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Minnesota Form M15C (Additional Charge for Underpayment of Estimated ...

Minnesota Form M15C (Additional Charge for Underpayment of Estimated ... 2025

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The document outlines the procedures for C corporations in Minnesota to calculate the additional charge for underpayment of estimated tax using Schedule M15C. It details the necessary information required, including tax amounts from previous years, due dates for installments, and methods for computing underpayments and additional charges. Special instructions are provided for large corporations and alternative methods for determining required installments.

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Click ‘Get Form’ to open Minnesota Form M15C in the editor.
Begin by entering the name of your corporation and its FEIN, followed by the Minnesota Tax ID. Ensure all amounts are rounded to the nearest whole dollar.
For Line 1, input your 2022 tax amount as instructed. If this amount is less than $500, you do not need to complete this form.
Proceed to Line 2 and enter your 2021 tax amount. For Line 3, take the lesser of Line 1 or Line 2 as your required annual payment.
Fill in the due dates for each quarter on Line 4 and record required installments on Line 5. Enter any payments made during each period on Line 6.
Complete Lines 7 through 13 sequentially for each column, ensuring you follow the instructions carefully for calculating underpayments and overpayments.
Finally, calculate the additional charge on Line 16 and total it on Line 17 before attaching this schedule to your Form M4.

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Who has to file a Minnesota estate tax return?

If the gross estate of a Minnesota resident has a value of more than $3 million, the personal representative or executor of the estate must file a state estate tax return. (Smaller estates wont need to file a return.)

What form is the penalty for underpayment of estimated taxes?

Use Form 2210 to determine the amount of underpaid estimated tax and resulting penalties as well as for requesting a waiver of the penalties. You may need this form if: Youre self-employed or have other income that isnt subject to withholding, such as investment income.

What is the form 5805 underpayment of estimated tax?

Use form FTB 5805, Underpayment of Estimated Tax by Individuals and Fiduciaries, to see if you owe a penalty for underpaying your estimated tax and, if you do, to figure the amount of the penalty.

What is the M15 form for Minnesota taxes?

Schedule M15 is a form used to determine if you owe a penalty for underpaying estimated income taxes in Minnesota. Who must file Schedule M15? Individuals with an estimated tax obligation exceeding $500 or specific circumstances regarding withholding must file this schedule.

What triggers the tax underpayment penalty?

If you didnt pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax.

Does MN have an underpayment penalty?

Complete Schedule M15, Underpayment of Estimated Income Tax, to determine your penalty. 5% of the tax not paid prior to the request or $100 (whichever is more). 4% of the tax not paid within 60 days of the assessment date or within 60 days after resolution of an appeal.

What is the Minnesota tax form called?

Before starting your Minnesota income tax return (Form M1, Individual Income Tax), you must complete federal Form 1040 to determine your federal taxable income.

What is the new social security tax break in Minnesota?

As for state taxes, in May 2023, Minnesota passed legislation that allowed more retirees to keep their Social Security income in 2024. Starting with the 2023 tax year, people with taxable income up to $78,000, or $100,000 for a couple, are exempt from paying state taxes on their benefits.

Minnesota Form M15C (Additional Charge for Underpayment of Estimated ... 2025

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