Schedule M15 - Underpayment Of Estimated Income Tax For Individuals (Form M1) - 2017

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*171151*
2017 Schedule M15, Underpayment of Estimated Income Tax
For Individuals (Form M1)
Your First Name and Initial
Last Name
Social Security Number
Required Annual Payment
1 Minnesota income tax for 2017 (from line 20 of Form M1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2 Minnesota withholding and credits for 2017 (add lines 23, 25, and 26 of Form M1) . . . . . . . . . . . . . . . . . . . . . . . . . 2
3 Subtract line 2 from line 1 . If less than $500, stop here; you do not owe an underpayment penalty . . . . . . . . . . . . 3
4 Multiply line 1 by 90% (.90). Farmers and commercial fishermen: Multiply line 1 by 66.7% (.667) . . . . . . . . . . . . . 4
5 Minnesota income tax for 2016 (from line 20 of Form M1). See instructions if your 2016 federal
adjusted gross income was more than $150,000 or if you did not file a 2016 return . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 Required annual payment . Amount from line 4 or line 5, whichever is less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
• If line 6 is less than or equal to line 2, stop here; you do not owe an underpayment penalty.
• If line 6 is more than line 2, continue with line 7 or line 13, depending on which method you use.
Optional Short Method
(see instructions to determine which method to use)
7 Quarterly estimated tax payments you made for 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8 Add line 2 and line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
9 Total underpayment for the year. Subtract line 8 from line 6
(if result is zero or less, stop here; you do not owe an underpayment penalty) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
10 Multiply line 9 by 2% (.02) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11 • If the amount on line 9 will be paid on or after April 17, 2018, enter 0.
• If the amount was paid before April 17, 2018, use the following computation
and enter the result on line 11:
Number of days
Amount on line 9
paid before 4/17/18
.00011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
x
x
12 Penalty. Subtract line 11 from line 10. Enter result here and on line 31 of Form M1 . . . . . . . . . . . . . . . . . . . . . . . . 12
A
B
C
D
Regular Method
April 15, 2017
June 15, 2017
Sept. 15, 2017
Jan. 15, 2018
13 Enter 25% (.25) of line 6 in each column OR use the
annualized income installment worksheet on the
back of this form . If you use the worksheet or
are a farmer or fisherman, see instructions . . . . . . . . . . . . 13
14 Credits. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
15 Overpayment. If line 14 is more than line 13, subtract
line 13 from line 14. Enter the result here and add it
to line 14 in the next column. Overpayments in any
quarter following an underpayment must first be
applied to making up previous underpayments . . . . . . . . . 15
16 Underpayment. If line 14 is less than line 13,
subtract line 14 from line 13. Enter the result
here and go to line 17 below . . . . . . . . . . . . . . . . . . . . . . . . 16
17 Enter the date of payment or April 17, 2018,
whichever is earlier (see instructions) . . . . . . . . . . . . . . . . . 17
18 Number of days between the payment due date
and the date on line 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
.
.
.
.
19 Divide line 18 by 365. The result is a decimal . . . . . . . . . . . 19
.
.
.
.
20 Multiply line 19 by 4% (.04). Enter as a decimal . . . . . . . . . 20
21 Multiply line 20 by line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . 21
22 Penalty. Add columns A-D on line 21. Enter result here and on line 31 of Form M1 . . . . . . . . . . . . . . . . . . . . . . . . . 22
You must include this schedule with your Form M1.
9995

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