×
tax forms found in
Tax Form Code
Tax Form Name

Minnesota Free Printable 2023 M15C, Additional Charge for Underpayment of Estimated Tax for 2024 Minnesota Additional Charge for Underpayment of Estimated Tax

It appears you don't have a PDF plugin for this browser. Please use the link below to download 2023-minnesota-form-m15c.pdf, and you can print it directly from your computer.

Additional Charge for Underpayment of Estimated Tax
2023 M15C, Additional Charge for Underpayment of Estimated Tax

2023 M15C, Additional Charge for Underpayment of Estimated Tax C corporations must use Schedule M15C to determine the additional charge for underpayment of estimated tax. Name of Corporation/Designated Filer FEIN Minnesota Tax ID You must round amounts to nearest whole dollar. 1 Enter your 2023 tax (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 If less than $500, do not complete this form. You owe no additional charge. 2 Enter your 2022 tax (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Required annual payment. Enter the amount from line 1 or line 2, whichever is less . . . . . . . . . . . . . . . . . . . . . . . . . 3 Exceptions: If you did not file a 2022 return or filed a return for less than a full 12-month period in the preceding tax year, or you did not have a 2022 tax liability, you must enter the amount from line 1. Large corporations, read special instructions on back and enter the amount from line 1. 1st Quarter 2nd Quarter 3rd Quarter 4 Enter the due dates (see instructions) . . . . . . . . . . . 4 5 Required installments (see instructions) . . . . . . . . . 5 6 Amount paid each period (see instructions) . . . . . . 6 Complete lines 7–13 for one column before completing the next column. For the first column only, enter the amount from line 6 on line 10. 7 Enter the amount from line 13 of the previous column . . . . . . . . . . . . . 7 8 Add lines 6 and 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Add lines 11 and 12 of the previous column . . . . . . . . . . . . . . . . . . . . . . 9 10 Subtract line 9 from line 8. If result is zero or less, leave blank . . . . . . . . . . . . 10 11 Remaining underpayment from previous period. If line 10 is zero, subtract line 8 from line 9. Otherwise, leave blank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 UNDERPAYMENT. If line 10 is less than or equal to line 5, subtract line 10 from line 5, enter the result and go to line 6 of the next column. Otherwise, go to line 13 . . . . . . . . . . . . . 13 OVERPAYMENT. If line 5 is less than line 10, subtract line 5 from line 10 and enter the result. Go to line 6 of the next column . . . . . . . . . 14 Date underpayment is paid or the 15th day of the third month following the tax year, whichever is earlier . . . . . . . . . . . . . . . . . . . . . . . . . 15 Number of days from the due date on line 4 to the date on line 14 . . . . . . . . . . . . . . . . . . 12 13 14 15 16 Additional charge (line 15 ÷ 365 × .05 × line 12) . . . . . . . . . . . . . . . . . 16 17 TOTAL. Add amounts on line 16. Enter this amount on M4, line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Attach this schedule to your Form M4. 9995 4th Quarter 2023 Schedule M15C Instructions This schedule is not required if you are filing your first Minnesota tax return. Figuring the Underpayment Line 1 Enter your 2023 tax from Form M4, line 1, less any credits reported on Form M4, lines 4 and 5 Line 2 Enter your 2022 tax from your 2022 Form M4, line 1, less any credits reported on your 2022 Form M4, lines 4 and 5. Line 4 The due dates of the installments are the 15th day of the third, sixth, ninth and 12th months of the taxable year. If you have a short taxable year, the installments are due on the 15th day of the third, sixth, ninth and final months. No installment is required for a short taxable year of fewer than four months. Line 5 Each required installment is 25 percent of the amount on line 3 unless you use an alternative method (see “Alternative Methods”). Large corporations, read the special instructions under “Alternative Methods.” To determine the amount of each required installment for a short taxable year, divide the amount on line 3 by the number of installments due. Line 6 In the first column, enter payments made by the 15th day of the third month of the tax year. Include any overpayment from your 2022 return that was credited to your 2023 estimated tax account. For each of the other columns, enter payments made after the previous column’s due date and by that column’s due date shown on line 4. Computing the Additional Charge Lines 14 through 17 Payments of estimated tax are applied against any underpayments of required installments in the order that the installments were due. For example, if your first-quarter installment is underpaid by $100 and you deposit $200 for your second-quarter installment, $100 of your second-quarter payment is applied to the first quarter. The additional charge for the first quarter is computed from the first-quarter due date to the date the second-quarter payment is made. Also, the second-quarter installment will then be underpaid by $100 (assuming that the second-quarter required installment is $200) until sufficient payments are received to eliminate the underpayment. If more than one payment has been made for a required installment, attach a separate computation for each payment. If the due date falls on a weekend or legal holiday, payments electronically made or postmarked the next business day are considered timely. Alternative Methods If your income varied during the year, there are two alternative methods of determining the required installment: • Adjusted Seasonal Installment Method • Annualized Income Installment Method To use one or both of these methods to figure one or more required installments, complete Schedule A of federal Form 2220 and make the following adjustments for Minnesota tax purposes. Lines 1a, 1b, 1c and 2 Column (a) of these lines should include income for the first two months of each tax year. Lines 3a, 3b and 3c Column (a) of these lines should include income for the first three months of each tax year. Line 10 Use the tax rate of 9.8 percent. Line 15 Use the alternative minimum tax rate of 5.8 percent. Line 20 Enter your Minnesota annualization periods, using the following: Continued 1 2023 Schedule M15C Instructions (Continued) • • • • In Column (a), enter 2. In Column (b), enter either 2 or 5. In Column (c), enter either 6 or 8. In Column (d), enter either 9 or 11. Line 21 Enter your Minnesota taxable income for the periods entered on line 20. Line 22 If your annualization period on line 20 is: Your annualization amount for the period is: 2 6 5 2.4 6 2 8 1.5 9 1.33333 11 1.09091 Line 24 Use the tax rate of 9.8 percent. Line 25 Use the alternative minimum tax rate of 5.8 percent. Line 35 Enter 25 percent (.25) of line 3 of Schedule M15C in each column. Large corporations: To determine the amounts to enter, see the instructions below. Line 38 Enter the required installments from line 38 on line 5 of this Schedule M15C. Attach the federal schedule to this schedule if an alternative method is used for any installment. Large Corporations A corporation is considered a large corporation if it had Minnesota taxable net income (after apportionment) of $1 million or more in any of the three tax years immediately preceding the current year. A unitary business is considered a large corporation if the combined Minnesota taxable net income of its members was $1 million or more in any of the three tax years immediately preceding the current year. A large corporation must use 100 percent of its current year’s tax liability as its required annual payment unless an alternative method is used for any installment (see previous column). For the first quarter only, the installment may be based on a required annual payment equal to 100 percent of the prior year’s tax liability. Any resulting reduction in the installment must be added to the second-quarter installment. The second, third and fourth installments must be based on a required annual payment equal to 100 percent of the current year’s tax liability unless an alternative method is used for any installment (see previous page). 2
Extracted from PDF file 2023-minnesota-form-m15c.pdf, last modified December 2011

