Minn. R. agency 181, ch. 8093, pt. 8093.0400

Current through Register Vol. 49, No. 25, December 16, 2024

Part 8093.0400 - SHORT TAXABLE YEAR

Subpart 1. [Repealed, 27 SR 1664]

Subp. 2. [Repealed, 27 SR 1664]

Subp. 3.Short taxable years of individuals; requirement of declaration.

No estimated payments are required if the short taxable year is:

A. a period of less than four months;

B. a period of at least four months but less than six months and the taxpayer's estimated income for the year first exceeds the income tax filing requirements for the year after the first day of the fourth month;

C. a period of at least six months but less than nine months and the taxpayer's estimated income for the year first exceeds the income tax filing requirements for the year after the first day of the sixth month; or

D. a period of nine months or more and the taxpayer's estimated income for the year first exceeds the income tax filing requirements for the year after the first day of the ninth month.

Subp. 4.Short taxable year; income placed on annual basis.

For the purpose of determining whether the anticipated income for a short taxable year necessitates the payment of estimated tax, such income must be placed on an annual basis in the manner prescribed in Minnesota Statutes, section 290.32.

Subp. 5. [Repealed, 27 SR 1664]

Subp. 6. [Repealed, 27 SR 1664]

Subp. 7.Payment of estimated tax.

Payment dates for a taxpayer with a short tax year are the same as those found in Minnesota Statutes, section 289A.25, subdivision 3. The applicable percentages of annual estimated tax that must be paid on each date are:

Number of required payments	Applicable percentage due each payment
three required payments	33-1/3
two required payments	50
one required payment	100

Minn. R. agency 181, ch. 8093, pt. 8093.0400

17 SR 1279; 27 SR 1664; L 2005 c 151 art 1 s 114

Statutory Authority: MS s 270.06; 270C.06; 290.52