Schedule M15 - Underpayment Of Estimated Income Tax - Minnesota Department Of Revenue - 2013 Page 3
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42013 Schedule M15 Instructions
Underpayment of Estimated Income Tax for Individuals (Form M1)
Who Must File
• 90 percent of your current year’s original
$250,000 for joint filers, $200,000 for heads
tax liability (66.7 percent if you are a
of household and $125,000 for married fil-
If you are an individual, use this schedule to
farmer or commercial fisherman); or
ing separate.
determine if you owe a penalty for under-
paying estimated tax.
• 100 percent of your prior year’s total tax li-
Line 5
ability—unless your federal adjusted gross
If you did not file a 2012 return, skip line 5
You may owe an underpayment penalty if
income on the 2012 Form M1 is more
you received income in 2013 on which $500
and enter the amount from line 4 on line 6.
than $150,000, you must use 110 percent
or more of Minnesota income tax is due
of your previous year’s tax liability instead
Enter the amount from line 20 of your 2012
after you subtract:
of 100 percent.
Form M1, unless your 2012 federal adjusted
• the Minnesota income tax that was with-
gross income (from line 37 of federal Form
Nonresidents and part-year residents must
held from your income; and
1040 or line 21 of Form 1040A) was more
have had at least $1 of Minnesota tax liabil-
than $150,000. Nonresidents and part-year
• the total you claim for the refund-
ity to use 100 percent of the prior year’s tax.
residents use Minnesota assignable adjusted
able 2013 Child and Dependent Care,
gross income.
Working Family, K-12 Education, Angel
Fiscal Year Taxpayers
Investment, Historic Structure Rehabilita-
If you file your Minnesota return on a fiscal
If your 2012 federal adjusted gross income
tion, Bovine Tuberculosis Testing and Job
year basis, change the payment due dates to
was more than $150,000, multiply line 20 of
Opportunity Building Zone (JOBZ) Jobs
the 15th day of the fourth, sixth and ninth
your 2012 Form M1 by 110 percent (1.10).
credits.
months of your fiscal year, and the first
Enter the result on line 5 of Schedule M15.
month of your next fiscal year.
You do not have to pay an underpayment
Optional Short Method or
penalty if all of the following apply:
Line Instructions
Regular Method
• you did not have a Minnesota tax liability
These instructions refer to your original re-
on line 20 of your 2012 Form M1;
You may use the optional short method only
turn. However, an amended return is consid-
if you were not subject to the alternative
• you were a Minnesota resident for all of
ered the original return if it is filed by the due
minimum tax, the new 9.85% tax rate, line 5
2012; and
date of the original return. Also, a joint Form
M1 that replaces previously filed separate
was less than line 4 and one of the following
• your 2012 return covered a 12-month
returns is considered the original return.
applies:
period.
• you did not make any estimated tax pay-
Line 1
Nonresidents and part-year residents.
ments (or your only payments were from
Enter the amount from line 20 of Form
Determine your required annual payment
Minnesota income tax withheld from
M1. If you were subject to the alternative
based on your Minnesota assignable ad-
your wages); OR
minimum tax or the 9.85% income tax
justed gross income.
rate, determine the amount for line 1 using
• you paid your 2013 estimated tax in four
Farmers and commercial fishermen. If you
the worksheet below. You are subject to
equal amounts on or before the due date
filed Form M1 and paid your entire income
the 9.85% if the amount on line 8 of Form
of each installment.
tax by March 1, 2013, or paid two-thirds of
Continued
M1 is more than $150,000 for single filers,
your income tax by January 15, 2013, you
do not have to complete this schedule.
Worksheet for Line 1
You are considered a farmer or commercial
1 Tax before the rate change (determine using the chart below)
fisherman if two-thirds of your annual gross
Part-year and nonresidents: multiply the amount from the chart
income is earned by farming or commercial
by line 25 of Schedule M1NR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
fishing.
2 Total nonrefundable credits (from line 19 of Form M1). . . . . . . . . . . . .
2
3 Subtract step 2 from step 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Exceptions to the Penalty
4 Multiply step 3 by 75% (.75)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
If the Internal Revenue Service (IRS) does
not require you to pay additional charges
5 Tax after nonrefundable credits (from line 20 of Form M1)
. . . . . . . . . 5
for underestimating your federal tax
6 Multiply step 5 by 25% (.25).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
because you are newly retired or disabled,
7 Add step 4 and step 6. Enter the result on line 1 of Schedule M15.
. . . 7
or because of a casualty, disaster or other
unusual circumstances, do not complete
Schedule M15. Include a copy of your fed-
Filing Status
Step 1 Calculation:
eral request with your Form M1.
Single
$10,725 + (7.85% of the amount line 8 of Form M1 exceeds $150,000)
Married Joint
$17,894 + (7.85% of the amount line 8 of Form M1 exceeds $250,000)
Avoiding the Penalty
Married Separate
$8,947
+ (7.85% of the amount line 8 of Form M1 exceeds $125,000)
Head of Household $14,231 + (7.85% of the amount line 8 of Form M1 exceeds $200,000)
To avoid an underpayment penalty of esti-
mated tax, you must have had withholding
If you were subject to the alternative minimum tax from Schedule M1MT, multiply the amount
or made the required, timely estimated tax
on line 26 of Schedule M1MT by 6.4% and complete Step 1 of the worksheet above.
payments and paid the lesser of:
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