This document is a form for calculating penalties for underpayment of estimated income taxes for 2008. It provides instructions for individuals, trusts, and partnerships to calculate their required annual payment, estimated tax payments, and any penalties owed for underpaying their estimated taxes during the year. The form outlines two methods (short and regular) for calculating penalties and includes worksheets for annualizing income over the year to determine estimated tax payment amounts.
This document is a Schedule M1MTC form for calculating the Minnesota alternative minimum tax credit for 2008. It contains instructions for completing the form.
The form has three parts:
1. Part 1 calculates the minimum tax credit generated by paying the Minnesota AMT in 2007 based on amounts from the 2007 tax forms.
2. Part 2 determines how much of the credit from Part 1 can be used to offset the 2008 tax liability, if any.
3. Part 3 shows any unused credit that can be carried forward to future years.
The credit is for individuals who paid Minnesota AMT in prior years but are not required to pay it for 2008. It allows them to use the previous A
Combined Group Business Tax Apportionmenttaxman taxman
This document is a form for apportioning business enterprise tax for individual members of a combined group in New Hampshire. It provides instructions for completing the form, which involves calculating apportionment factors for compensation, property, and sales to determine the portions of dividends, compensation, and interest that are taxable in New Hampshire. The form has sections to calculate apportionment factors for each member and combine them to determine the total amounts reported on the main business enterprise tax form.
Form 1120-RIC U.S. Income Tax Return for Regulated Investment Companies taxman taxman
This document is a U.S. Income Tax Return for Regulated Investment Companies (Form 1120-RIC) for the year 2008. It provides key financial information including total assets (line D), taxable income (Part I), deductions for dividends paid (Schedule A), and tax computation (Schedule J). The form includes additional schedules that provide details on tax-exempt interest, compensation of officers, balance sheets, and reconciliation of book income to tax return income. The 3 page document is a tax filing for a regulated investment company to report income, deductions, and tax calculations to the IRS.
400-ut-enabled nd.gov tax indincome forms 2008taxman taxman
This document provides instructions for calculating interest on underpayment or late payment of estimated North Dakota income tax for individuals using Form 400-UT for tax year 2008. Key details include:
1. The form is used to determine if enough estimated tax was paid by the due dates and to calculate interest if it was not.
2. Part 1 lists exceptions to the regular computation such as the qualified farmer exception or using the federal annualized income installment method.
3. Part 2 is used to compute the underpayment and carries amounts forward from quarter to quarter.
4. Part 3 calculates the interest due based on the number of days the underpayment amount was outstanding. The total interest is entered on the tax return
This document is a New Hampshire Department of Revenue Administration form for business enterprise tax apportionment. It provides instructions for businesses to apportion their enterprise value tax base if their business activities are conducted both inside and outside of New Hampshire. The form includes sections to calculate apportionment factors for compensation, interest, and dividends based on property, payroll, and sales both within New Hampshire and everywhere. It then provides lines to apply these factors to apportion taxable amounts of dividends, compensation, and interest to be entered on the business enterprise tax return.
This document provides instructions for completing Schedule M1R for the Age 65 or Older/Disabled Subtraction for 2008. It outlines the eligibility requirements, which include being age 65 or older or disabled. It provides a table to determine eligibility based on filing status, adjusted gross income, and nontaxable benefits received. The instructions explain how to complete each line of the schedule, including how to calculate adjusted gross income if a lump-sum distribution was received.
This document is an employer's annual federal unemployment tax return (Form 940) for 2009. It summarizes the employer's FUTA tax liability for the year. The four-part form requires the employer to provide identification information, calculate taxable wages and FUTA tax before adjustments, determine any adjustments to the tax amount, and calculate the total FUTA tax and any balance due or overpayment for the tax year.
This document is an Alternative Minimum Tax form for 2008. It contains instructions for completing Schedule M1MT to determine if a taxpayer owes Minnesota Alternative Minimum Tax. Key details include:
- Schedule M1MT must be completed if the taxpayer owed federal Alternative Minimum Tax when filing their federal return.
- It calculates adjustments, additions, subtractions and deductions to adjusted gross income to determine if Minnesota Alternative Minimum Tax is owed.
- Line items include medical expenses, investment interest, charitable contributions and other items from the federal return.
- The schedule then determines the tax owed based on filing status and income thresholds and compares it to the regular tax from Form M1.
- If the Alternative Minimum Tax
This document is a Schedule M1MTC form for calculating the Minnesota alternative minimum tax credit for 2008. It contains instructions for completing the form.
The form has three parts:
1. Part 1 calculates the minimum tax credit generated by paying the Minnesota AMT in 2007 based on amounts from the 2007 tax forms.
2. Part 2 determines how much of the credit from Part 1 can be used to offset the 2008 tax liability, if any.
3. Part 3 shows any unused credit that can be carried forward to future years.
The credit is for individuals who paid Minnesota AMT in prior years but are not required to pay it for 2008. It allows them to use the previous A
Combined Group Business Tax Apportionmenttaxman taxman
This document is a form for apportioning business enterprise tax for individual members of a combined group in New Hampshire. It provides instructions for completing the form, which involves calculating apportionment factors for compensation, property, and sales to determine the portions of dividends, compensation, and interest that are taxable in New Hampshire. The form has sections to calculate apportionment factors for each member and combine them to determine the total amounts reported on the main business enterprise tax form.
Form 1120-RIC U.S. Income Tax Return for Regulated Investment Companies taxman taxman
This document is a U.S. Income Tax Return for Regulated Investment Companies (Form 1120-RIC) for the year 2008. It provides key financial information including total assets (line D), taxable income (Part I), deductions for dividends paid (Schedule A), and tax computation (Schedule J). The form includes additional schedules that provide details on tax-exempt interest, compensation of officers, balance sheets, and reconciliation of book income to tax return income. The 3 page document is a tax filing for a regulated investment company to report income, deductions, and tax calculations to the IRS.
400-ut-enabled nd.gov tax indincome forms 2008taxman taxman
This document provides instructions for calculating interest on underpayment or late payment of estimated North Dakota income tax for individuals using Form 400-UT for tax year 2008. Key details include:
1. The form is used to determine if enough estimated tax was paid by the due dates and to calculate interest if it was not.
2. Part 1 lists exceptions to the regular computation such as the qualified farmer exception or using the federal annualized income installment method.
3. Part 2 is used to compute the underpayment and carries amounts forward from quarter to quarter.
4. Part 3 calculates the interest due based on the number of days the underpayment amount was outstanding. The total interest is entered on the tax return
This document is a New Hampshire Department of Revenue Administration form for business enterprise tax apportionment. It provides instructions for businesses to apportion their enterprise value tax base if their business activities are conducted both inside and outside of New Hampshire. The form includes sections to calculate apportionment factors for compensation, interest, and dividends based on property, payroll, and sales both within New Hampshire and everywhere. It then provides lines to apply these factors to apportion taxable amounts of dividends, compensation, and interest to be entered on the business enterprise tax return.
This document provides instructions for completing Schedule M1R for the Age 65 or Older/Disabled Subtraction for 2008. It outlines the eligibility requirements, which include being age 65 or older or disabled. It provides a table to determine eligibility based on filing status, adjusted gross income, and nontaxable benefits received. The instructions explain how to complete each line of the schedule, including how to calculate adjusted gross income if a lump-sum distribution was received.
