2022 Schedule M15, Underpayment of Estimated Income Tax-2026

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The document is the 2022 Schedule M15 for individuals, detailing the process for calculating underpayment of estimated income tax in Minnesota. It outlines required annual payments, methods to determine penalties for underpayment, and instructions for completing the form based on individual tax situations. The document includes specific calculations, exceptions to penalties, and guidance for farmers and commercial fishermen.

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Click ‘Get Form’ to open the 2022 Schedule M15 in the 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 2022 as reported on line 17 of Form M1.
On line 2, add your Minnesota withholding and credits for 2022 from lines 20 and 22 of Form M1.
Subtract line 2 from line 1 on line 3. If the result is less than $500, you do not owe an underpayment penalty.
For line 4, multiply the amount on line 1 by 90% (or by 66.7% if you are a farmer or commercial fisherman).
Complete lines through to determine your required annual payment based on previous calculations.
Review all entries for accuracy before saving or exporting your completed form.

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2022 schedule m15

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