Frequently Asked Questions

Insurance Premium Tax > Tax Information > Due Dates

• Do I need to file a return for this tax if I didn't write any business?
• Are there penalties if my return is late?
• What is the penalty for late payment?
• What if I didn't make estimates or pay my estimated tax by the due dates?

• Do I need to file a return for this tax if I didn't write any business?Back to top

  Yes. As long as you are licensed you are required to file a return. Check the "No Activity" box at the top of the form if you have no business to report.​

• Are there penalties if my return is late?Back to top

  Yes. The penalty for late filing is 5 percent of the unpaid tax.​

• 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 didn't make estimates or pay my estimated tax by the due dates?Back to top

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

  ATC = tax x interest x # 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 x 0.03 x 15 / 365 = $1.23

  Note: For the current interest rate, see Penalty and Interest Rates.