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Minnesota Free Printable 2011 IG260, Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers for 2021 Minnesota Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers

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Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers
2011 IG260, Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers

IG260 2020 Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers For the period of Jan. 1 - June 30, 2020 July 1 - Dec. 31, 2020 (check one): (Due Aug. 15, 2020) (Due Feb. 15, 2021) Check if: Name of Surplus Lines Broker License Number Print or Type Agency Name Check if New Address Mailing Address Amended Return No activity Return Date Licensed Minnesota Tax ID Number—Required (see instructions) Social Security Number (last 4 digits) City State Zip Code Email Address Website Address Contact Person Daytime Phone Fax Number 1 Total premiums (from page 2, column G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Total fees and commissions (from page 2, column H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Calculate the Amount Due/Overpaid 3 Total gross premiums (from page 2, column I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Total return premiums (from page 2, column J). Enter as a positive number . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Taxable gross premiums (subtract line 4 from line 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Tax rate is 3% (.03) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 .03 7 Total tax (multiply line 5 by line 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Penalty (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Interest (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 0 TOTAL AMOUNT DUE or (overpaid) (add lines 7 through 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1 If you owe additional tax (make separate payments for each period): Payment method: Electronic payment Check (payable to Minnesota Revenue; write MN tax ID number on check; attach voucher) Enter amount paid Date paid (If amount paid is different from amount due on line 10, attach an explanation.) If you overpaid: overpayments will be refunded. Sign Here I declare that this return is correct and complete to the best of my knowledge and belief. Signature of Broker Date Daytime Phone Signature of Preparer Date Daytime Phone Print Name of Preparer Mail to: Minnesota Department of Revenue, Mail Station 1780, 600 N. Robert St., St. Paul, MN 55145-1780 (Rev. 9/19) I authorize the Minnesota Department of Revenue to discuss this tax return with the preparer. IG260 page 2 2020 Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers (continued) A NAIC Number B C Name of Insurer Policy Number * See “Page 2, Column instructions” for a list of codes to enter in column F. D Effective Date (required) E Name of Insured F Trans. Type* Subtotal (if more than one page) . . . . . . . . . . . . . Total. (Enter on appropriate lines on page 1) . . . . G Total Premiums H All Fees/ Commissions I Total Gross Premiums (G + H) J Return Premiums 2020 Form IG260 Instructions For insurance tax laws, see Minnesota Statutes, Chapter 297I at www.leg.state.mn.us. All surplus lines brokers that write or are authorized to write nonadmitted insurance must file Form IG260, Semiannual Statement of Surplus Lines Insurance, even if there is no activity or tax liability to report during the period. (M.S. 297I.05, subd. 7). Filing Requirement Effective July 21, 2011, the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA) permits only the insured’s home state to require the payment of premium tax for nonadmitted insurance. When Minnesota is the home state of the insured, as provided under M.S. 297I.05, subd. 7, 100% of the gross premiums are taxable in Minnesota with no allocation of the tax to other states. “Home state” means the state in which an insured maintains its principal place of business, or in the case of an individual, the individual’s principal residence. However, if 100% of the insured risk is located outside Minnesota, then the insured’s home state is the state to which the greatest percentage of the insured’s taxable premium for that insurance contract is allocated. Minnesota Tax ID Required Surplus lines insurance brokers are required to have their own Minnesota tax ID number. This is not a Social Security number or agency Minnesota tax ID number. If you don’t have a Minnesota tax ID, you can apply online. Go to our website at www.revenue.state.mn.us and click “Register for a Minnesota tax ID number” on the e‑Services menu. Note: During the process, be sure to select “Sole proprietor” as the type of legal organization. Use NAICS classification number 524210. If you don’t have access to the Internet, call 651‑282-5225 or 1-800-657-3605 to register by phone. Due Dates File Form IG260 with all required attachments and pay any tax due by: • Aug. 15 (for the six-month period ending June 30) • Feb. 15 of the following year (for the six-month period ending Dec. 31) This form must be filed even if no tax is due for the period. The U.S. postmark date, or date recorded or marked by a designated delivery service, is considered the filing date (private postage meter marks are not valid). When the due date falls on a Saturday, Sunday or legal holiday, returns and payments electronically made or postmarked on the next business day are considered timely. When a return or payment is late, the date it is received at the Department of Revenue is treated as the date filed or paid. Extension for Filing Return. If good cause exists, you may request a filing extension. Rules for Using Spreadsheets If you are using your own spreadsheet, you must include all the information and in the same format as on page 2 of Form IG260, including subtotals on each page. Your filing will not be considered complete if all information, including subtotals, is not included. If you have more than two pages of surplus lines insurance, submit an electronic file in addition to the printout. The files must be in a Microsoft Excel format. Payments Electronic Payments If your total insurance taxes and surcharges for the last 12-month period ending June 30 is $10,000 or more, you are required to pay your tax electronically in all subsequent years. You must also pay electronically if you’re required to pay any Minnesota business tax electronically, such as withholding tax. To pay over the Internet, go to the department’s website at www.revenue.state.mn.us and login. If you don’t have Internet access, call 1‑800570-3329 to