Form M11t - Insurance Premium Tax Return And Firetown Report For Township Mutual - 2012 Page 4
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42012 Form M11T Instructions
(continued)
Worksheet: Additional Charge for Underpaying Estimated Tax for 2012
1 Enter 80 percent of your total annual tax liability from line 5 of your 2012 Form M11T . . . . . . . . . . . . 1
2 Enter the amount from line 5 of your 2011 Form M11T. If you were not required to file a 2011
return or if your total annual tax liability was $500 or less, 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 installment (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, 2013, 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 M11T, line 8a . . . . . . . . . . . . . . . 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 M11T.
Interest: 2012 = .03; 2013 = .03
Worksheet Instructions
Step 5
installment. The additional charge for the
If more than one payment has been made
first installment is computed from the first
for a required installment, attach a separate
Payments of estimated tax are applied
installment’s due date to the date the second
computation for each payment.
against any underpayments of required in-
payment is made.
stallments in the order that the installments
Credit the excess of any overpayment for
were due.
Also, the second installment will then be
a period on step 5 of the next payment
underpaid by $100 (assuming that the
period.
For example, if your first installment is
second payment is $200) until sufficient
underpaid by $100 and you deposit $200
Step 10
repayments are received to eliminate the
for your second installment, $100 of your
If there is no underpayment on step 7, enter
underpayment.
second payment is applied to the first
“none” on step 10 for that period.
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