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Maine Estimated Payment Return, Insurance Premiums Tax
Extracted from PDF file 2024-maine-ins-1.pdf, last modified November 2023Estimated Payment Return, Insurance Premiums Tax
Clear Form INS-1 1st Payment 2024 Due: April 30, 2024 Maine Estimated Payment for Premiums and/or Workers’ Compensation Insurance Tax Print 99 *2330001* Note: Certain taxpayers with large annual tax liabilities are required to remit tax payments electronically. See MRS Rule 102 on the MRS website at www.maine.gov/revenue/publications/rules for details. Use the MTP to file and pay electronically at revenue.maine.gov and eliminate the necessity of filing Form INS-1. Company Address Federal EIN The first payment of estimated tax must be at least 35% of the total tax liability for either the preceding calendar year or the current year. *Signature Estimated Payment (from worksheet, line 3 below)........ .00 Name/Title Telephone *Must be signed by President, Treasurer, Secretary, Chief Accounting Officer, or Attorney-in-Fact of a Reciprocal Insurer. Instructions You Must Make Estimated Payments, Unless: 1. 2. You are a Risk Retention Group, or Your annual tax obligation does not exceed $1,000. Worksheet: Line 1: First Payment Tax Estimate. (35% of either 2023 tax paid or 2024 tax liability)....................... $ .00 Line 2: Carryover From Prior Year. From 2023 Form INS-4, line 23a. Do not enter more than line 1 .. $ .00 Line 3: Estimated Payment. Subtract Line 2 from Line 1. Enter result here and also on estimate payment line above. (Must not be less than zero) .................................................................... $ .00 Interest & Penalty. For calendar year 2024, the interest rate is 10%, compounded monthly. The penalty for failure to file a return on time is the greater of $25 or 10% of the tax due, unless the return is filed more than 60 days after the receipt of a demand notice from the state tax assessor, in which case the failure-to-file penalty is the greater of $25 or 25% of the tax due. The penalty for failure to pay a tax liability timely is 1% of the outstanding liability for each month or fraction thereof during which the failure continues, to a maximum of 25% of the outstanding liability. Form INS-4, Annual Return. File Form INS-4 by March 17, 2025 to reconcile your 2024 insurance premiums tax liability and estimated tax payments and to pay any additional tax due to avoid interest and penalty charges. Statutory Reference. This return is made in compliance with 36 M.R.S. § 2521-A. Use the Maine Tax Portal at revenue.maine.gov to file, pay, correspond with MRS, and manage your tax account. Revised: December 2023 Form INS-1 2nd Payment 2024 Due: June 25, 2024 Maine Estimated Payment for Premiums and/or Workers’ Compensation Insurance Tax 99 *2330001* Note: Certain taxpayers with large annual tax liabilities are required to remit tax payments electronically. See MRS Rule 102 on the MRS website at www.maine.gov/revenue/publications/rules for details. Use the MTP to file and pay electronically at revenue.maine.gov and eliminate the necessity of filing Form INS-1. Company Address Federal EIN The second payment of estimated tax must be at least 35% of the total tax liability for either the preceding calendar year or the current year. *Signature Estimated Payment (from worksheet, line 3 below)........ .00 Name/Title Telephone *Must be signed by President, Treasurer, Secretary, Chief Accounting Officer, or Attorney-in-Fact of a Reciprocal Insurer. Instructions You Must Make Estimated Payments, Unless: 1. 2. You are a Risk Retention Group, or Your annual tax obligation does not exceed $1,000. Worksheet: Line 1: Second Payment Tax Estimate. (35% of either 2023 tax paid or 2024 tax liability) ................. $ .00 Line 2: Carryover From Prior Year. From 2023 Form INS-4, line 23a. Do not enter more than line 1 .. $ .00 Line 3: Estimated Payment. Subtract Line 2 from Line 1. Enter result here and also on estimate payment line above. (Must not be less than zero) .................................................................... $ .00 Interest & Penalty. For calendar year 2024, the interest rate is 10%, compounded monthly. The penalty for failure to file a return on time is the greater of $25 or 10% of the tax due, unless the return is filed more than 60 days after the receipt of a demand notice from the state tax assessor, in which case the failure-to-file penalty is the greater of $25 