Insurance Premium Estimated Tax Instructions - Minnesota Department Of Revenue

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Insurance Premium Estimated Tax Instructions
For property, casualty and title insurance companies filing Form M11, for life insurance companies filing M11L and
for township mutual insurance companies filing Form M11T (M.S. 297I.05, subd. 1-4)
Filing Requirements
Worksheet Instructions
numbers. When paying electronically, you
must use an account not associated with any
You must make estimated tax payments if
Step 2
foreign banks.
you estimate your Minnesota insurance pre-
If you choose to pay the estimated tax in full,
mium tax (as reported on Form M11, M11L
If you use other electronic payment
enter the amount from step 1 on step 2, Col-
or M11T) to be more than $500 this year.
methods, such as ACH credit method or
umn A. Otherwise, divide step 1 by four, and
Fed Wire, instructions are available on our
enter the result in Columns A, B, C and D.
Required Annual Payment. To avoid
website or by calling Business Registration
penalties and interest, your required an-
Step 3
Office at 651-282-5225 or 1-800-657-3605.
nual payment of estimated tax must equal
If you elected to have all or a portion of your
100 percent of last year’s tax liability or 80
Check Payment
previous year’s refund applied as a credit
percent of the actual tax due for the current
If you’re not required to pay electronically
to your estimated tax, enter the amount in
year, whichever is less. If you did not have
and are paying by check, visit our website
Column A.
an insurance premium tax liability last year,
at and click on
you are not required to pay estimated tax
If step 3 is more than step 2 for any quarter,
“Make a Payment” and then “By check” to
for the current year.
include the difference as an overpayment
create a voucher. Print and mail the voucher
credit in step 3 of the next quarter’s column.
To determine your estimated tax payment
with your check payable to Minnesota
Any overpayment credit resulting from the
amounts, complete the worksheet below.
Revenue.
fourth installment will be refunded when
Due Dates. Payments are due quarterly on
When you pay by check, your check autho-
you file Form M11, M11L or M11T.
March 15, June 15, Sept. 15 and Dec. 15.
rizes us to make a one-time electronic fund
When the due date falls on a Saturday, Sun-
Payments
transfer from your account. You may not
day or legal holiday, payments electronically
receive your cancelled check. Do not send a
Electronic Payments
made or postmarked on the next business
payment voucher if you pay electronically or
If your total insurance taxes and surcharges
day are considered timely.
no amount is due.
due for the last 12-month period ending
No billings or reminders will be sent.
Note: Express deliveries only should be ad-
June 30 is $10,000 or more, you are required
dressed to Minnesota Revenue, Insurance
to pay your tax electronically in all subse-
Underpaying Installments. If you un-
Taxes Section, 600 North Robert Street,
quent years.
derpay any installment or did not pay by
St. Paul, MN 55101.
the due dates, an additional charge will be
You must also pay electronically if you’re
added to your tax at a specified percentage
required to pay any Minnesota business tax
Information and Assistance
per year for the period of underpayment.
electronically, such as sales or withholding
Website:
tax.
Before You Can Make a Payment. To
Email:
insurance.taxes@state.mn.us
ensure your payment is processed correctly,
To pay electronically, go to the depart-
Phone:
651-556-3024
you must have a Minnesota tax ID number.
ment’s website at
This material is available in alter-
To register, go to
and log in to e-Services. If you do not have
nate formats.
or call 651-282-5225 or 1-800-657-3605.
Internet access, you can pay by phone at
1-800-570-3329. You’ll need your user name,
password and bank routing and account
Worksheet to Determine Estimated Tax Payments:
1 Required annual payment. Enter 100 percent of your total annual tax liability from last
year or 80 percent of your current year’s total annual tax liability, whichever is less . . . . . . . . . . . . . . . . . . . . . . 1
A
B
C
D
Due Dates:
March 15
June 15
Sept . 15
Dec . 15
2 Estimated tax payments (divide step 1 by four) . . 2
3 Overpayment credit, if any . . . . . . . . . . . . . . . . . . . 3
4 Estimated payments due each quarter
(subtract step 3 from step 2) . . . . . . . . . . . . . . . . 4
5 Date paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 Check or confirmation number . . . . . . . . . . . . . . . 6
(Rev . 11/16)

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