Article: 50544

Overview 

If you did not pay enough income tax through withholding or estimated payments during the year, Minnesota may assess an underpayment penalty. To calculate and report this, you must complete Form M15 – Underpayment of Estimated Income Tax. 

This form also allows you to request a waiver, annualize income, or override penalty calculations as needed. 

When to Use the Override Feature? 

You may need to file Form M15 if: 

• You owe more than $500 in tax after subtracting withholding and credits, and 

• Your total payments were less than 90% of your current-year tax liability or 100% of last year’s liability (if qualified under the safe harbor rule), and 

• You made late or uneven estimated payments, or are requesting an exception or waiver of the penalty. 

Note: You can also use Form M15 to provide documentation for reduced or waived penalties under qualifying circumstances. 

How to Report 

1. Navigate to the State Taxes section on the left-hand side of the screen. 

2. Click the link: I’d like to see the forms I’ve filled out or search for a form.

3. In the dropdown menu, select Minnesota. 

4. Click on the Other tab. 

5. Select M15 – Underpayment of Estimated Income Tax to open the screen. 

6. Enter in any applicable information.  

7. Click Save once complete. 

Additional Resources 

For further guidance, see:  

2024 Minnesota Form M15 – Instructions for Individuals (PDF)