Form M11 - Insurance Premium Tax Return For Property And Casualty Companies - 2016 Page 4
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62016 Form M11 Instructions
(continued)
Line 13b
sure the payment is credited correctly. Visit
cies or certificates of life insurance. If these
our website at
premiums were included in line 6, see line 9
Penalty
instruction.
Late Payment. If you do not pay all the tax
and click on “Make a Payment” and then
due by the due date, a late payment pen-
“By check” to create a voucher. Print and
Line Instructions
alty is due. The penalty is 5 percent of the
mail the voucher with a check made payable
unpaid tax for any part of the first 30 days
to Minnesota Revenue.
Round amounts to the nearest dollar. De-
the payment is late, and 5 percent for each
crease any amount less than 50 cents and in-
When you pay by check, your check autho-
additional 30-day period, up to a maximum
crease any amount that is 50 cents or more
rizes us to make a one-time electronic fund
of 15 percent.
to the next higher dollar.
transfer from your account, and you may
Late Filing. Add a late filing penalty to
not receive your canceled check.
If the reported premiums are different from
the late payment penalty if your return is
the premiums on the state page or schedule
Note: If no amount is due or if you pay elec-
not filed by the due date. The penalty is
T, attach a schedule reconciling the differ-
tronically, do not send in a voucher.
5 percent of the unpaid tax. When added
ence.
to the late payment penalty, the maximum
Completing Form M11
combined penalty is 20 percent.
Lines 1 and 2
Include finance and service charges on lines
Payment Method. If you are required to
Check Boxes
1 and 2.
pay electronically and do not, an additional
At the top of the form, check if the return is:
5 percent penalty applies to payments not
On line 1, include direct fire, casualty,
• an Amended Return: Check only if you
made electronically, even if a paper check is
worker’s compensation, ocean marine, bail
are amending a previously filed return for
sent on time.
bonds, title and other premiums. On line 2,
the same period. Include all original and
include accident, health, stop-loss and other
corrected policies on the amended return.
Line 13c
premiums.
Interest
Columns A and B
You must pay interest on the unpaid tax
Line 5
All domestic, foreign and alien insurers
plus penalty from the due date until the to-
Other Additions
must complete Column B (Minnesota basis).
tal is paid. The interest rate for calendar year
Workers compensation “Special Compen-
Foreign and alien insurers (except Arizona,
2017 is 4 percent. The rate may change for
sation Fund” surcharges collected is one
Hawaii, Massachusetts, New York, and
future years. To figure how much interest
example of what should be included on this
Rhode Island domiciled companies) must
you owe, use the following formula with the
line. Attach a separate schedule itemizing
also complete Column A (for purposes of
appropriate interest rate:
the additions and amounts included on this
applying Minnesota retaliatory laws) and
line.
Interest = (tax + penalty) × # of days late ×
Schedule M11B.
interest rate ÷ 365
Line 7
Note: All premiums, deductions and
Ocean-Marine Premiums
Line 16
resulting taxes listed in Column A must
In Column A, enter the amount of ocean-
Tax Rate
be in accordance with the laws of the state
marine premiums included on line 1 that
If premiums are taxed at more than one rate
or country of incorporation as they would
are allowable deductions under state of
in home state, enclose a schedule showing
apply to a Minnesota insurer licensed and
incorporation basis.
rates and premiums.
doing business in that state or country. If
the taxing authority of the state or country
Line 8
The tax rate is 1 percent for mutual property
of incorporation requires a supplemental
and casualty insurance companies with total
Dividends
schedule to support tax computations, the
assets of $5 million or less at the end of the
Enter dividends only if returned to the in-
same type of schedule (applying to business
calendar year.
sured person or entity paying the premium.
in Minnesota) must be attached to Minne-
The tax rate is 1.26 percent for mutual
sota Form M11.
Line 9
insurance companies that sell both property
Other Nontaxable Business and
In Column B (Minnesota basis), include
and casualty insurance that had total assets
Dividends
direct premiums; stop-loss premiums; as-
greater than $5 million at the end of the
Enter other nontaxable business and divi-
sessments; deposits; policy, membership
calender year, but less than $1.6 billion on
dends only if included on line 6. Attach a
and survey fees; finance and service charges;
Dec. 31, 1989.
separate schedule itemizing the amounts in-
and dues, dividends and interest applied to
cluded on this line.
The tax rate is 2 percent for insurance com-
reduce current premiums, pay renewal pre-
panies not listed above.
miums, shorten the premium paying period
Line 13a
or provide extended and paid-up additional
Lines 26 and 27
Additional Charge for Underpaying
insurance.
Estimated Tax
Assessments
If you did not pay the correct amount of
Exclude premiums received, contributed
Deductions Available for Offset
estimated tax by the due dates and your tax
or credited for the insurer’s employees’ and
If assessments are more than your tax
liability on line 30 is more than $500, you
agents’ life, accident and health insurance
before refundable credits (positive amount
may have to pay an additional charge for
plans; and all return premiums on policies
on line 25), use only the amount necessary
underpaying. Complete the worksheet on
not taken, except cash surrender values paid
page 4 to determine the amount to enter on
upon the cancellation and surrender of poli-
2
Continued
line 13a.
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