Fill - Free fillable 2019 Schedule M15, Underpayment of Esmated Income Tax (Minnesota Department of Revenue) PDF form

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*191151*

2019 Schedule M15, Underpayment of Esmated Income Tax

For Individuals (Form M1)

Your First Name and Inial Last Name Social Security Number

Required Annual Payment

1 Minnesota income tax for 2019 (from line 21 of Form M1) .............................................. 1

2 Minnesota withholding and credits for 2019 (add lines 24 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 Mulply line 1 by 90% (.90). Farmers and commercial shermen: Mulply line 1 by 66.7% (.667) ............. 4

5 Minnesota income tax for 2018 (from line 21 of Form M1). See instrucons if your 2018 federal

adjusted gross income was more than $150,000 or if you did not le a 2018 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, connue with line 7 or line 13, depending on which method you use.

Oponal Short Method (see instrucons to determine which method to use)

7 Quarterly esmated tax payments you made for 2019 ................................................. 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 Mulply line 9 by 2% (.02) ....................................................................... 10

11 • If the amount on line 9 will be paid on or aer April 15, 2020, enter 0.

• If the amount was paid before April 15, 2020, use the following computaon

and enter the result on line 11:

Number of days

Amount on line 9

paid before 4/15/20

x x

.000137 ......................................11

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, 2019 June 17, 2019 Sept. 16, 2019 Jan. 15, 2020

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 sherman, see instrucons ............13

14 Credits. See instrucons ............................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 rst 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 15, 2020,

whichever is earlier (see instrucons) . . . . . . . . . . . . . . . . . 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 Mulply line 19 by 5% (.05). Enter as a decimal .........20

. . . .

21 Mulply 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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Worksheet - Annualized Income Installment

(a)

1/1/19–3/31/19

(b)

1/1/19–5/31/19

(c)

1/1/19–8/31/19

(d)

1/1/19–12/31/19

Step 1 Complete lines 1 - 11 of federal Schedule AI of Form 2210

using instrucons below.

Step 2 Minnesota addions (see instrucons below)

Step 3 Add step 1 and step 2

Step 4 Minnesota exempons and subtracons (see instrucons below)

Step 5 Subtract step 4 from step 3

Step 6 Figure the tax for the amount shown in step 5. Deduct appropriate

nonrefundable credits. Include annualized Minnesota alternave mini-

mum tax.

Step 7 Percentage for each period

22.5% 45% 67.5% 90%

Step 8 Mulply step 6 by step 7

Complete Steps 9–15 of one column before going to the next column

Step 9 Add the amounts from step 15 from all preceding payment periods.

Step 10 Subtract step 9 from step 8 (if result is zero or less, enter 0)

Step 11 Enter 25% (.25) of line 6 of Schedule M15 in each column

Step 12 Enter step 14 of the preceding column.

Step 13 Add step 11 and step 12

Step 14 Subtract step 10 from step 13 (if result is zero or less, enter 0)

Step 15 Amount from step 10 or step 13, whichever is less.

Also enter this amount on line 13 of Schedule M15.

Instrucons for Above Worksheet

Step 1

Complete lines 1 through 11 of Schedule AI of Form 2210 using the following modicaons.

• Use your Minnesota Itemized deducons on line 4

• Use your Minnesota standard deducon on line 7

• Enter zero on line 9

Step 2

Using the amounts from line 2 of Form M1, determine your Minnesota addions for each period. Enter the total amounts in step 2.

Step 4

Using the amounts from lines 5 through 7 of Form M1, determine your Minnesota subtracons for each quarter.

Step 6 — Minnesota Alternave Minimum Tax

If the Minnesota alternave minimum tax applies, determine the amount of Minnesota alternave taxable income for each period. Mulply

that amount by the appropriate mulplier shown on line 2 of the federal Schedule AI of Form 2210. From the resulng annualized alterna-

ve minimum taxable income, subtract the appropriate minimum amounts depending on the ling status ($77,590 for married ling joint,

$38,800 for married ling separately, or $58,190 for single or head of household) and mulply the dierence by 6.75 percent (.0675). If

the result is more than the regular tax shown on step 6, replace the regular tax with the Minnesota alternave minimum tax. See Schedule

M1MT for instrucons on guring the Minnesota alternave taxable income.

