Schedule M15 - Underpayment Of Estimated Income Tax - 2012 Page 3
Download a blank fillable Schedule M15 - Underpayment Of Estimated Income Tax - 2012 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Schedule M15 - Underpayment Of Estimated Income Tax - 2012 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4Schedule M15 Instructions 2012
Underpayment of Estimated Income Tax for Individuals (Form M1)
Exceptions to the Penalty
Schedule M15 is for individuals only. Trusts
If your 2011 federal adjusted gross income
and partnerships must use Schedule EST to
was more than $150,000, multiply line 22 of
If the Internal Revenue Service (IRS) does
determine if they owe a penalty for under-
your 2011 Form M1 by 110 percent (1.10).
not require you to pay additional charges
paying estimated tax.
Enter the result on line 5 of Schedule M15.
for underestimating your federal tax
because you are newly retired or disabled,
Who Must File
Optional Short Method or
or because of a casualty, disaster or other
If you are an individual, use this schedule to
unusual circumstances, do not complete
Regular Method
determine if you owe a penalty for under‑
Schedule M15. Include a copy of your fed‑
You may use the optional short method only
paying estimated tax.
eral request with your Form M1.
if:
You may owe an underpayment penalty if
• you did not make any estimated tax pay‑
Avoiding the Penalty
you received income in 2012 on which $500
ments (or your only payments were from
To avoid an underpayment penalty of esti‑
or more of Minnesota income tax is due
Minnesota income tax withheld from
mated tax, you must have had withholding
after you subtract:
your wages); OR
or made the required, timely estimated tax
• the Minnesota income tax that was with‑
• you paid your 2012 estimated tax in four
payments and paid the lesser of:
held from your income; and
equal amounts on or before the due date
• 90 percent of your current year’s original
of each installment.
• the total you claim for the refundable
tax liability (66.7 percent if you are a
2012 Child and Dependent Care, Work‑
farmer or commercial fisherman); or
Note: If any payment was made before the
ing Family, K‑12 Education, Increasing
installment due date, it is best to use the
• 100 percent of your prior year’s total tax li‑
Research Activities, Angel Investment,
regular method. Using the short method
ability—unless your federal adjusted gross
Historic Structure Rehabilitation, Bovine
will cause you to pay a larger penalty than
income on the 2011 Form M1 is more
Tuberculosis Testing and Job Opportu‑
the regular method. If the payment was only
than $150,000, you must use 110 percent
nity Building Zone (JOBZ) Jobs credits.
a few days early, the difference is likely to be
of your previous year’s tax liability instead
of 100 percent.
small.
You do not have to pay an underpayment
penalty if all of the following apply:
Nonresidents and part‑year residents must
Continue with line 7 to use the optional
• you did not have a Minnesota tax liability
have had at least $1 of Minnesota tax liabil‑
short method.
on line 22 of your 2011 Form M1;
ity to use 100 percent of the prior year’s tax.
If you are not eligible or you choose not to
• you were a Minnesota resident for all of
use the optional short method, use the regu‑
Fiscal Year Taxpayers
2011; and
lar method to determine your underpay‑
If you file your Minnesota return on a fiscal
• your 2011 return covered a 12-month
ment penalty. Skip lines 7–12 and continue
year basis, change the payment due dates to
period.
with line 13.
the 15th day of the fourth, sixth and ninth
Nonresidents and part-year residents.
months of your fiscal year, and the first
Optional Short Method
Determine your required annual payment
month of your next fiscal year.
Line 7
based on your Minnesota assignable ad‑
Line Instructions
Enter the total amount of 2012 estimated tax
justed gross income.
payments you made in 2012 and 2013. Do
These instructions refer to your original re-
Farmers and commercial fishermen. If you
not include any other amounts on line 7.
turn. However, an amended return is consid-
filed Form M1 and paid your entire income
ered the original return if it is filed by the due
Line 12
tax by March 1, 2013, or paid two-thirds of
date of the original return. Also, a joint Form
Subtract line 11 from line 10. This is the
your income tax by January 15, 2013, you
M1 that replaces previously filed separate
amount of your underpayment of estimated
do not have to complete this schedule.
returns is considered the original return.
tax penalty.
You are considered a farmer or commercial
Line 5
Enter this amount on line 33 of your 2012
fisherman if two‑thirds of your annual gross
If you did not file a 2011 return, skip line 5
income is earned by farming or commercial
Form M1.
and enter the amount from line 4 on line 6.
fishing.
If you owe an amount on line 32 of Form
Enter the amount from line 22 of your 2011
M1, add the penalty on line 12 of this
Form M1, unless your 2011 federal adjusted
schedule to the amount owed and replace
gross income (from line 37 of federal Form
line 32 of Form M1 with the total.
1040 or line 21 of Form 1040A) was more
than $150,000. Nonresidents and part‑year
If you have a refund on line 30 of Form
residents use Minnesota assignable adjusted
M1, subtract the penalty on line 12 of this
gross income.
schedule from your refund and replace line
30 of Form M1 with the result.
Continued
1 of 2
ADVERTISEMENT
0 votes
Related Articles
Related forms
Schedule M15 - Underpayment Of Estimated Income Tax - Minnesota Department Of Revenue - 2013
Financial
Form Ct-2210 - Underpayment Of Estimated Income Tax By Individuals, Trusts, And Estates - 2012
Financial
Related Categories
Parent category: Financial