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Insurance Taxes FAQs

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Frequently asked questions about insurance taxes.

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Tax Return

Do I need to file a return if I did not write any Insurance business? [+]

Why am I required to file when I am not licensed in Minnesota? [+]

How do I calculate penalties or interest on my return? [+]

Calculate penalties and interest as follows (see example below):

Late filing penalty = 5 percent of unpaid tax
Late payment penalty = 5 percent of unpaid tax (if 1 to 30 days late); 10 percent (if 31 to 60 days late); or 15 percent (if over 60 days late)
Interest = (tax + penalty) × interest rate × # days late ÷ 365

Example: You file your return 37 days late and owe $1,000 in tax.

Calculate your penalties as follows:

Late filing penalty = $1,000 × 0.05 = $50
Late payment penalty = $1,000 × 0.10 = $100

Calculate your interest as follows (assuming the interest rate is 3 percent):

Interest = ($1,000 + 50 + 100) × 0.03 × 37 ÷ 365 = $3.50

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

What if I reported and paid the wrong amount on my account? [+]

Payments

Do I need to pay electronically? [+]

What if I made a payment but it does not show up on my account? [+]

What is the penalty for late payment? [+]

Amended Return

Do I need to file an amended return if the Minnesota Department of Revenue already corrected my return? [+]

Audit Process

Can I get more time for my audit? [+]

Can someone else handle my audit on my behalf? [+]

Account Information

Where can I find my Minnesota tax ID number? [+]

How do I update my contact information or update my account? [+]

What if I do not understand what was changed on my account? [+]

Contact Info

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Last Updated

June 01, 2020