63-20P: Premium Excise Return for Life Insurance Companies (2025)
Massachusetts · Massachusetts DOR · Used for tax years 2025
Massachusetts Form 63-20P is the 2025 Premium Excise Return for Life Insurance Companies, with separate calculations for domestic and foreign life insurers. It reports taxable life, accident and health premiums, excise calculations, credits, payments, and any refund or balance du
Who files this form
Form 63-20P is the Massachusetts Premium Excise Return for Life Insurance Companies for calendar year 2025. It includes separate calculations for domestic and foreign life insurers.
What you'll need
- A copy of Schedule T of the NAIC annual statement, required for both domestic and foreign life insurers.
- Company information, including the Federal Identification number, state of incorporation, mailing address, treasurer’s name, and employee counts for Massachusetts and worldwide.
- Premium, dividend, deduction, credit, and payment information needed to complete the applicable calculations.
- A supporting schedule for returned premiums if claiming that deduction. Part 2 requires an itemized supporting schedule.
- A Credit Recapture Schedule if reporting credit recapture.
- The computation supporting the Massachusetts Capital Resource Company credit on line 16, if claimed.
- The Credit Manager Schedule for other credits or refundable credits, if applicable.
- Schedule 63-WH for corporate excise withheld, if applicable.
How to file
File electronically. Paper returns will not be accepted.
For information, see the DOR electronic filing and payment requirements. If you have questions about electronic filing, call 617-887-6367.
The return includes a declaration to be signed by the appropriate corporate officer and a signature field for a paid preparer.
Common mistakes
- Sending a paper return. The form warns that filing must be electronic.
- Claiming the same credit twice. Do not claim a credit on this return if it was claimed on Form 63-23P.
- Counting a prior-year overpayment twice. Do not include the amount from line 23 in estimated tax payments on line 24.
- Using line 26 on an original return. The payment-with-original-return line is only for amended returns.
- Taking unsupported domestic deductions. Part 1 says to include only amounts reported as receipts on this return or a previous return.
- Including excluded amounts in deductions. Returned premiums must not include cash surrender values. Part 1 also says not to deduct premiums under company employees’ group plans for annuity consideration and retirement benefits.
- Entering a negative amount on line 20. Excise due before the voluntary contribution cannot be less than zero.
Questions people ask
Do domestic and foreign life insurers use the same calculation?
No. Domestic life insurers use Part 1 for their premium calculation. Foreign life insurers use Part 2 and the retaliatory tax computation in Part 3.
What is the retaliatory tax computation?
Part 3 asks for a calculation using the identical method and rate that the company’s state of incorporation uses to tax a like Massachusetts insurance company, or its agents, doing business to the same extent. If that computation is identical in every respect to the Massachusetts computation, provide a statement saying so.
Can an overpayment be refunded or applied to next year?
Yes. Line 31 records the amount to credit to next year. Line 32 records the remaining overpayment to be refunded.
Can DOR discuss the return with my paid preparer?
The form has a circle to fill in if DOR may discuss the return with the paid preparer.
Does the form ask about digital assets?
Yes. Fill in the digital asset circle if, during the tax year, the corporation received a digital asset as a reward, award, or payment for property or services, or sold, exchanged, or otherwise disposed of a digital asset or a financial interest in one.