This document is an employer's annual federal unemployment tax return (Form 940) for 2009. It summarizes the employer's FUTA tax liability for the year. The four-part form requires the employer to provide identification information, calculate taxable wages and FUTA tax before adjustments, determine any adjustments to the tax amount, and calculate the total FUTA tax and any balance due or overpayment for the tax year.
This document is an Alternative Minimum Tax form for 2008. It contains instructions for completing Schedule M1MT to determine if a taxpayer owes Minnesota Alternative Minimum Tax. Key details include:
- Schedule M1MT must be completed if the taxpayer owed federal Alternative Minimum Tax when filing their federal return.
- It calculates adjustments, additions, subtractions and deductions to adjusted gross income to determine if Minnesota Alternative Minimum Tax is owed.
- Line items include medical expenses, investment interest, charitable contributions and other items from the federal return.
- The schedule then determines the tax owed based on filing status and income thresholds and compares it to the regular tax from Form M1.
- If the Alternative Minimum Tax
This document is a Nebraska S Corporation Income Tax Return form for the 2008 tax year. It provides lines for reporting ordinary income, Nebraska-specific adjustments that increase or decrease ordinary income, income apportioned to Nebraska, income subject to withholding for nonresident shareholders, withholding amounts, estimated tax payments, amounts due and refunds. Accompanying schedules are included for reporting income from both within and without Nebraska using apportionment factors. The form must be filed by S corporations operating in Nebraska and have the federal return and supporting schedules attached.
Form 8801-Credit for Prior Year Minimum Tax - Individuals, Estates, and Truststaxman taxman
This 3 sentence summary provides the high level and essential information from the document:
The document is an IRS form for calculating an individual's or trust's credit for prior year minimum tax. It allows taxpayers to claim unused credits from previous years and determine how much of the credit can be used in the current year or carried forward. The form walks through a series of calculations to arrive at amounts for the current year nonrefundable credit, any refundable credit, and how much credit can be carried forward.
This document is an IRS Form 4684 for reporting casualties and thefts of property. It contains sections to report losses of personal use property and business/income-producing property. The form collects information such as the cost basis and insurance reimbursements received for damaged or stolen properties. It is used to calculate deductible casualty and theft losses that can be claimed on the taxpayer's return.
1) This document provides instructions for calculating South Carolina state tax on lump-sum distributions from qualified retirement plans using form SC4972.
2) It allows taxpayers to choose either a capital gain election to be taxed at 3.92% or a 10-year tax option that spreads the taxable amount over 10 years.
3) The form guides taxpayers through calculating deductions for retirement income and age 65 or older, as well as determining tax rates and amounts owed.
MB-2 - Purchase Inventory of Malt Beverages taxman taxman
This document is a safe harbor worksheet from the Vermont Department of Taxes for estimated income tax payments for nonresident shareholders, members, or partners of sub-chapter S corporations, partnerships, and LLCs. It provides instructions for calculating required quarterly estimated tax payments using prior and current year income amounts. The worksheet must be submitted with estimated tax payments to qualify for the safe harbor provision, which aims to help entities avoid penalties for underpaying estimated taxes.
This document is a Wisconsin Schedule U form for underpayment of estimated tax. It provides instructions for taxpayers to calculate their required annual payment, determine if they underpaid their estimated taxes, and compute any applicable underpayment interest. The form has four parts: Part I calculates the required annual payment; Part II is a short method calculation; Part III is the regular method calculation done in installments; Part IV allows for an annualized income installment calculation.
This document is an IRS Form 4797 for reporting sales of business property in 2008. It contains sections to report:
1) Sales or exchanges of property used in a trade or business, including gains/losses and whether they are ordinary or Section 1231.
2) Gains from disposition of property subject to depreciation recapture under Sections 1245, 1250, 1252, 1254, and 1255.
3) Recapture amounts under Sections 179 and 280F(b)(2) when business use of property drops to 50% or less.
This document is a Nebraska S Corporation Income Tax Return form for the 2008 tax year. It provides lines to report income, deductions, tax payments, and refund amounts. It includes schedules to report income from both within and outside of Nebraska that require apportionment. Shareholders must be identified, including any nonresidents, and withholding amounts for nonresident shareholders are calculated. The form is used by S corporations to file their annual income tax return with the Nebraska Department of Revenue.
This document is an IRS adjustment form for a New Hampshire business taxpayer. It allows the taxpayer to report changes to their New Hampshire business profits tax and business enterprise tax returns caused by a final determination from an IRS examination. The form guides the taxpayer through calculating adjusted amounts for items like gross business profits, additions and deductions, apportionment percentage, taxable income, tax amounts, and credits based on the IRS adjustments. It requires the taxpayer to provide information on the IRS adjustments and recalculate their state taxes accordingly.
This document is an instruction sheet for filling out a Utah individual income tax return form. It instructs the user to use the tab key to move between fields on the form, provides context for pre-filled fields, and notes that any non-applicable fields should be cleared. It also lists various codes and amounts that need to be entered in different sections of the tax return form.
NYC-9.7 UBT Paid Credit for General Corporation Taxpayerstaxman taxman
This document is a claim form for a General Corporation Tax credit or refund submitted to the New York City Department of Finance. It contains sections to report originally filed amounts and net changes, and calculates tax amounts, credits, payments, and refunds owed. Key information includes the taxpayer name and identification number, tax period, taxes assessed and paid, available credits, and requested refund or credit amount.
This document is a Wisconsin Department of Revenue form for calculating underpayment of estimated taxes by individuals and fiduciaries. It contains instructions for taxpayers to calculate their required annual payment, estimated tax payments made, and any underpayment amount owed including interest. The form provides options to use the short method, regular method, or annualized income installment method to figure the underpayment.
This document is an IRS form for reporting nondeductible IRA contributions and conversions. It contains instructions for reporting: [1] nondeductible traditional IRA contributions and distributions; [2] conversions from traditional IRAs to Roth IRAs; and [3] distributions from Roth IRAs. Taxpayers must provide details of nondeductible contributions, account balances, distributions, and conversions between traditional and Roth IRAs to calculate tax liability.
WH-435 - Est. Income Tax Payments for Non-Res. Shareholders, Members or Partn...taxman taxman
This document is a Vermont partnership/limited liability company tax schedule from 2007. It provides instructions for completing the form and includes sections for reporting income, apportionment percentages, and partners'/members' shares of income. Partnerships and LLCs must attach a copy of their federal Form 1065 and Schedule K-1s and may owe minimum annual entity tax or estimated tax payments for nonresident partners.
This document is a Nebraska Corporation Income Tax Return form for the 2008 tax year. It includes sections to provide company identification information and calculate tax owed or refund amount. Information from the attached federal tax return is transferred to this form. Several state-specific credits and adjustments are allowed, including credits for in lieu of intangible tax paid, Nebraska charitable endowment, and beginning farmer. Apportionment of income is required for multistate businesses using schedules for factors like sales, payroll, and property.
This document provides instructions for completing the Minnesota Working Family Credit Schedule (M1WFC). It explains that to be eligible for the Minnesota working family credit, you must first qualify for the federal earned income credit. It outlines how to determine the credit amount based on income and number of qualifying children. It also provides details on apportioning the credit for part-year residents/nonresidents or those with non-taxable income from an Indian reservation or JOBZ business.
