Form M11l - Insurance Premium Tax Return For Life And Health Companies - 2017 Page 3
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52017 Insurance Premium Tax Return for Life and Health Companies
.
For insurance tax laws, see Minnesota Statutes, Chapter 297I at
GFA Assessment
Which Form to File
underpaying the tax, your payments must
be made on time and be at least one-fourth
If you were assessed and made a payment
Life and health insurance companies use
of the prior year’s total annual tax liability,
to The Guaranty Fund Assessment (GFA)
Form M11L to file premium taxes.
or one-fourth of 80 percent of the current
in 2016, you may be able to claim a credit
Property, casualty and title insurance com-
year’s total annual tax liability.
on line 37. See line 37 instructions.
panies use Form M11 to file premium taxes.
Estimated payments are due quarterly on
Before You File
March 15, June 15, Sept. 15 and Dec. 15.
Due Date
When the due date falls on a weekend or
You Need a Minnesota Tax ID
File your Form M11L with all required at-
legal holiday, payments made electronically
Your Minnesota tax ID is the seven-digit
tachments and pay any tax due by March 1.
or postmarked on the next business day are
number you’re assigned when you register
Payment extensions are not allowed.
considered timely.
with the Department of Revenue. You must
The U.S. postmark date, or date recorded or
If you’re not required to pay electronically
include your Minnesota tax ID on your
marked by a designated delivery service, is
and are paying by check, visit our website
return so that your filing and any payments
considered the filing date (private postage
at and click on
you make are properly credited to your
meter marks are not valid). When the due
account.
“Make a Payment” and then “By check” to
date falls on a Saturday, Sunday or legal
create a voucher. Print and mail the voucher
If you do not have a Minnesota tax ID, ap-
holiday, returns and payments electroni-
with a check made payable to Minnesota
ply online at or
cally made or postmarked the next business
Revenue.
call 651-282-5225 or 1-800-657-3605.
day are considered timely. When a return
When you pay by check, your check autho-
or payment is late, the date it is received at
It is also important to enter your federal ID
rizes us to make a one-time electronic fund
the Department of Revenue is treated as the
number and NAIC number on your return,
transfer from your account, and you may
date filed or paid.
but not in place of your Minnesota tax ID
not receive your cancelled check.
number.
Extension for Filing Return. If good cause
If you make your payments electronically,
exists, you may request a filing extension.
Filing Requirements
do not send in the vouchers.
Payments
All life and health insurance companies
If you do not pay the correct amount of
licensed in Minnesota during the tax year
estimated tax by the due dates and your tax
Electronic Payments
must file a premium tax return even if they
liability is more than $500, you may have
If your total insurance taxes and surcharges
have not transacted insurance business in
to pay an additional charge for underpay-
due for the last 12-month period end-
Minnesota during the tax year. Unlicensed
ing. Complete the worksheet on page 3.
ing June 30 is $10,000 or more, you are
Insurance companies collecting premiums
Overpayments from prior years or prior
required to pay your tax electronically in all
on Minnesota risks must also file a premium
estimated overpayments should be applied
subsequent years.
tax return. Insurers with a premium tax
before underpayment charges are figured.
You must also pay electronically if you’re
liability of more than $500 must also make
required to pay any Minnesota business tax
Return Payment
estimated tax payments.
electronically, such as withholding tax.
(M.S. 297I.05, subd. 14)
If there is an amount due on Form M11L,
either pay it electronically or by check.
To pay electronically, go to the department’s
Insurance companies are exempt from
website at and
Minnesota corporation franchise tax. (M.S.
If you’re not required to pay electronically
log in to e-Services. If you don’t have
290.05, subd. 1c)
and are paying by check, visit our website
Internet access, call 1-800-570-3329 to
at and click on
Annual Financial Statements. Insurance
pay by phone. You’ll need your user name,
“Make a Payment” and then “By check” to
companies that do not file statements with
password and bank routing and account
create a voucher. Print and mail the voucher
the NAIC are required to file a copy of their
numbers. When paying electronically, you
with a check made payable to Minnesota
statement with the Department of Revenue
must use an account not associated with any
Revenue.
(9” x 14” version). If any premiums or
foreign banks.
deductions reported on Form M11L cannot
When you pay by check, your check autho-
If you use other electronic payment
be verified from the annual statement, you
rizes us to make a one-time electronic fund
methods, such as ACH credit method or
must attach documentation to your tax
transfer from your account, and you may
Fed Wire, instructions are available on our
return substantiating the amounts.
not receive your cancelled check.
website or by calling Business Registration
Office at 651‑282‑5225 or 1‑800‑657‑3605.
File Electronically
Note: If no amount is due or if you pay
electronically, do not send in a voucher.
Options are available to electronically
Estimated Tax Payments
prepare and file your premium tax return.
If your total annual tax liability is more
Electronic filing is a secure, fast and easy
than $500, you must make estimated pay-
way to file. For more information, visit our
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ments. To avoid an additional charge for
Continued
website at .
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