), enter either 6 or 8.
Computing the
• In Column (d), enter either 9 or 11.
Additional Charge
Line 21. Enter your Minnesota taxable
income for the periods entered on line 20.
Lines 14 through 17
Payments of estimated tax are applied
If your
your annualiza-
Line 22:
against any underpayments of required in-
annualization
tion amount for
stallments in the order that the installments
period on line 20 is:
the period is:
were due.
2
6
For example, if your first-quarter install-
5
2.4
ment is underpaid by $100 and you deposit
6
2
$200 for your second-quarter installment,
8
1.5
$100 of your second-quarter payment is
9
1.33333
11
1.09091
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