Form Est - Additional Charge For Underpayment Of Estimated Tax - 2017 Page 3
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32017 Schedule EST Instructions
Additional Charge for Underpayment of Estimated Tax for Trusts (Form M2), Partnerships (Form M3) and S Corporations
(Form M8)
This schedule is not required if you
Line Instructions
You may benefit from using the annual-
ized income installment method if your
are filing your first Minnesota tax
These instructions refer to your original
income varied throughout the year or if you
return. However, an amended return is
return.
had a late capital gain or higher 4th quar-
considered the original return if it is filed
by the regular due date of the original
ter income. If you use this method for one
Who Must File
return.
payment due date, you must use it for all.
If you are a trust, partnership or S corpora-
Complete the worksheet on form ESTa.”
tion, use this schedule to determine if you
Line 2 — 2017 Withholding and Credits
owe an additional charge for underpaying
Trusts: Add lines 15b through 15f of your
Line 14
estimated tax. (Decedent estates are not
2017 Form M2.
For each payment period, enter the total
subject to the additional charge.)
amount of:
Partnerships: Add lines 5 and 7 of your
You may owe an additional charge if one of
• estimated payments you paid for each
2017 Form M3.
payment period
the following is true:
S corporations: Add lines 6 and 10 of
• Minnesota income tax withheld in 2017;
• you did not pay the correct amount of
your 2017 Form M8.
• your 2016 income tax refund, if you
estimated tax by the due dates, even if you
elected on your 2016 Minnesota return
expect to receive a refund
Optional Short Method or
to apply all or a portion of your refund to
• your Minnesota tax liability for the cur-
Regular Method
your 2017 estimated tax
rent year, less any credits, is $500 or more
• any refundable credits you claim for 2017
You may use the optional short method only
if one of the following is true:
Exception. You are not subject to an addi-
You are considered to have received any
tional charge for underpayment of estimated
• you did not make any estimated tax
refundable credits evenly during the year un-
tax if this is the first year you are filing a
payments
less you show otherwise. Your 2016 refund,
Minnesota tax return.
• you paid your 2017 estimated tax in
if any, is considered a credit to your first
four equal amounts on or before the due
payment period.
Avoiding the Additional Charge
date of each installment
To avoid an additional charge for underpay-
Lines 15 and 16
Note: If any payment was made before the
ment of estimated tax, you must make the
Compare line 13 of each column to line 14
installment due date, it is best to use the
required estimated tax payments on time and
of the same column.
regular method. Using the short method
pay the lesser of:
If line 14 is more than line 13, you have
will cause you to pay a larger additional
• 90 percent of your current year’s original
an overpayment for the payment period.
charge than the regular method. If the
tax liability, less any credits
Subtract line 13 from line 14 and enter the
payment was only a few days early, the
• 100 percent of your prior year’s total
result on line 15.
difference is likely to be small.
tax liability, less any credit. However, if
Add line 15 to the credit on line 14 of the
Continue with line 7 to use the optional
your Minnesota assignable gross income
next column. Overpayments in any quarter
on your 2016 Form M2 is more than
short method, and skip lines 13-22.
following an underpayment must first be ap-
$150,000, you must use 110 percent of
If you are not eligible or you choose not
your previous year’s tax liability instead of
plied to making up previous underpayments.
to use the optional short method, use
100 percent
the regular method to determine your
If line 14 is less than line 13, you have an
additional charge. Skip lines 7–12 and
underpayment for that payment period.
Fiscal Year Taxpayers
continue with line 13.
Subtract line 14 from line 13 and enter the
If you file your Minnesota return on a fiscal
result on line 16. Continue with line 17.
year basis, change the payment due dates to
Optional Short Method
the 15th day of the fourth, sixth and ninth
Line 17
Line 7
months of your fiscal year, and the first
If you have an underpayment in all four
Enter the total amount of 2017 estimated
month of your next fiscal year.
quarters, in each column enter the date you
tax payments you made in 2017 and 2018.
filed your return or the regular due date for
Short Taxable Year
Do not include any other amounts on
filing your return, whichever is earlier.
If you have a short taxable year, the install-
line 7.
ments are due on the 15th day of the third,
Otherwise, enter the date when the under-
Regular Method
sixth, ninth and final months. No installment
payment on line 16 was paid in full.
is required for a short taxable year of fewer
Complete column A, lines 13–16. Then,
Example: You made your first quarter
than four months.
depending on whether you have an
estimated tax payment on April 20, but you
underpayment or an overpayment, either
show an underpayment on line 16. On June
continue with line 17 of column A (under-
14, you paid your second quarter payment
payment) or line 13 of column B (overpay-
in full and included the underpayment from
ment).
the first quarter. On line 17, you would
enter June 14 in the first and second quarter
Line 13
columns.
Enter 25 percent (.25) of line 6 in each of
the four columns on line 13.
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