Get 2024 M15np, Additional Charge For Underpayment Of Estimated Tax

This guide provides clear, step-by-step instructions on how to fill out the 2024 M15NP form, designed for tax-exempt organizations, cooperatives, and others. It aims to support users in accurately completing the form to address underpayment of estimated tax.

Follow the steps to effectively complete the 2024 M15NP online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter the name of your organization and its Federal Employer Identification Number (FEIN) at the designated fields at the top of the form.
3. Provide your Minnesota Tax ID number in the appropriate space provided.
4. Select the installment method by checking one of the three options: Standard Installment Method, Adjusted Seasonal Installment Method, or Annualized Income Installment Method.
5. In line 1, enter your total tax liability for 2024, derived from Form M4NP, line 15 minus line 18. If this amount is $500 or less, you do not need to complete this form.
6. In line 2, input your regular tax from 2023 Form M4NP, line 15 minus line 18.
7. For line 3, enter the lesser amount from line 1 or line 2, unless you meet the listed exceptions that require you to use line 1.
8. Enter the due dates for each quarter in line 4, which will be the 15th of the third, sixth, ninth, and twelfth months.
9. Calculate the required installments in line 5, typically 25% of the amount entered on line 3.
10. Document the amount paid each period in line 6. Include any overpayments carried from the previous year.
11. For lines 7 through 13, complete calculations sequentially for each column as instructed within the provided form, ensuring accuracy.
12. In line 14, indicate the date the underpayment was addressed or the due date of the 2024 return.
13. Calculate the number of days from the due date entered on line 4 to the date on line 14 in line 15.
14. Compute the additional charge in line 16 using the formula provided.
15. Finally, sum the amounts in line 16 and enter the total on line 17 to complete your form.
16. Save your changes, then download, print, or share the completed document as needed.

Complete your documents online to ensure accuracy and compliance.