Form M11 - Insurance Premium Tax Return For Property And Casualty Companies - 2017 Page 4
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62017 Form M11 Instructions
(continued)
the payment is credited correctly. Visit our
upon the cancellation and surrender of poli-
Line 13b
website at and
cies or certificates of life insurance. If these
Penalty
premiums were included in line 6, see line
click on “Make a Payment” and then “By
Late Payment. If you do not pay all the tax
9 instruction.
check” to create a voucher. Print and mail
due by the due date, a late payment penalty
is due. The penalty is 5 percent of the
the voucher with a check made payable to
Line Instructions
unpaid tax for any part of the first 30 days
Minnesota Revenue.
the payment is late, and 5 percent for each
Round amounts to the nearest dollar.
When you pay by check, your check autho-
additional 30-day period, up to a maximum
Decrease any amount less than 50 cents
rizes us to make a one-time electronic fund
of 15 percent.
and increase any amount that is 50 cents or
transfer from your account, and you may
more to the next higher dollar.
Late Filing. Add a late filing penalty to
not receive your canceled check.
the late payment penalty if your return is
If the reported premiums are different from
Note: If no amount is due or if you pay
not filed by the due date. The penalty is
the premiums on the state page or schedule
electronically, do not send in a voucher.
5 percent of the unpaid tax. When added
T, attach a schedule reconciling the differ-
to the late payment penalty, the maximum
ence.
Completing Form M11
combined penalty is 20 percent.
Lines 1 and 2
Check Boxes
Payment Method. If you are required to
Include finance and service charges on lines
pay electronically and do not, an additional
At the top of the form, check if the return
1 and 2.
5 percent penalty applies to payments not
is:
made electronically, even if a paper check
On line 1, include direct fire, casualty,
• an Amended Return: Check only if you
is sent on time.
worker’s compensation, ocean marine, bail
are amending a previously filed return for
bonds, title and other premiums. On line 2,
the same period. Include all original and
Line 13c
include accident, health, stop-loss and other
corrected policies on the amended return.
Interest
premiums.
You must pay interest on the unpaid tax
Columns A and B
plus penalty from the due date until the
Line 5
All domestic, foreign and alien insurers
total is paid. The interest rate for calendar
Other Additions
must complete Column B (Minnesota basis).
year 2018 is 4 percent. The rate may change
Workers compensation “Special Compen-
Foreign and alien insurers (except Arizona,
for future years. To figure how much inter-
sation Fund” surcharges collected is one
Hawaii, Massachusetts, New York, and
est you owe, use the following formula with
example of what should be included on this
Rhode Island domiciled companies) must
the appropriate interest rate:
line. Attach a separate schedule itemizing
also complete Column A (for purposes of
the additions and amounts included on this
Interest = (tax + penalty) × # of days late ×
applying Minnesota retaliatory laws) and
line.
interest rate ÷ 365
Schedule M11B.
Line 7
Line 16
Note: All premiums, deductions and result-
Ocean-Marine Premiums
Tax Rate
ing taxes listed in Column A must be in
In Column A, enter the amount of ocean-
If premiums are taxed at more than one rate
accordance with the laws of the state or
marine premiums included on line 1 that
in home state, enclose a schedule showing
country of incorporation as they would
are allowable deductions under state of
rates and premiums.
apply to a Minnesota insurer licensed and
incorporation basis.
doing business in that state or country. If
The tax rate is 1 percent for mutual property
the taxing authority of the state or country
Line 8
and casualty insurance companies with total
of incorporation requires a supplemental
assets of $5 million or less at the end of the
Dividends
schedule to support tax computations, the
calendar year.
Enter dividends only if returned to the in-
same type of schedule (applying to business
sured person or entity paying the premium.
The tax rate is 1.26 percent for mutual
in Minnesota) must be attached to Minne-
insurance companies that sell both property
sota Form M11.
Line 9
and casualty insurance that had total assets
Other Nontaxable Business and Dividends
In Column B (Minnesota basis), include di-
greater than $5 million at the end of the
Enter other nontaxable business and divi-
rect premiums; stop-loss premiums; assess-
calender year, but less than $1.6 billion on
dends only if included on line 6. Attach a
ments; deposits; policy, membership and
Dec. 31, 1989.
separate schedule itemizing the amounts
survey fees; finance and service charges;
in- cluded on this line.
The tax rate is 2 percent for insurance com-
and dues, dividends and interest applied to
panies not listed above.
reduce current premiums, pay renewal pre-
Line 13a
miums, shorten the premium paying period
Additional Charge for Underpaying
Lines 26 and 27
or provide extended and paid-up additional
Estimated Tax
Assessments
insurance.
If you did not pay the correct amount of
Deductions Available for Offset
estimated tax by the due dates and your tax
Exclude premiums received, contributed or
If assessments are more than your tax
liability on line 30 is more than $500, you
credited for the insurer’s employees’ and
before refundable credits (positive amount
may have to pay an additional charge for
agents’ life, accident and health insurance
on line 25), use only the amount necessary
underpaying. Complete the worksheet on
plans; and all return premiums on policies
page 4 to determine the amount to enter on
not taken, except cash surrender values paid
2
Continued
line 13a.
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