Form M11 - Insurance Premium Tax Return For Property And Casualty Companies - 2013 Page 4
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62013 Form M11 Instructions
(continued)
Completing Form M11
Lines 1 and 2
to the late payment penalty, the maximum
combined penalty is 20 percent.
Include finance and service charges on lines
Check Boxes
1 and 2.
Payment Method. If you are required to
At the top of the form, check if the return is:
pay electronically and do not, an additional
On line 1, include direct fire, casualty,
• an Amended Return: Check only if you
5 percent penalty applies to payments not
worker’s compensation, ocean marine, bail
are amending a previously filed return for
made electronically, even if a paper check is
bonds, title and other premiums. On line 2,
the same period. Include all original and
sent on time.
include accident, health, stop-loss and other
corrected policies on the amended return.
premiums.
Line 13c
• for No Activity: Check only if you did
Line 5
Interest
not transact any insurance business in
You must pay interest on the unpaid tax
Minnesota during the year.
Other Additions
plus penalty from the due date until the to-
Workers compensation “Special Compen-
Columns A and B
tal is paid. The interest rate for calendar year
sation Fund” surcharges collected is one
All domestic, foreign and alien insurers
2014 is 3 percent. The rate may change for
example of what should be included on this
must complete Column B (Minnesota basis).
future years. To figure how much interest
line. Attach a separate schedule itemizing
you owe, use the following formula with the
the additions and amounts included on this
Foreign and alien insurers (except Hawaii,
appropriate interest rate:
line.
New York, Massachusetts and Rhode Island
domiciled companies) must also complete
Interest = (tax + penalty) × # of days late ×
Line 7
interest rate ÷ 365
Column A (for purposes of applying Min-
Ocean-Marine Premiums
nesota retaliatory laws) and Schedule M11B.
In Column A, enter the amount of ocean-
Line 16
marine premiums included on line 1 that
Note: All premiums, deductions and
Tax Rate
are allowable deductions under state of
resulting taxes listed in Column A must
If premiums are taxed at more than one rate
incorporation basis.
be in accordance with the laws of the state
in home state, enclose a schedule showing
or country of incorporation as they would
rates and premiums.
Line 8
apply to a Minnesota insurer licensed and
Dividends
The tax rate is 1 percent for mutual property
doing business in that state or country. If
Enter dividends only if returned to the in-
and casualty insurance companies with total
the taxing authority of the state or country
sured person or entity paying the premium.
assets of $5 million or less at the end of the
of incorporation requires a supplemental
calendar year.
schedule to support tax computations, the
Line 9
same type of schedule (applying to business
The tax rate is 1.26 percent for mutual
Other Nontaxable Business and
in Minnesota) must be attached to Minne-
insurance companies that sell both property
Dividends
sota Form M11.
and casualty insurance that had total assets
Federal flood premiums and federal crop
greater than $5 million at the end of the
premiums are examples of items to include
In Column B (Minnesota basis), include
calender year, but less than $1.6 billion on
on line 9. Attach a separate schedule item-
direct premiums; stop-loss premiums; as-
Dec. 31, 1989.
izing the amounts included on this line.
sessments; deposits; policy, membership
and survey fees; finance and service charges;
The tax rate is 2 percent for insurance com-
Line 13a
and dues, dividends and interest applied to
panies not listed above.
Additional Charge for Underpaying
reduce current premiums, pay renewal pre-
Estimated Tax
Lines 26 and 27
miums, shorten the premium paying period
If you did not pay the correct amount of
or provide extended and paid-up additional
Assessments
estimated tax by the due dates and your tax
insurance.
Deductions Available for Offset
liability on line 30 is more than $500, you
If assessments are more than your tax
Exclude premiums received, contributed
may have to pay an additional charge for
before refundable credits (positive amount
or credited for the insurer’s employees’ and
underpaying. Complete the worksheet on
on line 25), use only the amount necessary
agents’ life, accident and health insurance
page 4 to determine the amount to enter on
to reduce your tax to zero; the remain-
plans; and all return premiums on policies
line 13a.
ing amount may be deducted in future tax
not taken, except cash surrender values paid
years.
Line 13b
upon the cancellation and surrender of poli-
cies or certificates of life insurance.
Penalty
If you receive a refund for an assessment
Late Payment. If you don’t pay all the tax
from the association, the refund must
due by the due date, a late payment pen-
Line Instructions
be subtracted from the paid assessment
alty is due. The penalty is 5 percent of the
amount. If a refund is more than the assess-
Round amounts to the nearest dollar. De-
unpaid tax for any part of the first 30 days
ment, the excess must be paid to Minnesota.
crease any amount less than 50 cents and in-
the payment is late, and 5 percent for each
crease any amount that is 50 cents or more
Line 26 — Guaranty Fund Assessment.
additional 30-day period, up to a maximum
to the next higher dollar.
Twenty percent of assessments (less any
of 15 percent.
refunds) made and paid to the Minnesota
If the reported premiums are different from
Late Filing. Add a late filing penalty to
Life and Health Guaranty Association or the
the premiums on the state page or schedule
the late payment penalty if your return is
T, attach a schedule reconciling the differ-
not filed by the due date. The penalty is
ence.
2
5 percent of the unpaid tax. When added
Continued
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