Schedule NRH apportionment for married person electing to file singletaxman taxman
The schedule provides instructions for married persons electing to file as single to calculate the nonresident credit for Maine income tax. It involves completing columns with information from the federal tax return to determine income, deductions, exemptions, and the nonresident credit amount. The nonresident credit is calculated by determining the portion of adjusted Maine income tax that is attributable to non-Maine source income.
0Underpayment of Estimated Tax by Individualstaxman taxman
This document is Indiana's Schedule IT-2210, which is used to calculate penalties for underpayment of estimated taxes. It provides instructions for determining:
1) If a taxpayer owes penalties for underpaying their estimated quarterly taxes throughout 2008.
2) The minimum amount that was required to be paid in estimated taxes each quarter.
3) How to calculate penalties owed using either the regular method (calculating payments/underpayments by quarter) or short method.
The schedule walks through calculating a taxpayer's total tax for 2008, required annual payment, prior year's tax exception, withholding credits, estimated payments made, and any underpayment amounts to determine if penalties are owed.
gov revenue formsandresources forms WITtaxman taxman
This document provides instructions for completing Montana's Wine Distributors/Wineries Tax Return form. It explains how to fill out each line of the tax return, including reporting taxable liters sold to retailers and agencies, calculating the taxes owed, and amounts due for penalties and interest if filing or paying late. It also provides payment instructions, requiring taxpayers to submit a separate payment and voucher for each tax period along with their federal employer identification number and the tax period being paid.
This document provides instructions for completing Schedule M1LS to report tax on a lump-sum distribution for Minnesota. It explains that Schedule M1LS must be filed if the taxpayer received a lump-sum distribution in 2008 and filed federal Form 4972. The instructions describe each line of Schedule M1LS and provide details on how to calculate the tax on the ordinary income portion of the lump-sum distribution, including adjustments for multiple recipients or being age 65 or older.
This document is an IRS form for calculating underpayment of estimated tax penalties for corporations. It contains instructions for determining estimated tax payments owed compared to actual tax liability. The form has sections to calculate the total underpayment, figure the underpayment or overpayment by installment due date, and determine any applicable penalties. It must be filed along with the corporation's tax return if an underpayment is found using the calculations in the form.
This document is an IRS form for calculating underpayment of estimated taxes for corporations. It provides instructions for determining if a corporation owes penalties for underpaying its quarterly estimated tax payments. Key details include calculating the corporation's tax liability before credits, determining the minimum payment amount due each quarter, and assessing penalties based on the number of days the quarterly payment was underpaid. The form must be attached to the corporation's tax return and penalties owed will increase the amount of tax due.
This document is a Nebraska S Corporation Income Tax Return form for the 2008 tax year. It provides lines for reporting ordinary income, Nebraska-specific adjustments that increase or decrease ordinary income, income apportioned to Nebraska, income subject to withholding for nonresident shareholders, withholding amounts, estimated tax payments, amounts due and refunds. Accompanying schedules are included for reporting income from both within and without Nebraska using apportionment factors. The form must be filed by S corporations operating in Nebraska and have the federal return and supporting schedules attached.
Form 8801-Credit for Prior Year Minimum Tax - Individuals, Estates, and Truststaxman taxman
This 3 sentence summary provides the high level and essential information from the document:
The document is an IRS form for calculating an individual's or trust's credit for prior year minimum tax. It allows taxpayers to claim unused credits from previous years and determine how much of the credit can be used in the current year or carried forward. The form walks through a series of calculations to arrive at amounts for the current year nonrefundable credit, any refundable credit, and how much credit can be carried forward.
This document is an IRS Form 4684 for reporting casualties and thefts of property. It contains sections to report losses of personal use property and business/income-producing property. The form collects information such as the cost basis and insurance reimbursements received for damaged or stolen properties. It is used to calculate deductible casualty and theft losses that can be claimed on the taxpayer's return.
1) This document provides instructions for calculating South Carolina state tax on lump-sum distributions from qualified retirement plans using form SC4972.
2) It allows taxpayers to choose either a capital gain election to be taxed at 3.92% or a 10-year tax option that spreads the taxable amount over 10 years.
3) The form guides taxpayers through calculating deductions for retirement income and age 65 or older, as well as determining tax rates and amounts owed.
MB-2 - Purchase Inventory of Malt Beverages taxman taxman
This document is a safe harbor worksheet from the Vermont Department of Taxes for estimated income tax payments for nonresident shareholders, members, or partners of sub-chapter S corporations, partnerships, and LLCs. It provides instructions for calculating required quarterly estimated tax payments using prior and current year income amounts. The worksheet must be submitted with estimated tax payments to qualify for the safe harbor provision, which aims to help entities avoid penalties for underpaying estimated taxes.
This document is a Wisconsin Schedule U form for underpayment of estimated tax. It provides instructions for taxpayers to calculate their required annual payment, determine if they underpaid their estimated taxes, and compute any applicable underpayment interest. The form has four parts: Part I calculates the required annual payment; Part II is a short method calculation; Part III is the regular method calculation done in installments; Part IV allows for an annualized income installment calculation.
This document is an IRS Form 4797 for reporting sales of business property in 2008. It contains sections to report:
1) Sales or exchanges of property used in a trade or business, including gains/losses and whether they are ordinary or Section 1231.
2) Gains from disposition of property subject to depreciation recapture under Sections 1245, 1250, 1252, 1254, and 1255.
3) Recapture amounts under Sections 179 and 280F(b)(2) when business use of property drops to 50% or less.
This document is a Nebraska S Corporation Income Tax Return form for the 2008 tax year. It provides lines to report income, deductions, tax payments, and refund amounts. It includes schedules to report income from both within and outside of Nebraska that require apportionment. Shareholders must be identified, including any nonresidents, and withholding amounts for nonresident shareholders are calculated. The form is used by S corporations to file their annual income tax return with the Nebraska Department of Revenue.
This document is an IRS adjustment form for a New Hampshire business taxpayer. It allows the taxpayer to report changes to their New Hampshire business profits tax and business enterprise tax returns caused by a final determination from an IRS examination. The form guides the taxpayer through calculating adjusted amounts for items like gross business profits, additions and deductions, apportionment percentage, taxable income, tax amounts, and credits based on the IRS adjustments. It requires the taxpayer to provide information on the IRS adjustments and recalculate their state taxes accordingly.
This document is an instruction sheet for filling out a Utah individual income tax return form. It instructs the user to use the tab key to move between fields on the form, provides context for pre-filled fields, and notes that any non-applicable fields should be cleared. It also lists various codes and amounts that need to be entered in different sections of the tax return form.
NYC-9.7 UBT Paid Credit for General Corporation Taxpayerstaxman taxman
This document is a claim form for a General Corporation Tax credit or refund submitted to the New York City Department of Finance. It contains sections to report originally filed amounts and net changes, and calculates tax amounts, credits, payments, and refunds owed. Key information includes the taxpayer name and identification number, tax period, taxes assessed and paid, available credits, and requested refund or credit amount.
This document is a Wisconsin Department of Revenue form for calculating underpayment of estimated taxes by individuals and fiduciaries. It contains instructions for taxpayers to calculate their required annual payment, estimated tax payments made, and any underpayment amount owed including interest. The form provides options to use the short method, regular method, or annualized income installment method to figure the underpayment.
