NEAR FINAL DRAFT 8/1/24

2024 Form EST, Additional Charge for Underpayment of Estimated Tax
For Trusts (Form M2), Partnerships (Form M3) and S Corporations (Form M8)

Name of Trust, Partnership or S corporation                                                                        FEIN                                               Minnesota Tax ID Number
Required Annual Payment
  1  Minnesota tax for 2024 (from line  26 of Form M2; line 13 of Form M3; or line 14 of Form M8)    . .  . . . . .  . . . . . . .  . . .  1 

  2  Minnesota withholding and credits for 2024 (see instructions)  . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . .  2 

  3  Subtract line 2 from line 1 (if result is less than $500, stop here; you do not owe an additional charge)  . . .  . . . . . .  . . .  3 

  4  Multiply line 1 by 90% (0.90)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  .  4 

  5  Minnesota income tax for 2023 (from line 25 of Form M2, line 13 of Form M3 or line 14 of Form M8) .  
     If you did not file a 2023 return or filed a 2023 return for less than a full 12-month period, skip line 5  
     and enter the amount from line 4 on line 6  .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . .  5 
 
  6  Required annual payment. Enter 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 additional charge.  
     •  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 2024   . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  7 

  8  Add line 2 and line 7  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . .  . . .  8 
  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 additional charge)  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . . .  . . . .  9 

 10  Multiply line 9 by 2% (0.02)     . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . . .  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .  10 
 11  •  If the amount on line 9 will be paid on or after the regular due date for filing your return, enter 0. 
     •  If the amount was paid before the regular due date, use the following computation and  
       enter the result on line 11:  amount on line 9     number of days paid before the regular due date X       X   .000137  . . .  . . . . . .  . . . . .  . . . . . . .  . . .11.  
 12 Additional Charge. Subtract line 11 from line 10.  
     Enter result here and on line 37 of Form M2, line 20 of Form M3 or line 23 of Form M8                                          . . .  . . . . . .  . . . . .  . . . . . .  . .  12 
                                                                                                                      A                         B                              C                            D
Regular Method                                                                                                    April 15, 2024        June 17, 2024                 Sept. 16, 2024                       Jan. 15, 2025
 13 Enter 25% (0.25) of line 6 in each column  . . .  . . . . . .  . . . . .  . . . . . .  .  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   . . . . .  . . . . . .  . . . . .  . . . . .  . . . . . .  . . .  .  15 
 16 Underpayment. If line 14 is less than line 13, 
     subtract line 14 from line 13..  . . .  . . . . . .  . . . . .  . . . . . . .  . . . . .  . . . .  .  16 
 17  Enter the date of payment or the regular due date for 
    filing your return, 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 5% (0.05). Enter as a decimal  . . .  . . . . . .  . . . . .  .  20                        .                         .                           .                                .

 21  Multiply line 20 by line 16    . .  . . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  .  .  21 
 22 Additional Charge. Add line 21, columns A-D. 
     Enter result here and on line 37 of Form M2, line 20 of Form M3 or line 23 of Form M8   . . .  . . . . . . .  . . . . .  . . . . .  . .  22 
You must include this schedule with your Form M2, M3 or M8.
                                                                   9995

                                                             NEAR FINAL DRAFT 8/1/24

2024 Worksheet ESTa, Annualized Income Installment
For Trusts (Form M2), Partnerships (Form M3) and S Corporations (Form M8)

Name of Trust, Partnership or S corporation                                                              FEIN                   Minnesota Tax ID Number
                                                                                               A              B                 C                          D
                                                                                               1/1/2024 –     1/1/2024 –        1/1/2024 – 1/1/2024 –
                                                                                               3/31/2024      5/31/2024         8/31/2024  12/31/2024
 
 Step 1   Enter your adjusted gross income for each period.  
          (see instructions) (Trust, enter your taxable income  
          without your exemption for each period.)   . . . . . .  . . 1.   
  Step 2  Annualization Amounts 
          (Trusts, see instructions)  . . . .  . . . . . .  . . . . . .  . . . . . .  .  .   2             4             2.4    1.5                        1
  Step 3  Multiply step 1 by step 2   . . . . .  . . . . . .  . . . . .  . . . . . . 3.   
  Step 4  Minnesota Additions   . . .  . . . . . .  . . . . .  . . . . . . .  . . . .  . 4 
  Step 5  Add step 4 and step 3  . .  . . . . . .  . . . . . .  . . . . .  . . . . . . 5 .   
Step 6    Minnesota Subtractions    . . .  . . . . . .  . . . . .  . . . . . .  .6.  .   
Step 7    Subtract step 6 from step 5   . . .  . . . . . .  . . . . .  . . . . . .  . 7 
  Step 8  Figure tax for amount shown in step 7.   
          Deduct appropriate nonrefundable credits . . .  . . . . . 8.   
  Step 9  Percentage for each period . . .  . . . . . .  . . . . .  . . . . . .  .  .   9        22.50%         45%             67.50%                     90%
  Step 10 Multiply step 8 by step 9   . . . . .  . . . . . .  . . . . .  . . . . .  . 10 

Complete steps 11-17, one column at time before  
moving to next column.

Step 11   Add the amounts from step 17 from all  
          preceding payment periods  .  . . . . . .  . . . . .  . . . . . .  .  . 11 
Step 12   Subtract step 11 from step 10  
          (if result is zero or less, enter 0)  . . .  . . . . . .  . . . . .  . .  . 12 
Step 13   Enter 25% (0.25) of line 6 of  
          Schedule EST in each column  . .  . . . . .  . . . . . .  . . . . .  . 13 
Step 14   Enter step 16 of the preceding column  . . . .  . . . . .  .  . 14 
Step 15   Add step 13 and step 14  .  . . . . .  . . . . . .  . . . . .  . . . . .  . 15 
Step 16   Subtract step 12 from step 15  
          (if result is zero or less, enter 0)  . . .  . . . . . .  . . . . .  . .  . 16 
Step 17     Amount from step 12 or step 15,  
          whichever is less. Also enter this  
          amount on line 13 of Schedule EST   . . . . . .  . . . . .  . .  . 17 

Worksheet Instructions
Step 1                                                       Step 4                                                      Step 8 
Calculate your total income for each period                  Determine your Minnesota Additions for                      Minnesota tax rate for composite tax and 
(column). Calculate your total income                        each quarter. Enter the amounts in step 4.                  nonresident withholding tax is 9.85%. Take 
minus your adjustments to income.                                                                                        the amount from step 7 and multiply it by 
                                                             Step 6
                                                                                                                         9.85%. Add any minimum fee amount and/
Step 2                                                       Determine your Minnesota Subtractions for 
                                                                                                                         or any other S corporation taxes and enter 
Trusts do not use the amounts shown                          each quarter. Enter the amounts in step 6.
                                                                                                                         the result in the line for step 8.
in columns (a) – (d). Use the following 
amounts instead:  6, 3, 1.71429, and 
1.09091, respectively as the annualization 
amounts.                                                                                       9995