UPDATE: Minnesota responds to IRS waiver of estimated tax penalty for farmers and fishermen who file returns and pay taxes by April 15

The IRS announced yesterday, February 28, 2019, that they will waive estimated tax penalty for farmers and fishermen who file returns and pay tax by April 15. Farmers and fishermen who qualify for the relief from this penalty include:

1. Those that did not make the required estimated tax installment payment by January 15, 2019, and
2. Those who file and pay the full amount of tax reported on their 2018 return by April 15, 2019 (April 17, 2019, for those taxpayers who live in Maine or Massachusetts).

Customers who are not required by the IRS to pay this penalty, and who file Form M1 or Form M2 and pay their entire Minnesota income tax owed by April 15, 2019, qualify for relief from the Minnesota estimated tax penalty (filed on Schedule M15, Underpayment of Estimated Income Tax or Form EST, Additional Charge for Underpayment of Estimated Tax).

Customers who qualify for this relief should:

• Not complete Schedule M15 or Form EST
• Include a copy of their federal Form 2210-F

Your software product may need time to update for this change. Please review your return prior to filing.