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Last Updated: 1/25/2018

Frequently Asked Questions

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HMO Premium Tax

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Related Information

HMO Premium Tax > Tax Information > Due Dates

  • Do I need to file a return for this tax if I did not write any Insurance business?Back to top

    Yes. You are required to file a return even if you have no Insurance business to report. Check the "No Activity" box at the top of the form if you have no business to report.​

  • What is the penalty for late payment?Back to top

    The penalty is 5 percent if your payment is 1 to 30 days late, 10 percent if your payment is 31 to 60 days late, and 15 percent if your payment is over 60 days late.

  • What if I did not make estimates or pay my estimated tax by the due dates?Back to top

    When you file your annual return, you will have to pay an additional tax charge (ATC). The ATC is equivalent to interest on the estimated tax that you did not pay by the due date. Calculate this charge as follows:

    ATC = tax × interest rate × number days late ÷ 365
    Example: You owed $1,000 in estimated tax on June 15 but did not pay until June 30. If the interest rate is 3 percent, the ATC on your return is $1.23, as calculated below:
    ATC = $1,000 × 0.03 × 15 ÷ 365 = $1.23
    Note: For the current interest rate, see Penalty and Interest Rates.