Home
Forms Library
2024 M15, Underpayment of Estimated Income Tax for Individuals 2024 M15, Underpayment of Estimated I

2024 M15, Underpayment of Estimated Income Tax for Individuals 2024 M15, Underpayment of Estimated I-2025

2024 M15, Underpayment of Estimated Income Tax for Individuals 2024 M15, Underpayment of Estimated I Preview on Page 1

See details

4.4 out of 5

40 votes

The document outlines the process for calculating the required annual payment of Minnesota income tax for 2024, including instructions for determining underpayment penalties. It details how to assess income tax liabilities, withholding credits, and estimated tax payments, while providing methods to avoid penalties based on prior year liabilities or timely payments. Specific guidelines are given for farmers and commercial fishermen, as well as exceptions to penalties under certain circumstances.

Here's how it works

01. Edit your form online

Type text, add images, blackout confidential details, add comments, highlights and more.

02. Sign it in a few clicks

Draw your signature, type it, upload its image, or use your mobile device as a signature pad.

03. Share your form with others

Send it via email, link, or fax. You can also download it, export it or print it out.

How to modify 2024 M15, Underpayment of Estimated Income Tax for Individuals 2024 M15, Underpayment of Estimated I in PDF format online

Ease of Setup

DocHub User Ratings on G2

Ease of Use

DocHub User Ratings on G2

Working on documents with our extensive and user-friendly PDF editor is easy. Make the steps below to fill out 2024 M15, Underpayment of Estimated Income Tax for Individuals 2024 M15, Underpayment of Estimated I online easily and quickly:

Sign in to your account. Sign up with your credentials or create a free account to test the service before choosing the subscription.
Upload a form. Drag and drop the file from your device or add it from other services, like Google Drive, OneDrive, Dropbox, or an external link.
Edit 2024 M15, Underpayment of Estimated Income Tax for Individuals 2024 M15, Underpayment of Estimated I. Quickly add and highlight text, insert images, checkmarks, and symbols, drop new fillable areas, and rearrange or remove pages from your document.
Get the 2024 M15, Underpayment of Estimated Income Tax for Individuals 2024 M15, Underpayment of Estimated I completed. Download your updated document, export it to the cloud, print it from the editor, or share it with other participants using a Shareable link or as an email attachment.

Take advantage of DocHub, the most straightforward editor to promptly manage your documentation online!

be ready to get more

Complete this form in 5 minutes or less

Get form

Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How to avoid MN underpayment penalty?

A taxpayer is presumed to have reasonable cause for underpayment if the taxpayer paid 90 percent of the amount due by the April 15 due date, filed the return by October 15, and paid the balance of the tax due when the return was filed. In this situation, the 4 percent late-payment penalty does not apply.

What is the penalty for underpayment of Minnesota state taxes?

How much does this penalty cost? 4% of the tax not paid within 60 days of the assessment date or within 60 days after resolution of an appeal. An additional 5% of the tax not paid within 180 days of the assessment date or within 180 days after resolution of an appeal, whichever date is later.

How can I avoid underpayment penalty?

If you paid at least 90% of the tax on your current-year return or 100% of the tax shown on the prior years return, you can avoid the underpayment penalty for estimated taxes. Another way to avoid an underpayment penalty in the future is to adjust your withholdings on your W-4, if you have an employer.

What happens if you dont pay quarterly taxes?

If you dont pay your estimated taxes on time (or if you dont pay enough), the IRS can charge you a penalty. The amount you owe increases the longer you go without payment. The failure to pay penalty is 0.5% of the unpaid taxes for each month or part of a month you dont pay, up to 25% of your unpaid taxes.

What triggers an underpayment penalty from the IRS?

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.

How do I get my underpayment penalty waived?

While the penalty for underpayment of estimated tax generally cannot be waived due to reasonable cause, the penalty may be removed or reduced if the underpayment is the result of a casualty, local disaster, or other unusual circumstance when it would not be fair to impose the penalty.

What is the rate for underpayment of estimated taxes?

Rates for Underpayments YearFirst QuarterSecond Quarter 2019 6% 6% 2020 5% 5% 2021 3% 3% 2022 3% 4%35 more rows

2024 M15, Underpayment of Estimated Income Tax for Individuals 2024 M15, Underpayment of Estimated I-2025

Here's how it works