Schedule M15 - Underpayment Of Estimated Income Tax - 2017 Page 4
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4The annualized income installment work-
You are considered to have paid any Min-
If line 14 is less than line 13, you have an
sheet automatically selects the smaller
nesota income tax withheld or received any
underpayment for that payment period.
of the annualized income installment or
refundable credits (Child and Dependent
Subtract line 14 from line 13 and enter the
the regular installment (increased by the
Care, Working Family, K–12 Education,
result on line 16. Continue with line 17.
amount saved by using the annualized
Parents of Stillborn Children, Credit for
Line 17
income installment method in figuring
Taxes Paid to Wisconsin, Greater Minne-
If you have an underpayment in all four
earlier installments).
sota Internship Credit, Angel Investment,
quarters, in each column enter the date you
or Historic Structure Rehabilitation) evenly
If you use this method for one payment
filed your return or April 17, 2018, which-
during the year unless you show otherwise.
due date, you must use it for all. Follow
ever is earlier.
If you worked all year, divide the total
the worksheet instructions on the back of
amount of withholding and credits by 4,
Otherwise, enter the date when the under-
Schedule M15.
and enter the result in each column. Your
payment on line 16 was paid in full.
2 You are a farmer or commercial fisher-
2016 refund that you applied as an estimat-
Example: You made your first quarter
man and you did not pay your entire
ed payment, if any, is considered a credit to
estimated tax payment on April 20, but you
income tax by March 1, 2018, or you
your first payment period.
show an underpayment on line 16. On June
did not pay two-thirds of your income
If you filed your 2017 Minnesota return and
14, you paid your second quarter payment
tax when you paid your estimated tax by
paid the tax you owed on or before Janu-
in full and included the underpayment from
January 15, 2018.
ary 31, 2018, you may consider the tax paid
the first quarter. On line 17, you would
Enter the full amount of line 6 under
as of January 15, 2018.
enter June 14 in the first and second quarter
column D of line 13 and omit columns A,
columns.
Lines 15 and 16
B and C of line 13.
Line 22
Compare line 13 of each column to line 14
Line 14
Add the amounts on line 21, columns A–D
of the same column.
For each payment period, enter the total
and enter the result on line 22. This is the
amount of:
If line 14 is more than line 13, you have
amount of your underpayment of estimated
an overpayment for the payment period.
tax penalty.
• estimated payments you paid for each
Subtract line 13 from line 14 and enter the
payment period;
Enter this amount on line 31 of your 2017
result on line 15.
• Minnesota income tax withheld in 2017;
Form M1.
Add line 15 to the credit on line 14 of the
• your 2016 income tax refund, if you
If you owe an amount on line 30 of Form
next column. Overpayments in any quarter
elected on your 2016 Minnesota return
M1, add the penalty on line 22 of this
to apply all or a portion of your refund to
following an underpayment must first be
schedule to the amount owed and replace
your 2017 estimated tax; and
applied to making up previous underpay-
line 30 of Form M1 with the total.
ments.
• any refundable credits you claim for
If you have a refund on line 28 of Form
2017.
M1, subtract the penalty on line 22 of this
schedule from your refund and replace line
28 of Form M1 with the result.
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