Schedule M15np - Additional Charge For Underpayment Of Estimated Tax - 2016 Page 2
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1
2Schedule M15NP Instructions 2016
Installment Methods
Line 6
Alternative Methods
In the first column, enter payments made
Generally, you would choose the standard
If your income varied during the year,
by the 15th day of the third month of the
installment method unless your income var-
there are two alternative methods of
tax year. Include any overpayment from
ied during the year. If your income varied,
determining the required installment:
your 2015 return that was credited to your
see Alternative Methods on this page.
2016 estimated tax account. For each of the
• Adjusted Seasonal Installment
Check the appropriate box to indicate the
other columns, enter payments made after
Method; and
installment method being used.
the previous column’s due date and by that
• Annualized Income Installment
column’s due date shown on line 4.
Method.
Required Annual Payment
Computing the Additional
To use one or both of these methods
Line 3
to figure one or more required install-
Charge
Enter the amount from line 1 or line 2,
ments, complete Schedule A of federal
whichever is less, unless one of the follow-
Lines 14 through 17
Form 2220 and make the following
ing exceptions apply:
adjustments for Minnesota tax purposes.
Payments of estimated tax are applied
Exceptions: You must enter the amount
against any underpayments of required in-
Lines 1a, 1b, 1c and 2. Column (a) of
from line 1 on line 3, if any of the following
stallments in the order that the installments
these lines should include income for the
exceptions apply:
were due.
first two months of each tax year.
• you did not file a 2015 return; or
For example, if your first-quarter install-
Lines 3a, 3b and 3c. Column (a) of these
ment is underpaid by $100 and you deposit
• you filed a return for less than a full
lines should include income for the first
$200 for your second-quarter installment,
12-month period in the preceding tax
three months of each tax year.
$100 of your second-quarter payment is
year; or
Line 10. Use the tax rate of 9.8 percent.
applied to the first quarter. The additional
• you did not have a 2015 tax liability.
charge for the first quarter is computed
Line 20. Enter your Minnesota annual-
[M.S. 289A.26, subd. 7(2)]
from the first-quarter due date to the date
ization periods, using the following:
the second-quarter payment is made.
Figuring the Underpayment
• In Column (a), enter 2.
Also, the second-quarter installment will
• In Column (b), enter either 2 or 5.
Line 4
then be underpaid by $100 (assuming that
the second-quarter’s required installment is
• In Column (c), enter either 6 or 8.
The due dates of the installments are the
$200) until sufficient payments are received
15th day of the third, sixth, ninth and 12th
• In Column (d), enter either 9 or 11.
to eliminate the underpayment.
months of the taxable year.
Line 21. Enter your Minnesota taxable
If more than one payment has been made
If you have a short taxable year, the install-
income for the periods entered on line
for a required installment, attach a separate
ments are due on the 15th day of the third,
20.
computation for each payment.
sixth, ninth and final months. No install-
Line 22
:
If your
your annualiza-
ment is required for a short taxable year of
annualization
tion amount for
fewer than four months.
period on line 20 is:
the period is:
Line 5
2 . . . . . . . . . . . . . . . . . 6
Each required installment is 25 percent
5 . . . . . . . . . . . . . . . . . 2.4
of the amount on line 3 unless you use an
6 . . . . . . . . . . . . . . . . . 2
alternative method (see Alternative
8 . . . . . . . . . . . . . . . . . 1.5
Methods).
9 . . . . . . . . . . . . . . . . . 1.33333
11 . . . . . . . . . . . . . . . . . 1.09091
To determine the amount of each required
installment for a short taxable year, divide
Line 24. Use the tax rate of 9.8 percent.
the amount on line 3 by the number of
Line 35. Enter 25 percent (.25) of line 3
installments due.
of Schedule M15NP in each column.
Line 38. Enter the required installments
from line 38 on line 5 of this Sched-
ule M15NP.
Attach the federal schedule to this
schedule if an alternative method is used
for any installment.
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