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2019 Schedule M15 Instrucons

Underpayment of Esmated Income Tax for Individuals (Form M1)

Do I need to le Schedule M15?

Use this schedule to determine if you

owe a penalty for underpaying estimated tax.

You may owe an underpayment penalty if you have $500 or more of Minnesota income tax due on income you received in 2019 after subtract-

ing the following:

• Minnesota income tax withheld from your income

• 2019 refundable credits you are eligible for and claim (including the Child and Dependent Care, Working Family, K-12 Education, Parents

of Stillborn Children, Refundable Credit for Tax Paid to Wisconsin, and Historic Structure Rehabilitation credits)

You do not have to pay an underpayment penalty if all of the following apply:

• You did not have a Minnesota tax liability on line 21 of your 2018 Form M1.

• You were a Minnesota resident for all of 2018.

• Your 2018 return covered a 12-month period.

Nonresidents and part-year residents. Determine your required annual payment based on your Minnesota assignable adjusted gross income.

Farmers and commercial shermen. If you led Form M1 and paid your entire income tax by March 1, 2020, or paid two-thirds of your

income tax by January 15, 2020, you do not have to complete this schedule. You are considered a farmer or commercial sherman if you earn

at least two-thirds of your annual gross income by farming or commercial shing.

Excepons to the Penalty

If the Internal Revenue Service (IRS) does not require you to pay additional charges for underestimating your federal tax because you are

newly retired or disabled, or because of a casualty, disaster, or other unusual circumstances, do not complete Schedule M15. Include a copy of

your federal request with your Form M1.

How do I avoid the penalty?

To avoid an underpayment penalty of estimated tax, you must have had withholding or made the required, timely estimated tax payments and

paid the lesser of:

• 90 percent of your current year’s original tax liability (66.7 percent if you are a farmer or commercial sherman).

• 100 percent of your prior year’s total tax liability (110 percent if your federal adjusted gross income is more than $150,000).

If you are a nonresident or part-year resident, you must have had at least $1 of Minnesota tax liability to use 100 percent of your prior year’s

tax.

Fiscal Year Taxpayers

If you le your Minnesota return on a scal year basis, change the payment due dates to the 15th day of the fourth, sixth and ninth months of

your scal year, and the rst month of your next scal year.

Line Instrucons

These instructions refer to your original return. However, both of the following are considered an original return:

• An amended return you led by the due date of your original return.

• A joint Form M1 replacing previously led separate returns.

Line 5

If you did not le a 2018 return, skip line 5 and enter the amount from line 4 on line 6.

Enter the amount from line 21 of your 2018 Form M1, unless your 2018 federal adjusted gross income (from line 7 of federal Form 1040) was

more than $150,000. If you are a nonresident or part-year resident, use your Minnesota assignable adjusted gross income.

If your 2018 federal adjusted gross income was more than $150,000, multiply line 21 of your 2018 Form M1 by 110 percent (1.10).

Oponal Short Method or Regular Method

You may use the optional short method only if either of the following apply:

• You did not make any estimated tax payments (or your only payments were from Minnesota income tax withheld from your wages).

• You paid your 2019 estimated tax in four equal amounts on or before the due date of each installment.

Note: If you made any payment before the installment due date, it is best to use the regular method. Using the short method will cause you to

pay a larger penalty than the regular method. If your payment was only a few days early, the dierence is likely to be small. Continue with line

7 to use the optional short method.

If you are not eligible or choose not to use the optional short method, use the regular method to determine your underpayment penalty. Skip

lines 7–12 and continue with line 13.

Continued

Oponal Short Method

Line 7

Enter the total amount of 2019 estimated tax payments you made in 2019 and 2020. Do not include any other amounts on line 7.