pay by phone. You’ll need your user name, password and bank routing and account numbers. When paying electronically, you must use an account that is not associated with any foreign banks. Continued 1 2020 Form IG260 Instructions (continued) If you use other electronic payment methods, such as ACH credit method or Fed Wire, instructions are available on our website or by calling our Business Registration Office at 651-282-5225 or 1-800-657-3605. Submit separate payments for each return. Check Payments If you’re not required to pay electronically and are paying by check, visit our website at www.revenue.state.mn.us and click on “Make a Payment” and then “By check” to create a voucher. Print and mail the voucher with a check made payable to Minnesota Revenue. When you pay by check, your check authorizes us to make a one-time electronic fund transfer from your account, and you may not receive your canceled check. How to Complete the Form Complete page 2 before page 1 of Form IG260. Page 2, Column Instructions A. NAIC Number Enter the NAIC number. B. Name of Insurer List the insurers. Include policies for insurance companies without NAIC numbers. C. Policy Number The policy number (modified by the month and year that the policy was issued) is the controlling number for reporting surplus lines policies and any subsequent activity during the policy period, i.e., endorsements, audits and/or cancellations. D. Effective Date (required) Enter the effective date of the transaction. E. Name of Insured Provide the name of the insured. F. Policy Transaction Type Enter one of the following numbers: 1 = New business 4 = Audit 2 = Renewal 5 = Reinstatement 3 = Cancellation 6 = Endorsement G. Total Premiums Include all premiums paid by companies with a home state of Minnesota for risks located in the United States and U.S. territories. H. Total Fees and Commissions (excluding stamping fee) Include all fees and commissions paid by policyholder to obtain coverage that are not included in premiums. I. Total Gross Premiums Total premiums and all fees and commissions (column G plus column H). J. Return Premiums Enter all return premiums. Include a note indicating on which return the original policy was reported. Return premiums can only be claimed by the broker where the premiums and taxes were originally reported. Page 1, Line Instructions Check Boxes At the top of the form, check if the return is: • an Amended Return: Check only if you are amending a previously filed return for the same period. Include all original and corrected policies on the amended return. • a No Activity Return: Check only if you did not have any activity during the period. Line 4 — Total Return Premiums Enter all return premiums as a positive number. Line 5 — Taxable Gross Premiums Gross premiums include fees and commissions. Continued 2 2020 Form IG260 Instructions (continued) Line 8 — Penalty Late Payment. If you don’t pay all the tax due by the due date, a late payment penalty is due. The penalty is 5% of the unpaid tax for any part of the first 30 days the payment is late, and 5% for each additional 30-day period, up to a maximum of 15%. Late Filing. Add a late filing penalty to the late payment penalty if your return is not filed by the due date. The penalty is 5% of the unpaid tax. When added to the late payment penalty, the maximum combined penalty is 20%. Payment Method. If you are required to pay electronically and do not, an additional 5% penalty applies to payments not made electronically, even if a paper check is sent on time. Line 9 — Interest You must pay interest on the unpaid tax plus penalty from the due date until the total is paid. The interest rate for calendar year 2020 is 5%. The interest rate may change for future years. To figure how much interest you owe, use the following formula with the appropriate interest rate: Interest = (tax + penalty) × # of days late × interest rate ÷ 365 Business Information Changes Be sure to let us know within 30 days if you change mailing addresses, phone numbers, or any other business information. To do so, go to our website, login to e-Services and update your profile information. By notifying us, we will be able to let you know of any changes in Minnesota tax laws and filing requirements. Information and Assistance Website: www.revenue.state.mn.us Email: [email protected] Phone: 651-556‑3024 This material is available in alternate formats. For questions about licensing and regulations, contact the Minnesota Department of Commerce: Website: www.mn.gov/commerce Email: [email protected] Phone: 651-539-1599 or 1-800-657-3978 Fax: 651-539-0107 For questions about stamping fees, contact the Surplus Lines Association of Minnesota (SLAM): Website: www.mnsla.com Email: [email protected] Phone: 320-679-4244 3
Extracted from PDF file 2020-minnesota-form-ig260.pdf, last modified June 2012

More about the Minnesota Form IG260 Other TY 2020

We last updated the Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers in March 2021, so this is the latest version of Form IG260, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form IG260 directly from TaxFormFinder. You can print other Minnesota tax forms here.


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Form Sources:

Minnesota usually releases forms for the current tax year between January and April. We last updated Minnesota Form IG260 from the Department of Revenue in March 2021.

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Historical Past-Year Versions of Minnesota Form IG260

We have a total of nine past-year versions of Form IG260 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form IG260

2011 IG260, Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers

2019 Form IG260

2011 IG260, Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers

2018 Form IG260

2011 IG260, Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers

2017 Form IG260

2011 IG260, Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers

2016 Form IG260

2011 IG260, Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers

2015 Form IG260

2011 IG260, Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers

Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers 2014 Form IG260

2011 IG260, Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers

Nonadmitted Insurance Premium Tax Return and Instructions for Surplus Lines Brokers 2013 Form IG260

2011 IG260, Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers

2012 Form IG260

2011 IG260, Nonadmitted Insurance Premium Tax Return for Surplus Lines Brokers


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