Minnesota Individual Income Tax Forms And Instructions - 2017 Page 17
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33Line Instructions (cont.)
Note: You must use an account not associ-
Line 31—Penalty for Underpayment
Refund or Amount Due
ated with any foreign banks.
of 2017 Estimated Tax (Schedule
Line 28—Your Refund
M15)
If line 27 is more than line 22, subtract
You may owe a penalty if:
line 22 from line 27, then subtract the
• Line 20 is more than line 27 and the dif-
amount, if any, on line 31. This is your
ference is $500 or more
2017 Minnesota income tax refund. If
The routing number must have nine
the result is zero, you must still file your
• You did not make a required estimated
digits.
return.
tax payment on time. This is true even if
The account number may contain up to
you have a refund
Of the amount on line 28, you can:
17 digits (both numbers and letters). Leave
out any hyphens, spaces, or symbols.
• Have the entire refund deposited
Complete Schedule M15 to determine if
directly into a checking or savings ac-
you owe a penalty. Enter the penalty, if
If the routing or account number is incor-
count (see the line 29 instructions)
any, on line 31 of Form M1. Also, subtract
rect or is not accepted by your financial
the penalty amount from line 28 or add it
• Receive the entire refund in the mail
institution, your refund will be sent to you
to line 30 of Form M1. Include Schedule
as a paper check (skip lines 29, 30, 32,
in the form of a paper check. Your refund
M 15 with your return.
and 33)
may also be issued as a paper check if a
portion was recaptured to pay a debt you
• Apply all or a portion of your refund
To avoid this penalty next year, you may
owe or an adjustment was made to your
toward your 2018 estimated taxes.
want to make larger 2018 estimated tax
return.
The remaining balance, if any, may be
payments or ask your employer to increase
directly deposited into your checking or
your withholding.
By completing line 29, you are authorizing
savings account, or mailed to you
the department and your financial institu-
Lines 32 and 33—2018 Estimated Tax
The department will deduct any amount
tion to initiate electronic credit entries,
If you are paying 2018 estimated tax, you
you owe for Minnesota or federal debts,
and, if necessary, debit entries and adjust-
may apply all or part of your 2017 refund
criminal fines, or a debt to a federal, state,
ments for any credits made in error.
to your 2017 estimated tax.
or county agency, district court, qualifying
Line 30—Amount You Owe
On line 32, enter the portion of line 28 you
hospital, or public library. If you partici-
If line 22 is more than line 27, you owe
want refunded to you. On line 33, enter the
pate in the Senior Citizens Property Tax
Minnesota income tax for 2017. Read the
amount from line 28 you want applied to
Deferral Program, your refund will be
instructions for line 31 to determine if you
your 2018 estimated tax. The total of lines
applied to your deferred property tax total.
must file Schedule M15, Underpayment of
32 and 33 must equal line 28.
Your Social Security number will be used
Estimated Income Tax.
to identify you as the correct debtor. If
For more information, read Should I make
your debt is less than your refund, you’ll
Subtract line 27 from line 22, and add the
estimated payments? on page 19.
receive the difference.
amount, if any, from line 31. Enter the
result on line 30. This is the Minnesota in-
Generally, you must file your 2017 return
come tax you must pay. Pay your tax using
no later than 3 1/2 years from the original
one of the methods described in Payment
due date or your right to receive the refund
Options on page 19.
lapses.
If you are filing your return after April 17,
Line 29—Direct Deposit of Refund
2018, a late payment penalty, a late filing
Direct deposit is the safest, fastest, and
penalty, and interest may be due (see page
easiest way to get your tax refund.
16). If you file a paper return and you in-
clude penalty and interest with your check
If you want the refund on line 28 to be
payment, enclose a separate statement
directly deposited into your checking or
showing how you arrived at the penalty
savings account, enter the requested infor-
and interest. Do not include the late-filing
mation on line 29.
or late-payment penalties or interest on
line 30.
17
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