More about the Minnesota Form M15C Individual Income Tax Estimated TY 2023

This form is for those who did not pay enough money in tax for the current tax season.

We last updated the Additional Charge for Underpayment of Estimated Tax in February 2024, so this is the latest version of Form M15C, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form M15C directly from TaxFormFinder. You can print other Minnesota tax forms here.

Other Minnesota Individual Income Tax Forms:

TaxFormFinder has an additional 95 Minnesota income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form M1PR Homestead Credit Refund (for Homeowners) and Renters Property Tax Refund
Form M1 Instructions Minnesota Individual Income Tax Instructions (Form M1)
Form M1 Individual Income Tax Return
Form M1PR Instructions Homestead Credit Refund and Renter’s Property Tax Refund Instruction Booklet
Form M1M Income Additions and Subtractions (onscreen version)

Download all MN tax forms View all 96 Minnesota Income Tax Forms


Form Sources:

Minnesota usually releases forms for the current tax year between January and April. We last updated Minnesota Form M15C from the Department of Revenue in February 2024.

Show Sources >

Form M15C is a Minnesota Individual Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

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 Minnesota Form M15C

We have a total of twelve past-year versions of Form M15C in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form M15C

2023 M15C, Additional Charge for Underpayment of Estimated Tax

2022 Form M15C

2022 M15C, Additional Charge for Underpayment of Estimated Tax

2021 Form M15C

2021 M15C, Additional Charge for Underpayment of Estimated Tax

2020 Form M15C

2020 M15C, Additional Charge for Underpayment of Estimated Tax

2019 Form M15C

2019 M15C, Additional Charge for Underpayment of Estimated Tax

2018 Form M15C

2018 M15C, Additional Charge for Underpayment of Estimated Tax

2017 Form M15C

2016 M15C, Additional Charge for Underpayment of Estimated Tax

2016 Form M15C

2016 M15C, Additional Charge for Underpayment of Estimated Tax

2015 Form M15C

2011 M15C Additional Charge for Underpayment of Estimated Tax

Additional Charge for Underpayment of Estimated Tax 2014 Form M15C

2011 M15C, Additional Charge for Underpayment of Estimated Tax

2013 Additional Charge for Underpayment of Estimated Tax 2013 Form M15C

2011 M15C, Additional Charge for Underpayment of Estimated Tax

2011 Form M15C

2011 M15C, Additional Charge for Underpayment of Estimated Tax


TaxFormFinder Disclaimer:

While we do our best to keep our list of Minnesota Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

** This Document Provided By TaxFormFinder.org **
Source: http://www.taxformfinder.org/index.php/minnesota/form-m15c