Schedule Est - Additional Charge For Underpayment Of Estimated Tax - 2012 Page 2
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2Schedule EST Instructions 2012
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
sixth, ninth and final months. No installment
Line 13
is required for a short taxable year of fewer
Enter 25 percent (.25) of line 6 in each of the
are filing your first Minnesota tax
than four months.
four columns on line 13.
return.
If you prefer to use the annualized income
Line Instructions
installment method to determine the install-
What’s New?
These instructions refer to your original
ment amounts, contact the department.
Starting with tax year 2011, all pass-through
return. However, an amended return is con-
entities (trusts, partnerships and S corpora-
sidered the original return if it is filed by the
Line 14
tions) must use Schedule EST when deter-
regular due date of the original return.
For each payment period, enter the total
mining the additional charge for underpay-
amount of:
Line 2 — 2012 Withholding and Credits
ment of estimated tax.
• estimated payments you paid for each pay-
Trusts: Add lines 15b through 15f of your
ment period;
Individuals will continue to use Schedule
2012 Form M2.
• Minnesota income tax withheld in 2012;
M15 to determine if they owe a penalty for
Partnerships: Add lines 5, 7, 8 and 9 of your
• your 2011 income tax refund, if you
underpaying estimated tax. C corporations
2012 Form M3.
elected on your 2011 Minnesota return
will use the new Schedule M15C.
to apply all or a portion of your refund to
S corporations: Add lines 6, 10, 11 and 12 of
Who Must File
your 2012 estimated tax; and
your 2012 Form M8.
• any refundable credits you claim for 2012.
If you are a trust, partnership or S corpora-
Optional Short Method or
tion, use this schedule to determine if you
You are considered to have received any
owe an additional charge for underpaying
Regular Method
refundable credits evenly during the year un-
estimated tax. (Decedent estates are not
less you show otherwise. Your 2012 refund,
You may use the optional short method only if:
subject to the additional charge.)
if any, is considered a credit to your first
• you did not make any estimated tax pay-
You may owe an additional charge if:
payment period.
ments; OR
• you did not pay the correct amount of
• you paid your 2011 estimated tax in four
Lines 15 and 16
estimated tax by the due dates, even if you
equal amounts on or before the due date of
Compare line 13 of each column to line 14 of
expect to receive a refund; or
each installment.
the same column.
• your Minnesota tax liability for the cur-
Note: If any payment was made before the
rent year, less any credits, is $500 or more.
If line 14 is more than line 13, you have
installment due date, it is best to use the
an overpayment for the payment period.
Exception. You are not subject to an addi-
regular method. Using the short method will
Subtract line 13 from line 14 and enter the
cause you to pay a larger additional charge
tional charge for underpayment of estimated
result on line 15.
tax if this is the first year you are filing a
than the regular method. If the payment was
Minnesota tax return.
only a few days early, the difference is likely
Add line 15 to the credit on line 14 of the
to be small.
next column. Overpayments in any quarter
Avoiding the Additional Charge
following an underpayment must first be ap-
Continue with line 7 to use the optional
To avoid an additional charge for underpay-
plied to making up previous underpayments.
short method, and skip lines 13-22.
ment of estimated tax, you must make the
If line 14 is less than line 13, you have
required estimated tax payments on time
If you are not eligible or you choose not
an underpayment for that payment period.
and pay the lesser of:
to use the optional short method, use the
Subtract line 14 from line 13 and enter the
regular method to determine your additional
• 90 percent of your current year’s original
result on line 16. Continue with line 17.
charge. Skip lines 7–12 and continue with
tax liability, less any credits; or
line 13.
Line 17
• 100 percent of your prior year’s total tax
If you have an underpayment in all four
liability, less any credit. However, if your
Optional Short Method
quarters, in each column enter the date you
Minnesota assignable gross income on
filed your return or the regular due date for
Line 7
your 2011 Form M2 is more than $150,000,
filing your return, whichever is earlier.
Enter the total amount of 2012 estimated tax
you must use 110 percent of your previous
year’s tax liability instead of 100 percent.
payments you made in 2012 and 2013. Do
Otherwise, enter the date when the under-
not include any other amounts on line 7.
payment on line 16 was paid in full.
Fiscal Year Taxpayers
Regular Method
Example: You made your first quarter esti-
If you file your Minnesota return on a fiscal
year basis, change the payment due dates to
mated tax payment on April 20, but you show
Complete column A, lines 13–16. Then,
the 15th day of the fourth, sixth and ninth
an underpayment on line 16. On June 14, you
depending on whether you have an underpay-
months of your fiscal year, and the first
paid your second quarter payment in full and
ment or an overpayment, either continue with
month of your next fiscal year.
included the underpayment from the first
line 17 of column A (underpayment) or line
quarter. On line 17, you would enter June 14
13 of column B (overpayment).
Short Taxable Year
in the first and second quarter columns.
If you have a short taxable year, the install-
ments are due on the 15th day of the third,
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