Line 12

Subtract line 11 from line 10. This is the amount of your underpayment of estimated tax penalty. Enter this amount on line 31 of your 2019

Form M1. If you owe an amount on line 30 of Form M1, add the penalty on line 12 of this schedule to the amount owed and replace line 30

of Form M1 with the total. If you have a refund on line 28 of Form M1, subtract the penalty on line 12 of this schedule from your refund and

replace line 28 of Form M1 with the result.

Regular Method

Complete column A, lines 13–16. Then, depending on whether you have an underpayment or an overpayment, either continue with line 17 of

column A (underpayment) or line 13 of column B (overpayment).

Line 13

Enter 25 percent (.25) of line 6 in each of the four columns on line 13, unless one of the following conditions applies to you:

1 Your taxable income was higher at some times during the year and lower at others.

You may benet by guring your installments using the annualized income installment method. Complete the worksheet on the back of

Schedule M15.

The annualized income installment worksheet automatically selects the smaller of the annualized income installment or the regular install-

ment (increased by the amount saved by using the annualized income installment method in guring earlier installments).

If you use this method for one payment due date, you must use it for all payment due dates. Follow the worksheet instructions on the back of

Schedule M15.

2 You are a farmer or commercial sherman and you did not pay your entire income tax by March 1, 2020, or you did not pay two-thirds of

your income tax when you paid your estimated tax by January 15, 2020.

Enter the full amount of line 6 under column D of line 13 and omit columns A, B and C of line 13.

Line 14

For each payment period, enter the total of the following amounts:

• Estimated payments you paid for each payment period. If you applied a 2018 refund to your estimated tax, it is considered an estimated pay-

ment for your rst payment period.

• Minnesota income tax withheld during 2019. You are considered to have paid Minnesota withholding evenly during the year unless you show

otherwise. If you were employed all year, divide the amount from line 24 of Form M1 by four. Include the result in each column.

• your 2018 income tax refund, if you elected on your 2018 Minnesota return to apply all or a portion of your refund to your 2019 estimated

tax; and

• Any refundable credits you are eligible for and claim. You are considered to have received refundable credits evenly during the year unless

you show otherwise. Divide the amount from line 26 of Form M1 by four, and include the result in each column.

You are considered to have paid any Minnesota income tax withheld or received any refundable credits (Child and Dependent Care, Working

Family, K–12 Education, Parents of Stillborn Children, Credit for Taxes Paid to Wisconsin, or Historic Structure Rehabilitation) evenly during

the year unless you show otherwise. If you worked all year, divide the total amount of withholding and credits by 4, and enter the result in each

column. Your 2018 refund that you applied as an estimated payment, if any, is considered a credit to your rst payment period.

If you led your 2019 Minnesota return and paid the tax you owed on or before January 31, 2020, you may consider the tax paid as of January

15, 2020.

Lines 15 and 16

Compare line 13 of each column to line 14 of the same column.

If line 14 is more than line 13, you have an overpayment for the payment period. Subtract line 13 from line 14 and enter the result on line 15.

Add line 15 to the credit on line 14 of the next column. If you have an overpayment in any quarter following an underpayment, you must rst

apply it to previous underpayments.

If line 14 is less than line 13, you have an underpayment for that payment period. Subtract line 14 from line 13 and enter the result on line 16.

Continue with line 17.

Line 17

If you have an underpayment in all four quarters, enter the date you led your return or April 15, 2020 (whichever is earlier) in each column.

Otherwise, enter the date you paid your underpayment on line 16 in full.

Example: You made your rst quarter estimated tax payment on April 20, but you show an underpayment on line 16. On June 14, you paid your

second quarter payment in full and included the underpayment from the rst quarter. On line 17, you would enter June 14 in the rst and second

quarter columns.

Line 22

Add the amounts on line 21, columns A–D and enter the result on line 22. This is the amount of your underpayment of estimated tax penalty.

Enter this amount on line 31 of your 2019 Form M1. If you owe an amount on line 30 of Form M1, add the penalty on line 22 of this schedule

to the amount owed and replace line 30 of Form M1 with the total. If you have a refund on line 28 of Form 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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2019 Schedule M15, Underpayment of Esmated Income Tax (Minnesota Department of Revenue)

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