This document is an IRS form for reporting nondeductible IRA contributions and conversions. It contains instructions for reporting: [1] nondeductible traditional IRA contributions and distributions; [2] conversions from traditional IRAs to Roth IRAs; and [3] distributions from Roth IRAs. Taxpayers must provide details of nondeductible contributions, account balances, distributions, and conversions between traditional and Roth IRAs to calculate tax liability.
WH-435 - Est. Income Tax Payments for Non-Res. Shareholders, Members or Partn...taxman taxman
This document is a Vermont partnership/limited liability company tax schedule from 2007. It provides instructions for completing the form and includes sections for reporting income, apportionment percentages, and partners'/members' shares of income. Partnerships and LLCs must attach a copy of their federal Form 1065 and Schedule K-1s and may owe minimum annual entity tax or estimated tax payments for nonresident partners.
This document is a Nebraska Corporation Income Tax Return form for the 2008 tax year. It includes sections to provide company identification information and calculate tax owed or refund amount. Information from the attached federal tax return is transferred to this form. Several state-specific credits and adjustments are allowed, including credits for in lieu of intangible tax paid, Nebraska charitable endowment, and beginning farmer. Apportionment of income is required for multistate businesses using schedules for factors like sales, payroll, and property.
This document provides instructions for completing the Minnesota Working Family Credit Schedule (M1WFC). It explains that to be eligible for the Minnesota working family credit, you must first qualify for the federal earned income credit. It outlines how to determine the credit amount based on income and number of qualifying children. It also provides details on apportioning the credit for part-year residents/nonresidents or those with non-taxable income from an Indian reservation or JOBZ business.
Schedule NRH apportionment for married person electing to file singletaxman taxman
The schedule provides instructions for married persons electing to file as single to calculate the nonresident credit for Maine income tax. It involves completing columns with information from the federal tax return to determine income, deductions, exemptions, and the nonresident credit amount. The nonresident credit is calculated by determining the portion of adjusted Maine income tax that is attributable to non-Maine source income.
0Underpayment of Estimated Tax by Individualstaxman taxman
This document is Indiana's Schedule IT-2210, which is used to calculate penalties for underpayment of estimated taxes. It provides instructions for determining:
1) If a taxpayer owes penalties for underpaying their estimated quarterly taxes throughout 2008.
2) The minimum amount that was required to be paid in estimated taxes each quarter.
3) How to calculate penalties owed using either the regular method (calculating payments/underpayments by quarter) or short method.
The schedule walks through calculating a taxpayer's total tax for 2008, required annual payment, prior year's tax exception, withholding credits, estimated payments made, and any underpayment amounts to determine if penalties are owed.
gov revenue formsandresources forms WITtaxman taxman
This document provides instructions for completing Montana's Wine Distributors/Wineries Tax Return form. It explains how to fill out each line of the tax return, including reporting taxable liters sold to retailers and agencies, calculating the taxes owed, and amounts due for penalties and interest if filing or paying late. It also provides payment instructions, requiring taxpayers to submit a separate payment and voucher for each tax period along with their federal employer identification number and the tax period being paid.
This document provides instructions for completing Schedule M1LS to report tax on a lump-sum distribution for Minnesota. It explains that Schedule M1LS must be filed if the taxpayer received a lump-sum distribution in 2008 and filed federal Form 4972. The instructions describe each line of Schedule M1LS and provide details on how to calculate the tax on the ordinary income portion of the lump-sum distribution, including adjustments for multiple recipients or being age 65 or older.
This document is an IRS form for calculating underpayment of estimated tax penalties for corporations. It contains instructions for determining estimated tax payments owed compared to actual tax liability. The form has sections to calculate the total underpayment, figure the underpayment or overpayment by installment due date, and determine any applicable penalties. It must be filed along with the corporation's tax return if an underpayment is found using the calculations in the form.
This document is an IRS form for calculating underpayment of estimated taxes for corporations. It provides instructions for determining if a corporation owes penalties for underpaying its quarterly estimated tax payments. Key details include calculating the corporation's tax liability before credits, determining the minimum payment amount due each quarter, and assessing penalties based on the number of days the quarterly payment was underpaid. The form must be attached to the corporation's tax return and penalties owed will increase the amount of tax due.
This document is instructions for calculating penalties for underpayment of estimated taxes on a Kansas individual income tax return form (K-40). It provides details on exceptions to penalties if certain payment thresholds are met based on the taxpayer's income and withholding for the tax year. It also explains how to calculate the number of days late payments were made and how to determine penalty amounts owed for each installment period. The total penalty is carried over to line 32 of the K-40 form.
This document is instructions for calculating penalties for underpayment of estimated taxes on a Kansas individual income tax return form (K-40). It provides details on exceptions to penalties if certain payment thresholds are met based on the taxpayer's income and withholding for the tax year. It also explains how to calculate the number of days late payments were made and how to determine penalty amounts owed for each installment period. The total penalty is carried over to line 32 of the K-40 form.
This document is Kansas' Individual Underpayment of Estimated Tax form for 2008. It provides instructions for taxpayers to determine if they owe a penalty for underpaying their estimated income taxes throughout the year. The form guides taxpayers to calculate their underpayment amounts over four payment periods and any penalties based on the number of days the underpayment remained unpaid. It outlines two exceptions to avoid penalties if cumulative withholding or timely estimated payments were sufficient to cover the lower of 90% of the tax due or last year's tax liability.
This document is instructions for calculating penalties for underpayment of estimated taxes on a Kansas individual income tax return form (K-40). It provides details on exceptions to penalties if certain payment thresholds are met based on the taxpayer's income and withholding for the tax year. It also explains how to calculate the number of days late payments were made and how to determine penalty amounts owed for each installment period. The total penalty is carried over to line 32 of the K-40 form.
This document is Kansas' Individual Underpayment of Estimated Tax form for 2008. It provides instructions for taxpayers to determine if they owe a penalty for underpaying their estimated income taxes throughout the year. The form guides taxpayers to calculate their underpayment amounts over four payment periods and any penalties based on the number of days the underpayment remained unpaid. It outlines two exceptions to avoid penalties if cumulative withholding or timely estimated payments were sufficient to cover the lower of the current or prior year's tax amounts.
This document is instructions for calculating penalties for underpayment of estimated taxes on a Kansas individual income tax return form (K-40). It provides details on exceptions to penalties if certain payment thresholds are met. It also outlines a multi-step process for determining the amount of any penalties owed based on the dates estimated tax payments were made throughout the tax year. Key dates and percentages to use in the calculations are provided in a table for convenience.
This document is instructions for calculating penalties for underpayment of estimated taxes on a Kansas individual income tax return form (K-40). It provides details on exceptions to penalties if certain payment thresholds are met based on the taxpayer's income and withholding for the tax year. It also explains how to calculate the number of days late payments were made and how to determine penalty amounts owed for each installment period. The total penalty is carried over to line 32 of the K-40 form.
gov revenue formsandresources forms NOL_fill-intaxman taxman
This document provides instructions for calculating a Montana net operating loss (NOL) for tax year 2008 using Form NOL. Schedule A is used to determine if an NOL exists. It involves calculating various income and loss items. If the result of Schedule A is negative, an NOL exists. Schedule B is used to carry back the NOL to previous tax years. Schedule C summarizes the NOL amounts after carrybacks and carryforwards. Key points include: special rules for non-residents and what items cannot be included in the NOL calculation, such as personal exemptions. The standard 2-year carryback period can be extended for eligible losses or farming losses.
