Form M11 - Insurance Premium Tax Return For Property And Casualty Companies - 2017 Page 6
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62017 Form M11 Instructions
(continued)
Worksheet: Additional Charge for Underpaying Estimated Tax
1 Enter 80 percent of your total annual tax liability from line 30 of your 2017 Form M11.
If your tax liability was $500 or less, you do not owe an additional charge . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2 Enter the amount from line 30 of your 2016 Form M11. 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 estimated payment
(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 M11, line 13a . . . . . . . . . . . . . . . . 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 M11.
Interest: 2017 = .04; 2018 = .04
Worksheet Instructions
Also, the second estimated payment will
Credit the excess of any overpayment for a
Step 5
then be underpaid by $100 (assuming that
period on step 5 of the next payment period.
Payments of estimated tax are applied
the second payment is $200) until sufficient
against any underpayments of required
Step 10
repayments are received to eliminate the
estimated payments in the order that the
If there is no underpayment on step 7, enter
underpayment.
estimated payments were due.
“none” on step 10 for that period.
If more than one payment has been made
For example, if your first estimated pay-
for a required estimated payment, attach a
ment is underpaid by $100 and you deposit
separate computation for each payment.
$200 for your second estimated payment
$100 of your second payment is applied to
If there are payments included from a
the first estimated payment. The additional
merged company, attach a schedule listing
charge for the first estimated payment is
the merged company name, NAIC number,
computed from the first estimated pay-
payment amounts and payment dates.
ment’s due date to the date the second
payment is made.
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