A partnership must make quarterly estimated tax payments if it has:
An estimated “minimum fee” of $1,000 or more;
Any nonresident individual partners whose share of estimated composite income tax is $500 or more; or
Any nonresident individual partners whose estimated Minnesota withholding is $500 or more.
The partnership must pay quarterly installments based on its required annual payment. This amount is equal to the partnership’s total tax liability for the prior year, or 90 percent of its liability for the current year (whichever is less).
Making Estimated Payments
Include any estimated taxes, minimum fee, and nonresident withholding or composite tax in the same quarterly payment.
Estimated tax payments are due by the 15th day of the fourth, sixth and ninth months of the tax year and the first month of the following tax year. If the 15th falls on a weekend or holiday, payments are due the next business day.
You can pay your estimated tax electronically by one of the following methods:
If you’re not required to pay electronically, you may pay by check but must include Form M71, Partnership Estimated Tax Payment Voucher.
For more information, see Partnership Estimated Tax Instructions.
