Legend Drug Use Tax - Minnesota Department Of Revenue (Page 2 of 2) in pdf

Legend Drug Use Tax - Minnesota Department Of Revenue Page 2

MinnesotaCare Estimated Tax Instructions

(continued)

Estimated Tax for Calendar Year

Refer to the MinnesotaCare Legend Drug Use Tax Instructions.

1 Estimate your total purchases subject to Legend Drug Use Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2 Estimated Legend Drug Use Tax liability for the current year [multiply step 1 by 2% (0.02)] . . . . . . . . . . . . . . . . . . . . . 2

3 Multiply step 2 by 90% (0.90). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

4 Enter 100% of your actual Legend Drug Use Tax for the prior year (from last year’s annual return) . . . . . . . . . . . . . . . . . 4

5 Required Annual Estimated Tax Payment. Enter the amount from step 3 or step 4, whichever is less . . . . . . . . . . . . 5

6 Multiply step 5 by 25% (0.25). This is the minimum estimated tax payment you must pay each quarter . . . . . . . . . . . 6

Record of Estimated Tax Payments Made

Record the estimated tax payments you make during the year. You will need this information when you file your annual MinnesotaCare tax

return.

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Due April 15

Due July 15