Schedule M15 - Underpayment Of Estimated Income Tax - Minnesota Department Of Revenue - 2013 Page 4
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4Note: If any payment was made before the
Lines 15 and 16
income installment method in figuring
installment due date, it is best to use the
earlier installments).
Compare line 13 of each column to line 14
regular method. Using the short method
of the same column.
If you use this method for one payment
will cause you to pay a larger penalty than
due date, you must use it for all. Follow
If line 14 is more than line 13, you have
the regular method. If the payment was only
the worksheet instructions on the back of
an overpayment for the payment period.
a few days early, the difference is likely to be
Schedule M15.
Subtract line 13 from line 14 and enter the
small.
result on line 15.
2 You are a farmer or commercial fisher-
Continue with line 7 to use the optional
man and you did not pay your entire
Add line 15 to the credit on line 14 of the
short method.
income tax by March 1, 2014, or you did
next column. Overpayments in any quarter
If you are not eligible or you choose not to
not pay two-thirds of your income tax
following an underpayment must first be
use the optional short method, use the regu-
when you paid your estimated tax by
applied to making up previous underpay-
lar method to determine your underpay-
January 15, 2014.
ments.
ment penalty. Skip lines 7–12 and continue
Enter the full amount of line 6 under
If line 14 is less than line 13, you have
with line 13.
column D of line 13 and omit columns A,
an underpayment for that payment period.
B and C of line 13.
Subtract line 14 from line 13 and enter the
Optional Short Method
result on line 16. Continue with line 17.
3 You were subject to the alternative mini-
Line 7
mum tax or the new 9.85% income tax
Enter the total amount of 2013 estimated tax
Line 17
rate. If this applies to you, use the work-
payments you made in 2013 and 2014. Do
If you have an underpayment in all four
sheet below to determine what to enter in
not include any other amounts on line 7.
quarters, in each column enter the date you
columns A, B, C and D of line 13.
filed your return or April 15, 2014, which-
Line 12
ever is earlier.
Line 14
Subtract line 11 from line 10. This is the
For each payment period, enter the total
amount of your underpayment of estimated
Otherwise, enter the date when the under-
amount of:
tax penalty.
payment on line 16 was paid in full.
• estimated payments you paid for each
Enter this amount on line 33 of your 2013
Example: You made your first quarter
payment period;
Form M1.
estimated tax payment on April 20, but you
• Minnesota income tax withheld in 2013;
show an underpayment on line 16. On June
If you owe an amount on line 32 of Form
• your 2012 income tax refund, if you
14, you paid your second quarter payment
M1, add the penalty on line 12 of this
elected on your 2012 Minnesota return
in full and included the underpayment from
schedule to the amount owed and replace
to apply all or a portion of your refund to
the first quarter. On line 17, you would
line 32 of Form M1 with the total.
your 2013 estimated tax; and
enter June 14 in the first and second quarter
If you have a refund on line 30 of Form
columns.
• any refundable credits you claim for 2013.
M1, subtract the penalty on line 12 of this
Line 22
You are considered to have paid any Min-
schedule from your refund and replace line
Add the amounts on line 21, columns A–D
nesota income tax withheld or received any
30 of Form M1 with the result.
and enter the result on line 22. This is the
refundable credits (Child and Dependent
amount of your underpayment of estimated
Care, Working Family, K–12 Education, An-
Regular Method
tax penalty.
gel Investment, Historic Structure Rehabili-
Complete column A, lines 13–16. Then,
tation, Bovine Tuberculosis Testing or JOBZ
depending on whether you have an under-
Enter this amount on line 33 of your 2013
Jobs credits) evenly during the year unless
payment or an overpayment, either continue
Form M1.
you show otherwise. If you worked all year,
with line 17 of column A (underpayment) or
If you owe an amount on line 32 of Form
divide the total amount of withholding and
line 13 of column B (overpayment).
M1, add the penalty on line 22 of this
credits by 4, and enter the result in each col-
Line 13
schedule to the amount owed and replace
umn. Your 2013 refund, if any, is considered
line 32 of Form M1 with the total.
Enter 25 percent (.25) of line 6 in each of
a credit to your first payment period.
the four columns on line 13, unless one of
If you have a refund on line 30 of Form
If you filed your 2013 Minnesota return and
the three following conditions applies to
M1, subtract the penalty on line 22 of this
paid the tax you owed on or before Janu-
you:
schedule from your refund and replace line
ary 31, 2014, you may consider the tax paid
1 Your taxable income was higher at some
30 of Form M1 with the result.
as of January 15, 2014.
times during the year and lower at others.
You may benefit by figuring your install-
ments using the annualized income
installment method. For example, if you
Worksheet for Line 13, Condition 3
received income from which no tax was
1 Enter the value from step four in the instructions for line 1
withheld in April or later, complete the
. . . . . . . . . 1
worksheet on the back of Schedule M15.
2 Multiply step 1 by 33% (.33), enter the result on line 13
columns A, B and C.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
The annualized income installment work-
sheet automatically selects the smaller
3 Amount from line 20 of Form M1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
of the annualized income installment or
4 Multiply step 3 by 25% (.25), enter the result on line 13 column D.
. . 4
the regular installment (increased by the
amount saved by using the annualized
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