Form M11t - Insurance Premium Tax Return And Firetown Report For Township Mutual - 2017 Page 4
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42017 Form M11T Instructions
(continued)
Worksheet: Additional Charge for Underpaying Estimated Tax
1 Enter 80 percent of your total annual tax liability from line 5 of your 2017 Form M11T.
If your tax liability was $500 or less, you do not owe an additional charge. . . . . . . . . . . . . . . . . . . . . . . . . . 1
2 Enter the amount from line 5 of your 2016 Form M11T. If you were not required to file
a 2016 return, 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, 2018, 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: 2017 = .04; 2018 = .04
Worksheet Instructions
computed from the estimated payment’s
Credit the excess of any overpayment for a
Step 5
due date to the date the second payment is
period on step 5 of the next payment period.
Payments of estimated tax are applied
made.
against any underpayments of required
Step 10
estimated payments in the order that the
Also, the second estimated payment will
If there is no underpayment on step 7, enter
estimated payments were due.
then be underpaid by $100 (assuming that
“none” on step 10 for that period.
the second payment is $200) until sufficient
For example, if your first estimated pay-
repayments are received to eliminate the
ment is underpaid by $100 and you deposit
underpayment.
$200 for your second estimated payment,
$100 of your second payment is applied to
If more than one payment has been made
the first estimated payment. The additional
for a required estimated payment, attach a
charge for the first estimated payment is
separate computation for each payment.
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