This document provides instructions for completing Schedule M1CR to claim a credit for income tax paid to another state on a Minnesota tax return. Taxpayers may be eligible if they were a Minnesota resident in 2008 and paid income tax to Minnesota and another state on the same income. The schedule walks through calculating the credit amount by determining the portion of income taxed by both states and limiting the credit to the lesser of the tax paid to the other state or a percentage of the Minnesota tax.
Form 2210ME underpayment of estimated taxtaxman taxman
This document provides instructions for calculating underpayment penalties for individual income tax filers in Maine. It explains that penalty is owed if 2008 tax liability is $1,000 or more and 2007 liability was also $1,000 or more, unless at least 90% of the 2008 tax was paid on time through withholding and estimated payments. It provides a worksheet to calculate estimated payments due and any underpayment penalties based on the number of months payments were late. Farmers and fishermen may avoid penalties if full payment is made by March 1.
This document is a form used to calculate penalties for underpayment of estimated taxes. It provides instructions for taxpayers to determine if they owe penalties for underpaying their estimated quarterly tax payments throughout the year. The form walks through calculations to identify the amount of any underpayment for each quarter and assesses penalties based on the number of days the underpayment remained unpaid.
This document is a Nebraska S Corporation Income Tax Return form for the 2008 tax year. It provides instructions and lines to report income, deductions, tax payments, and other information needed to calculate taxes owed or refunds due. Key details include: the business name and identification numbers, ordinary income and adjustments, percentages of ownership by resident and nonresident shareholders, income and tax amounts subject to withholding, tax deposited or owed/refunded, and options for a refund payment. Schedules are included to apportion income derived from both within and without Nebraska.
This document is Form 2210N for underpayment of estimated tax for the state of Nebraska. It provides instructions for calculating penalties for underpaying estimated quarterly income tax payments. The form has sections to calculate the required annual payment, quarterly installment amounts, amounts paid by each due date, and any underpayment amounts. It then provides sections to calculate penalties for underpayments based on the number of days the underpayment remained unpaid. There are also special instructions and calculations for farmers and ranchers with certain income sources.
This document is an individual underpayment of estimated tax form for Nebraska tax year 2008. It provides instructions for calculating penalties for underpaying estimated quarterly tax payments throughout the year. The form has sections to calculate the required annual payment, quarterly installment amounts, amounts paid vs owed for each period, and sections to figure any underpayment amounts and penalties owed. There are also special instructions and calculations for farmers and ranchers who file by March 1 to qualify for an exemption from estimated tax penalties.
Form 990-W Estimated Tax on Unrelated Business Taxable Income for Tax-Exempt...taxman taxman
This document provides instructions for tax-exempt organizations to calculate estimated tax payments for unrelated business income and private foundation investment income. It outlines how to complete IRS Form 990-W to determine quarterly installment amounts due. Key steps include calculating total estimated tax, applying credits, and using alternative methods like annualized income installments if tax is expected to vary during the year. The form helps organizations avoid penalties for underpaying estimated taxes.
This document is a form used to calculate underpayment penalties for corporate estimated tax payments in Nebraska. It provides instructions on who must file the form, when and where to file it, and how to complete the various sections and lines to determine if an underpayment penalty applies. The form has two parts - Part I is used to calculate any underpayment amount, and Part II calculates the corresponding penalty based on the underpayment.
This document contains worksheets to help taxpayers calculate various deductions and amounts for their 2008 Montana individual income tax return. Worksheet I helps calculate the qualified mortgage insurance premiums deduction. Worksheet II determines what portion, if any, of a federal income tax refund received in 2008 is taxable. Subsequent worksheets help calculate partial pension/annuity exemptions, standard deductions, itemized deductions, and interest owed for underpaying estimated taxes. The worksheets walk through step-by-step calculations using figures from the taxpayer's tax forms and tables of thresholds and rates.
This document is an application for a California homebuyer's tax credit. It contains sections for the seller to certify that the home has never been occupied, as well as sections for the escrow company to provide closing details. Finally, there are sections for up to three qualified buyers to provide their contact and ownership information and certify that they intend to use the home as their primary residence for at least two years. The buyers will receive a tax credit of up to 5% of the home's purchase price or $10,000, whichever is less.
This document contains Forms 593-C and 593-E and instructions for real estate withholding in California for 2009. It explains that real estate withholding is a prepayment of estimated income tax due from gains on real estate sales in California. The Real Estate Escrow Person is responsible for providing the forms to sellers and withholding the appropriate amount based on the forms submitted.
This document provides instructions for completing Form 593-V Payment Voucher for Real Estate Withholding Electronic Submission. Key details include:
1) Form 593-V is used to remit real estate withholding payment to the Franchise Tax Board if Form 593 was filed electronically. It must include the withholding agent's identifying information and payment amount.
2) Payments can be made by check or money order payable to the Franchise Tax Board, or through electronic funds transfer for large payments. The payment must match the electronically filed Form 593.
3) Payments are due within 20 days of the end of the month in which the real estate transaction occurred. Interest and penalties
This document provides instructions for California real estate withholding on installment sales. It explains that for tax years beginning on or after January 1, 2009, the buyer is required to withhold taxes on the principal portion of each installment payment for properties sold via an installment sale. The form guides the buyer through providing their contact information, the seller's information, acknowledging the withholding requirement, and signing to indicate they understand their obligation to withhold taxes and send payments to the state. Escrow agents are instructed to send the initial withholding amount to the state and provide copies of documents to help facilitate ongoing withholding as future installment payments are made.
This document is a California Form 593-C, which is a Real Estate Withholding Certificate. It allows a seller of California real estate to certify exemptions from real estate withholding requirements. The form has four parts: seller information, certifications that fully exempt from withholding, certifications that may partially or fully exempt, and the seller's signature. Checking boxes in Part II or III can allow full or partial exemption from the default 3 1/3% withholding on the sales price of California real estate.
This document is a California Form 593 for real estate withholding tax. It contains information about the withholding agent, seller or transferor, escrow or exchange details, and transaction details. The form requires the seller to sign a perjury statement if electing an optional gain on sale calculation method rather than the default 3 1/3% of total sales price withholding amount.
This document provides instructions for completing Form 592-V, the payment voucher for electronically filed Form 592 (Quarterly Resident and Nonresident Withholding Statement) and Form 592-F (Foreign Partner or Member Annual Return). Key details include verifying complete information is provided on the voucher, rounding cents to dollars, mailing the payment and voucher to the Franchise Tax Board by the payment due date, and interest and penalties for late payments.
This document is a California Form 592-B for the tax year 2009. It provides instructions for withholding agents and recipients regarding nonresident and resident withholding. Key details include:
- Form 592-B is used to report income subject to withholding and the amount of California tax withheld.
- It must be provided to recipients by January 31 and to foreign partners by the 15th day of the 4th month following the close of the taxable year.
- The recipient should attach Copy B to their California tax return to claim the withholding amount.
This document is a Foreign Partner or Member Quarterly Withholding Remittance Statement form for tax year 2009 from the California Franchise Tax Board. It contains instructions for three installment payments due by the 15th day of the 4th, 6th, and 9th months of the tax year. The form collects identifying information about the Withholding Agent such as name, address, ID number, and payment amounts to be remitted to the Franchise Tax Board.
