Schedule M15 - Underpayment Of Estimated Income Tax - Minnesota Department Of Revenue - 2013
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42013 Schedule M15, Underpayment of Estimated Income Tax
For Individuals (Form M1)
Sequence #13
Your first name and initial
Last name
Social Security number
Required Annual Payment
1 Minnesota income tax for 2013 (from line 20 of Form M1. See instructions if you were
subject to the alternative minimum tax or the new 9.85% tax rate) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2 Minnesota withholding and credits for 2013 (add lines 23 and 25–28 of Form M1) . . . . . . . . . . . . . . . . . 2
3 Subtract line 2 from line 1 . If less than $500, stop here; you do not owe an underpayment penalty . . . . 3
4 Multiply line 1 by 90% ( .90) . Farmers and commercial fishermen: Multiply line 1 by 66 .7% ( .667) . . . . . 4
5 Minnesota income tax for 2012 (from line 20 of Form M1). See instructions if your 2012 federal
adjusted gross income was more than $150,000 or if you did not file a 2012 return . . . . . . . . . . . . . . . . . 5
6 Required annual payment . Amount from line 4 or line 5, whichever is less . . . . . . . . . . . . . . . . . . . . . . . . . 6
• If line 6 is less than or equal to line 2, stop here; you do not owe an underpayment penalty.
• If line 6 is more than line 2, continue with line 7 or line 13, depending on which method you use.
Optional Short Method
(see instructions to determine which method to use)
7 Quarterly estimated tax payments you made for 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8 Add line 2 and line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
9 Total underpayment for the year . Subtract line 8 from line 6
(if result is zero or less, stop here; you do not owe an underpayment penalty) . . . . . . . . . . . . . . . . . . . . . . 9
10 Multiply line 9 by 2% ( .02) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11 • If the amount on line 9 will be paid on or after April 15, 2014, enter 0.
• If the amount was paid before April 15, 2014, use the following computation and
enter the result on line 11:
amount on
number of days paid
X
X
.00008 . . . . . . . . . . . 11
line 9
before 4/15/14
12 Penalty. Subtract line 11 from line 10. Enter result here and on line 33 of Form M1 . . . . . . . . . . . . . . . 12
A
B
C
D
Regular Method
April 15, 2013
June 15, 2013
Sept. 15, 2013
Jan. 15, 2014
13 Enter 25% ( .25) of line 6 in each column UNLESS
you are a farmer, fisherman, used the annualized
income worksheet on the back of this form or were
subject to either the alternative minimum tax or the
new 9 .85% tax rate . See instructions if you
do not enter 25% of line 6 . . . . . . . . . . . . . . . . . . . . . . . . . 13
14 Credits. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . 14
15 Overpayment. If line 14 is more than line 13, subtract
line 13 from line 14. Enter the result here and add it
to line 14 in the next column . Overpayments in any
quarter following an underpayment must first be
applied to making up previous underpayments . . . . . . . 15
16 Underpayment. If line 14 is less than line 13,
subtract line 14 from line 13. Enter the result
here and go to line 17 below . . . . . . . . . . . . . . . . . . . . . . 16
17 Enter the date of payment or April 15, 2014,
whichever is earlier (see instructions) . . . . . . . . . . . . . . 17
18 Number of days between the payment due date
and the date on line 17 . . . . . . . . . . . . . . . . . . . . . . . . . . 18
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19 Divide line 18 by 365. The result is a decimal . . . . . . . . 19
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20 Multiply line 19 by 3% (.03). Enter as a decimal . . . . . . 20
21 Multiply line 20 by line 16 . . . . . . . . . . . . . . . . . . . . . . . . 21
22 Penalty. Add columns A-D on line 21 . Enter result here and on
line 33 of Form M1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
You must include this schedule with your Form M1.
9994
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