Form M11 - Insurance Premium Tax Return For Property And Casualty Companies - 2013 Page 6
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62013 Form M11 Instructions
(continued)
Worksheet: Additional Charge for Underpaying Estimated Tax for 2013
1 Enter 80 percent of your total annual tax liability from line 30 of your 2013 Form M11 .
If your tax liability was $500 or less, you do not owe an additional charge . . . . . . . . . . . . . . . . . . . . . . 1
2 Enter the amount from line 30 of your 2012 Form M11. If you were not required to file a
2012 return, you do not owe an additional charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Due Dates
March 15
June 15
Sept. 15
Dec. 15
3 Enter one-fourth of step 1 or step 2 (whichever is less)
in each column . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4 Amounts paid on or before the due date for each period . Include
credits applied, such as prior year’s overpayment . . . . . . . . . . . . . . 4
5 Overpayment of previous estimated payment
(see worksheet instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
6 Add steps 4 and 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 Underpayment (or overpayment) . Subtract step 6 from step 3 . . . . 7
8 Date underpayment is paid or March 1, 2014, whichever is earlier . . .8
9 Number of days from the due date to the date on step 8 . . . . . . . . 9
10 Additional charge (step 9 ÷ 365 × interest (see below) × step 7) . 10
11 TOTAL. Add amounts in each column on step 10 .
Enter the result here and on Form M11, line 13a . . . . . . . . . . . . . 11
If step 11 is zero, keep this worksheet for your records . If it is more than zero, attach a copy of the worksheet to your Form M11 .
Interest: 2013 = .03; 2014 = .03
Worksheet Instructions
Step 5
Also, the second estimated payment will
Credit the excess of any overpayment for
then be underpaid by $100 (assuming that
a period on step 5 of the next payment
Payments of estimated tax are applied
the second payment is $200) until sufficient
period.
against any underpayments of required
repayments are received to eliminate the
estimated payments in the order that the
Step 10
underpayment.
estimated payments were due.
If there is no underpayment on step 7, enter
If more than one payment has been made
For example, if your first estimated payment
“none” on step 10 for that period.
for a required estimated payment, attach a
is underpaid by $100 and you deposit $200
separate computation for each payment.
for your second estimated payment $100 of
your second payment is applied to the first
If there are payments included from a
estimated payment. The additional charge
merged company, attach a schedule listing
for the first estimated payment is computed
the merged company name, NAIC number,
from the first estimated payment’s due date
payment amounts and payment dates.
to the date the second payment is made.
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