This document is a Quarterly Resident and Nonresident Withholding Statement form for tax year 2009. It is used to report tax amounts withheld from payments made to independent contractors, recipients of rents/royalties, distributions to shareholders/partners/beneficiaries, and other types of income. The form includes sections to enter information about the withholding agent, types of income, amounts of tax withheld and due, and a schedule of payees listing details of payments made and tax withheld for each recipient. Instructions are provided on filing deadlines, common errors to avoid, electronic filing requirements, interest and penalties.
This document is a Nonresident Withholding Exemption Certificate form used to certify an exemption from withholding on distributions of previously reported income from an S corporation, partnership, or LLC. It allows a nonresident shareholder, partner, or member to claim exemption if the income represented by the distribution was already reported on their California tax return. The form requires information about the entity and individual, and certification that the income has been reported. It is to be kept by the entity and presented to claim exemption from withholding requirements on distributions of prior year income.
This document is a Withholding Exemption Certificate form from the California Franchise Tax Board. It allows individuals and entities to certify an exemption from California nonresident income tax withholding. The form contains checkboxes for different types of taxpayers, including individuals, corporations, partnerships, LLCs, tax-exempt entities, and trusts, to claim an exemption based on their status. It requires the taxpayer's name, address, and signature to certify that the information provided is true and correct.
This document is a request form for a waiver of nonresident withholding in California. It requests information about the requester, withholding agent, and payees. The requester provides their name and address and selects the type of income payment for which a waiver is requested. The withholding agent's name and address are also provided. In the vendor/payee section, names, addresses, and tax identification numbers are listed along with the reason for waiver request. Reasons include having current tax returns on file, making estimated payments, being a member of a combined reporting entity, or other special circumstances. The form is signed under penalty of perjury.
This document is a Nonresident Withholding Allocation Worksheet (Form 587) used to determine if withholding of income tax is required for payments made by a withholding agent to a nonresident vendor/payee. The vendor/payee provides information about the types of payments received and allocation of income between California and other states. The withholding agent uses this information to determine if withholding of 7% is required based on the amount of California-source income payments exceeding $1,500.
This document is a tax return form for California's nonadmitted insurance tax. It provides instructions for calculating taxes owed on insurance premiums paid to insurers not authorized to conduct business in California. The form includes sections to enter the taxpayer's information, identify the tax period and insurance contracts, compute the tax amount, and make payments or claim refunds. It also provides directions on filing amended returns, payment due dates, and authorizing a third party to discuss the filing with the tax agency.
The document provides instructions for Form 541-ES, which is used to calculate and pay estimated tax for estates and trusts. Key details include:
- Estimated tax payments for 2009 are now required to be 30% of the estimated tax liability for the 1st and 2nd installments and 20% for the 3rd and 4th installments.
- Estates and trusts with a 2009 adjusted gross income of $1,000,000 or more must base estimated tax payments on their 2009 tax liability rather than the prior year's tax.
- The form and instructions provide guidance on calculating estimated tax, payment due dates, and how to complete and submit Form 541-ES.
This document provides instructions for California taxpayers to estimate their tax liability and make estimated tax payments for tax year 2009. Key details include:
- Taxpayers must make estimated payments if they expect to owe $500 or more in tax for 2009 after subtracting withholding and credits.
- Payments are due April 15, June 15, September 15 of 2009, and January 15 of 2010.
- A worksheet is provided to help calculate estimated tax liability based on 2008 tax return or expected 2009 income.
- Failure to make required estimated payments may result in penalties. Electronic payment is required for payments over $20,000.
This document provides instructions for making estimated tax payments for individuals in California. It includes:
1) Directions for making online payments through the Franchise Tax Board website for ease and to schedule payments up to a year in advance.
2) A form for making estimated tax payments by mail on April 15, June 15, September 15, and January 15 that includes fields for name, address, amounts owed, and payment instructions.
3) Reminders not to combine estimated tax payments with tax payments from the previous year and to write your name and identification number on the check.
This document contains contact information for the California Franchise Tax Board. It lists phone numbers and addresses for various tax-related services, including automated phone services, taxpayer assistance, tax practitioner services, and departments within the FTB that handle issues like collections, bankruptcy, and deductions. The board members and executive officer are also named.
This document provides answers to frequently asked questions about tax audits conducted by the Franchise Tax Board of California. It explains that the purpose of an audit is to fairly verify the correct amount of taxes owed. It addresses questions about obtaining representation, responding to information requests, payment plans if additional taxes are owed, and appeal rights. The document directs taxpayers to contact their auditor or the Franchise Tax Board directly for additional assistance.
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M15 taxes.state.mn.us
1. Schedule M15
Sequence #11
Underpayment of Estimated Income Tax 2008
For Individuals (Form M1), Trusts (Form M2) and Partnerships (Form M3)
Your first name and initial Last name Social Security number
Required annual payment
1 Minnesota income tax for 2008 (from line 23 of Form M1;
line 13 of Form M2; or partnerships, see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Required annual payment
2 Minnesota withholding and credits for 2008 (add lines 26 and 28–32 of Form M1;
add lines 14b, 14c and 14d of Form M2; or partnerships, see instructions) . . . . . . . . . . . . . . . . . . 2
3 Subtract line 2 from line 1 . If less than $500, stop here; you do not owe an underpayment penalty 3
4 Multiply line 1 by 90% ( .90) . Farmers and commercial fishermen: Multiply line 1 by 66 .7% ( .667) . 4
5 Minnesota income tax for 2007 (from line 23 of Form M1; line 13 of Form M2). See instructions if you
are a partnership, if your 2007 federal adjusted gross income (individuals) or Minnesota assignable
adjusted gross income (trusts) was more than $150,000 or if you did not file a 2007 return . . . . 5
6 Required annual payment . Amount from line 4 or line 5, whichever is less . . . . . . . . . . . . . . . . . . 6
• If line 6 is less than or equal to line 2, stop here; you do not owe an underpayment penalty.
• If line 6 is more than line 2, continue with line 7 or line 13, depending on which method you use.
Optional short method (see instructions to determine which method to use)
7 Estimated tax payments you made for 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Determine penalty using
8 Add line 2 and line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
the short method
9 Total underpayment for the year . Subtract line 8 from line 6
(if result is zero or less, stop here; you do not owe an underpayment penalty) . . . . . . . . . . . . . . . 9
10 Multiply line 9 by 5.32% (.0532) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11 • If the amount on line 9 will be paid on or after April 15, 2009, enter 0.
• If the amount was paid before April 15, 2009, use the following computation and
enter the result on line 11: amount on number of days paid
X .00022 . . . . . . . . . 11
X
line 9 before 4/15/09
12 Penalty. Subtract line 11 from line 10. Enter result here and on line 37
of Form M1, line 18 of Form M2, or line 15 of Form M3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
A B C D
Regular method April 15, 2008 June 15, 2008 Sept . 15, 2008 Jan . 15, 2009
13 Enter 25% ( .25) of line 6 in each column OR use the
amounts from the annualized income installment work-
Determine penalty using the regular method
sheet on the back of this form . If you use the work-
sheet or are a farmer or fisherman, see instructions 13
14 Credits. See instructions . . . . . . . . . . . . . . . . . . . 14
15 Overpayment. If line 14 is more than line 13, subtract
line 13 from line 14. Enter the result here and add it
to line 14 in the next column . Overpayments in any
quarter following an underpayment must first be
applied to making up previous underpayments . . . . 15
16 Underpayment. If line 14 is less than line 13,
subtract line 14 from line 13. Enter the result
here and go to line 17 below . . . . . . . . . . . . . . . . 16
17 Enter the date of payment or April 15, 2009,
whichever is earlier (see instructions) . . . . . . . . . . 17
18 Number of days between the payment due date
and the date on line 17 . . . . . . . . . . . . . . . . . . . . 18
. . . .
