Schedule M15, Underpayment of Estimated Income Tax 2026

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The document is the 2020 Schedule M15 for individuals, which outlines the process for determining if a taxpayer owes a penalty for underpaying estimated income tax in Minnesota. It includes instructions on calculating required annual payments, methods to avoid penalties, and specific line-by-line guidance for completing the form. The document also provides details on exceptions to penalties and special considerations for farmers, commercial fishermen, and nonresidents.

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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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