An S corporation must make quarterly estimated tax payments if it has:
Estimated S corporation taxes and/or “minimum fee” of $500 or more;
Any nonresident shareholders whose estimated Minnesota withholding is $500 or more; or
Any nonresident shareholders whose share of the composite income tax is $500 or more.
The S corporation must pay quarterly installments based on its required annual payment. This amount is equal to the S corporation’s total tax liability for either the current or prior tax year (whichever is less).
Note: Estimated payments are not required the first year an S corporation is subject to tax in Minnesota.
Making Estimated Payments
Include any estimated S corporation taxes, minimum fee, and nonresident withholding or composite income 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 Voucher M72, S Corporation Estimated Tax Payment.
For more information see S Corporation Estimated Tax Instructions.