19 Divide line 18 by 365. The result is a decimal . . . . 19
. . . .
20 Multiply line 19 by 8% ( .08) . Enter as a decimal . . . 20
21 Multiply line 20 by line 16 . . . . . . . . . . . . . . . . . . 21
22 Penalty. Add columns A-D on line 21 . Enter result here and on
line 37 of Form M1, line 18 of Form M2 or line 15 of Form M3 . . . . . . . . . . . . . . . . . . . . . . . . . 22
You must include this schedule with your Form M1, Form M2 or Form M3.
Stock No . 1008150
2. Worksheet - Annualized Income Installment
1/1/08–3/31/08 1/1/08–5/31/08 1/1/08–8/31/08 1/1/08–12/31/08
Step 1 Amount from line 11 of federal Schedule AI of Form 2210 .
Step 2 Minnesota additions (see instructions below)
Step 3 Add step 1 and step 2
Step 4 Minnesota subtractions (see instructions below)
Step 5 Subtract step 4 from step 3
Step 6 Figure the tax for the amount shown in step 5 . Deduct
appropriate nonrefundable credits . Include annualized
Minnesota alternative minimum tax .
Step 7 Percentage for each period 22 .5% 45% 67 .5% 90%
Step 8 Multiply step 6 by step 7
Complete Steps 9–15 of one column before going to the next column
Step 9 Add the amounts from step 15 from all preceding
payment periods .
Step 10 Subtract step 9 from step 8
(if result is zero or less, enter 0)
Step 11 Enter 25% ( .25) of line 6 of Schedule M15 in each column
Step 12 Enter step 14 of the preceding column .
Step 13 Add step 11 and step 12
Step 14 Subtract step 10 from step 13
(if result is zero or less, enter 0)
Step 15 Amount from step 10 or step 13, whichever is less .
Also enter this amount on line 13 of Schedule M15.
Instructions for above worksheet
Trusts: Do not use the period ending dates shown in the columns above. Instead, use the following: 2/29/08, 4/30/08,
7/31/08, 11/30/08.
Step 2
Using the amounts from lines 2 and 3 of Form M1, determine your Minnesota additions for each quarter. If you have state income
tax or sales tax deductions included in the federal annualized income in step 1, you must add that amount to the annualized inter-
est income from non-Minnesota state and municipal bonds and show the total in step 2 .
Step 4
Using the amounts from lines 5 through 8 of Form M1, determine your Minnesota subtractions for each quarter . If you have net
interest from U .S . obligations and/or any state income tax refund included in the federal annualized income in step 1, you may
add these amounts to any K–12 education expense subtraction as explained on page 10 of the M1 instruction booklet . Enter the
total amounts in step 4 .
Step 6 — Minnesota alternative minimum tax
If the Minnesota alternative minimum tax applies, determine the amount of Minnesota alternative taxable income for each
quarter . Multiply that amount by the appropriate multiplier shown on line 2 of the federal Schedule AI of Form 2210 . From the
resulting annualized alternative minimum taxable income, subtract the appropriate minimum amounts depending on the filing
status ($63,770, $31,890 or $47,830) and multiply the difference by 6.4 percent (.064). If the result is more than the regular
tax shown on step 6, replace the regular tax with the Minnesota alternative minimum tax . See Schedule M1MT for instructions on
figuring the Minnesota alternative taxable income .
3. Schedule M15 instructions 2008
Underpayment of Estimated Income Tax for Individuals (Form M1), Trusts (Form M2) and Partnerships (Form M3)
Who must file Line 1
Use a separate Schedule M15 to determine
Partnerships: If you are determining the
the penalty for underpaying estimated tax
If you are an individual, a trust or partner-
on your minimum fee/nonresident with- penalty for underpaying estimated tax on:
ship, use this schedule to determine if you
holding and for each nonresident individual
owe a penalty for underpaying estimated tax. • the minimum fee/nonresident withhold-
partner electing to file composite income ing, add lines 1 and 3 of your 2008 Form
Individuals. You may owe an underpay- tax. M3, and enter the result on line 1 of
ment penalty if you received income in
Schedule M15.
Corporations. A corporation or an S cor-
2008 on which $500 or more of Minnesota
poration must use Schedule EST, Additional • a nonresident individual partner electing
income tax is due after you subtract:
Charge for Underpayment of Estimated Tax to file composite income tax, enter the
• the Minnesota income tax that was with-
by Corporations, to determine the penalty amount from line 31 of the partner’s
held from your income, and
for underpaying estimated franchise tax or Schedule KPI.
• the total you claim for the 2008 Minne- S corporation taxes.
Line 2
sota child and dependent care, working
Partnerships: If you are determining the
family, K‑12 education, bovine tuberculo- Exceptions to the penalty penalty for underpaying estimated tax on:
sis testing and Job Opportunity Building If the Internal Revenue Service (IRS) does
Zone (JOBZ) jobs credits. • the minimum fee/nonresident withhold-
not require you to pay additional charges
ing, add lines 5, 7, 8 and 9 of your 2008
for underestimating your federal tax
You do not have to pay an underpayment
Form M3. Enter the total on line 2 of
because you are newly retired or disabled,
penalty if all of the following apply:
Schedule M15.
or because of a casualty, disaster or other
• you did not have a Minnesota tax liability
unusual circumstances, do not complete • a nonresident individual partner electing
on line 23 of your 2007 Form M1,
Schedule M15. Include a copy of your fed- to file composite income tax, add lines 10,
• you were a Minnesota resident for all of
eral request with your Form M1. 11 and 12 of the partner’s 2008 Sched-
2007, and
ule KPI and enter the total on line 2 of
• your 2007 return covered a 12‑month Avoiding the penalty Schedule M15.
period. Individuals, trusts and partnerships. To
Line 5
avoid an underpayment penalty of esti-
Nonresidents and part-year residents.
If you did not file a 2007 return, skip line 5
mated tax, you must have had withholding
Determine your required annual payment
and enter the amount from line 4 on line 6.
or made the required, timely estimated tax
based on your Minnesota assignable ad-
Individuals: Enter the amount from line
payments and paid the lesser of:
justed gross income.
23 of your 2007 Form M1, unless your 2007
• 90 percent of your current year’s original
Farmers and commercial fishermen. If you
federal adjusted gross income (from line
tax liability (66.7 percent if you are a
filed Form M1 and paid your entire income
37 of federal Form 1040 or line 21 of Form
farmer or commercial fisherman), or
tax by March 1, 2009, or paid two‑thirds of
1040A) was more than $150,000. Nonresi-
• 100 percent of your prior year’s total tax li-
your income tax by January 15, 2009, you
dents and part-year residents use Minnesota
ability—unless your federal adjusted gross
do not have to complete this schedule.
assignable adjusted gross income.
income on your 2007 Form M1 or Minne-
You are considered a farmer or commercial sota assignable gross income on your 2007 If your 2007 federal adjusted gross income
fisherman if two‑thirds of your annual gross Form M2 is more than $150,000, then you was more than $150,000, multiply line 23 of
income is earned by farming or commercial must use 110 percent of your previous your 2007 Form M1 by 110 percent (1.10).
fishing. year’s tax liability instead of 100 percent. Enter the result on line 5 of Schedule M15.