or 25% of the tax due. The penalty for failure to pay a tax liability timely is 1% of the outstanding liability for each month or fraction thereof during which the failure continues, to a maximum of 25% of the outstanding liability. Form INS-4, Annual Return. File Form INS-4 by March 17, 2025 to reconcile your 2024 insurance premiums tax liability and estimated tax payments and to pay any additional tax due to avoid interest and penalty charges. Statutory Reference. This return is made in compliance with 36 M.R.S. § 2521-A. Use the Maine Tax Portal at revenue.maine.gov to file, pay, correspond with MRS, and manage your tax account. Revised: December 2023 Form INS-1 3rd Payment 2024 Due: October 31, 2024 Maine Estimated Payment for Premiums and/or Workers’ Compensation Insurance Tax 99 *2330001* Note: Certain taxpayers with large annual tax liabilities are required to remit tax payments electronically. See MRS Rule 102 on the MRS website at www.maine.gov/revenue/publications/rules for details. Use the MTP to file and pay electronically at revenue.maine.gov and eliminate the necessity of filing Form INS-1. Company Address Federal EIN The third payment of estimated tax must be at least 15% of the total tax liability for either the preceding calendar year or the current year. *Signature Estimated Payment (from worksheet, line 3 below)........ .00 Name/Title Telephone *Must be signed by President, Treasurer, Secretary, Chief Accounting Officer, or Attorney-in-Fact of a Reciprocal Insurer. Instructions You Must Make Estimated Payments, Unless: 1. 2. You are a Risk Retention Group, or Your annual tax obligation does not exceed $1,000. Worksheet: Line 1: Third Payment Tax Estimate. (15% of either 2023 tax paid or 2024 tax liability) ..................... $ .00 Line 2: Carryover From Prior Year. From 2023 Form INS-4, line 23a. Do not enter more than line 1 .. $ .00 Line 3: Estimated Payment. Subtract Line 2 from Line 1. Enter result here and also on estimate payment line above. (Must not be less than zero) .................................................................... $ .00 Interest & Penalty. For calendar year 2024, the interest rate is 10%, compounded monthly. The penalty for failure to file a return on time is the greater of $25 or 10% of the tax due, unless the return is filed more than 60 days after the receipt of a demand notice from the state tax assessor, in which case the failure-to-file penalty is the greater of $25 or 25% of the tax due. The penalty for failure to pay a tax liability timely is 1% of the outstanding liability for each month or fraction thereof during which the failure continues, to a maximum of 25% of the outstanding liability. Form INS-4, Annual Return. File Form INS-4 by March 17, 2025 to reconcile your 2024 insurance premiums tax liability and estimated tax payments and to pay any additional tax due to avoid interest and penalty charges. Statutory Reference. This return is made in compliance with 36 M.R.S. § 2521-A. Use the Maine Tax Portal at revenue.maine.gov to file, pay, correspond with MRS, and manage your tax account. Revised: December 2023
2024 Form INS-1
More about the Maine INS-1 Individual Income Tax TY 2024
Use this form to report your insurance premiums tax liability and their estimated tax payments
We last updated the Estimated Payment Return, Insurance Premiums Tax in March 2024, so this is the latest version of INS-1, fully updated for tax year 2023. You can download or print current or past-year PDFs of INS-1 directly from TaxFormFinder. You can print other Maine tax forms here.
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TaxFormFinder has an additional 61 Maine income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 1040ES-ME | Vouchers and Instructions for Estimated Tax Payments |
| Income Tax Instructions | Form 1040ME Instructions |
| Schedule PTFC | Schedule PTFC Property Tax Fairness Credit |
| Worksheets A - B | Residency Information and Income Allocation for Nonresidents and Part-Year Residents |
| Schedule B | Minimum Tax Worksheet for Schedule B |
View all 62 Maine Income Tax Forms
Form Sources:
Maine usually releases forms for the current tax year between January and April. We last updated Maine INS-1 from the Revenue Services in March 2024.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Maine INS-1
We have a total of three past-year versions of INS-1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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