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How to use or fill out Schedule M15, Underpayment of Estimated Income Tax with DocHub
- Click ‘Get Form’ to open Schedule M15 in our editor.
- Begin by entering your first name, middle initial, last name, and Social Security Number at the top of the form.
- For line 1, input your Minnesota income tax for 2020 as indicated on line 17 of Form M1. This is crucial for determining your required annual payment.
- On line 2, add your Minnesota withholding and credits from lines 20 and 22 of Form M1. This will help you assess if you owe an underpayment penalty.
- Subtract line 2 from line 1 on line 3. If the result is less than $500, you do not owe a penalty; otherwise, proceed to calculate required payments on lines 4 and 5.
- Complete the optional short method or regular method as applicable by following the instructions provided in the form for lines 7 through 22.
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