Trusts. You may owe an underpayment Nonresidents and part‑year residents must Trusts. Enter the amount from line 13 of
penalty for 2008 if: have had at least $1 of Minnesota tax liabil- your 2007 Form M2, unless your 2007 Min-
ity to use 100 percent of the prior year’s tax.
• line 15 of your 2008 Form M2 is $500 or nesota assignable adjusted gross income was
more, or more than $150,000. If the trust had more
Fiscal year taxpayers
• you did not pay the required amount of than $150,000 of Minnesota assignable ad-
If you file your Minnesota return on a fiscal
estimated tax by the due dates. justed gross income, multiply line 13 of the
year basis, change the payment due dates to
2007 Form M2 by 110 percent (1.10) and
Partnerships. You may owe an underpay- the 15th day of the fourth, sixth and ninth
enter the result on line 5 of Schedule M15.
ment penalty for 2008 if: months of your fiscal year, and the first
Partnerships: If you are determining the
month of your next fiscal year.
• the sum of line 1 (minimum fee) and line
penalty for underpaying estimated tax on:
3 (nonresident withholding) of your 2008
Line instructions
Form M3, less any credits from lines 5, 7, • the minimum fee/nonresident with-
These instructions refer to your original re-
8 and 9 of Form M3, is $500 or more, holding, add lines 1 and 3 of your 2007
turn. However, an amended return is consid-
• any nonresident partner’s share of the Form M3 and enter the result on line 5 of
ered the original return if it is filed by the due
composite income tax is $500 or more, or Schedule M15.
date of the original return. Also, a joint Form
• you did not pay the required amount of M1 that replaces previously filed separate
estimated tax by the due dates. returns is considered the original return. Continued
Stock No . 1508150
4. Line 13 Trusts. Enter the total amount of prepaid
• a nonresident individual partner electing
to file composite income tax, enter the taxes from line 14 of your 2008 Form M2.
Enter 25 percent (.25) of line 6 in each of the
partner’s share included on line 2 of your four columns on line 13, unless one of the
Partnerships. Enter the amount of prepaid
2007 Form M3. two following conditions applies to you:
taxes from line 11 of your 2008 Form M3.
1 Your taxable income was higher at some
Optional short method or Lines 15 and 16
times during the year and lower at others.
regular method Compare line 13 of each column to line 14
You may benefit by figuring your in-
You may use the optional short method only if: of the same column.
stallments using the annualized income
• you did not make any estimated tax pay- If line 14 is more than line 13, you have
installment method. For example, if you
ments (or your only payments were from an overpayment for the payment period.
received income from which no tax was
Minnesota income tax withheld from your withheld in April or later, complete the Subtract line 13 from line 14 and enter the
wages), OR worksheet on the back of Schedule M15. result on line 15.
• you paid your 2008 estimated tax in four
The annualized income installment work- Add line 15 to the credit on line 14 of the
equal amounts on or before the due date
sheet automatically selects the smaller next column. Overpayments in any quarter
of each installment.
of the annualized income installment or following an underpayment must first be ap-
Note: If any payment was made before the the regular installment (increased by the plied to making up previous underpayments.
amount saved by using the annualized
installment due date, it is best to use the
If line 14 is less than line 13, you have
income installment method in figuring
regular method. Using the short method
an underpayment for that payment period.
earlier installments).
will cause you to pay a larger penalty than
Subtract line 14 from line 13 and enter the
the regular method. If the payment was
If you use this method for one payment result on line 16. Continue with line 17.
only a few days early, the difference is
due date, you must use it for all. Follow
likely to be small. Line 17
the worksheet instructions on the back of
If you have an underpayment in all four
Schedule M15.
Continue with line 7 to use the optional
quarters, in each column enter the date you
short method.
2 You are a farmer or commercial fisherman filed your return or April 15, 2009, which-
and you did not pay your entire income
If you are not eligible or if you choose not ever is earlier.
tax by March 1, 2009, or you did not pay
to use the optional short method, you must
Otherwise, enter the date when the under-
two‑thirds of your income tax when you
use the regular method to determine your
payment on line 16 was paid in full.
paid your estimated tax by January 15,
underpayment penalty. Skip lines 7–12 and
2009.
continue with line 13. Example: You made your first quarter esti-
mated tax payment on April 17, but you show
Enter the full amount of line 6 under
Optional short method an underpayment on line 16. On June 14, you
column D of line 13 and omit columns A,
Line 7 paid your second quarter payment in full and
B and C of line 13.
Enter the total amount of 2008 estimated tax included the underpayment from the first
Line 14
payments you made in 2008 and 2009. Do quarter. On line 17, you would enter June 14
Individuals. For each payment period, enter
not include any other amounts on line 7. in the first and second quarter columns.
the total amount of:
Line 12 Line 22
• estimated payments you paid for each
Subtract line 11 from line 10. This is the Add the amounts on line 21, columns A–D
payment period,
amount of your underpayment of estimated and enter the result on line 22. This is the
• Minnesota income tax withheld in 2008,
tax penalty. amount of your underpayment of estimated
• your 2007 income tax refund, if you tax penalty.
Individuals: Enter this amount on line 37 of
elected on your 2007 Minnesota return
Individuals. Enter this amount on line 37 of
your 2008 Form M1. to apply all or a portion of your refund to
your 2008 Form M1.
your 2008 estimated tax, and
If you owe an amount on line 36 of Form
M1, add the penalty on line 12 of this sched- If you owe an amount on line 36 of Form
• any refundable credits you claim for 2008.
ule to the amount owed and replace line 36 M1, add the penalty on line 22 of this sched-
You are considered to have paid any Min-
of Form M1 with the total. ule to the amount owed and replace line 36
nesota income tax withheld or received any of Form M1 with the total.
If you have a refund on line 34 of Form M1, refundable credits (child and dependent
subtract the penalty on line 12 of this sched- If you have a refund on line 34 of Form M1,
care, working family, K–12 education, bovine
ule from your refund and replace line 34 of subtract the penalty on line 22 of this sched-
tuberculosis testing or JOBZ credits) evenly
Form M1 with the result. ule from your refund and replace line 34 of
over the period you worked during the year
Form M1 with the result.
unless you show otherwise. If you worked all
Trusts. Enter the underpayment penalty on
year, divide the total amount of withholding Trusts. Enter your underpayment penalty
line 18 of Form M2.
and credits by 4, and enter the result in each on line 18 of Form M2.
Partnerships. Enter the underpayment column. Your 2007 refund, if any, is consid-
Partnerships. Enter your underpayment
penalty on line 15 of Form M3. ered a credit to your first payment period.
penalty on line 15 of Form M3.
If you filed your 2008 Minnesota return and
Regular method
paid the tax you owed on or before Janu-
Complete column A, lines 13–16. Then,
ary 31, 2009, you may consider the tax paid
depending on whether you have an underpay-
as of January 15, 2009.
ment or an overpayment, either continue with
line 17 of column A (underpayment) or line
13 of column B (overpayment).