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Federal input screens

Screen Pen - Penalties and Interest (1040)

Penalties, Interest and Exceptions

The information in this section completes Form 2210 or Form 2210F and calculates the penalty for failure to file, penalty for failure to pay, and late payment interest.
Enter last year's tax in the this field. The
Spouse
 field is optional; use if the spouse filed separately last year. You enter the combined the taxpayer and spouse amounts in the
Taxpayer/Joint
 field. Enter
0
 if last year's tax was zero. If using the Filing Status Optimization utility, allocate the
2023
 tax between
both
 the
Taxpayer/Joint
 and
Spouse
 fields.
Enter last year's adjusted gross income. This amount is used to determine the 2210 penalty based on 100 percent of prior year tax, or 110 percent if the adjusted gross income is more than $150,000 or more than $75,000, if married filing separately.
If this date is after the return due date, the failure to pay/file penalties and interest on the underpayment calculate automatically on the Late Filing Interest and Penalty Worksheet. This field defaults to April 15,
2025
. If the return is an extension and the
Calculate extension
 field in the Ext screen is
3
 or blank, enter the extended due date.
Interest and penalty amounts, if applicable, print on the bottom of Page 2 with the following identifying codes.
Code
Penalty
FTF
Failure to file
FTP
Failure to pay
INT
Interest due
The application also uses the filing date in the
Date
2024
 return filed
 field to calculate any underpayment penalties for Forms 2210 and 2210F as well as interest and penalty on late filings.
Use this field to enter an adjusted due date for disaster relief offered now or in the future by the IRS based on FEMA's declarations of individual assistance. The date entered in this field will be applied to the return due date, estimated tax payment due dates, late penalty and interest calculations, and client documents. You can visit the IRS Tax relief in disaster situations and IRS news from around the nation pages to find information about disaster relief being offered.
Enter the amount of the waiver requested. The amount is automatically limited to the calculated 2210 penalty.
Enter
X
 to use the calculated 2210 penalty amount as the waiver amount.
Enter
X
 if the taxpayer and spouse filed a joint return last year or this year, but not both years. Marking this field automatically marks box
E
 on Form 2210, Page 1, Part II.
If you enter data in this field, Form 2210F calculates instead of Form 2210.
March filers:
 If you complete this field and enter a date of March 1,
2025
, or earlier in the
Date
2024
 return
filed
 field, a 2210F penalty does not calculate, and March 1,
2025
 prints automatically as the due date on the filing instructions.
The penalty calculates using the short method, if possible. Enter
X
 to force the regular method of penalty calculation.
If you do not want Form 2210 or 2210F generated or the penalty amount to print on the estimated tax penalty line on Form 1040, Page 2, enter
1
. If you want the forms generated but don't want the amount to print, enter
2
. If you set the print condition for Form 2210 to
Always if data
, Form 2210 may print regardless of what you enter.

Schedule AI - Annualized Income Installment Method

Schedule AI calculates when the
Adjusted Gross Income for each period
 field has an amount. When Schedule AI calculates, Box C is marked on Form 2210, Page 1, Part II.
The rest of the fields in this section are used to calculate specific line items on Schedule AI. If you want to see what line item is affected, place your cursor in the field, right-click, and switch to form. If you leave any of these fields blank, the proportional amounts for each period are used.
Enter the AGI for each period. This is a mandatory entry needed for the application to produce Schedule AI.
Enter the gross amount of itemized deductions before income limitation. UltraTax CS applies the income limitation on a period-by-period basis.
UltraTax CS calculates the net amounts if you enter the gross amount of self-employment earnings and/or FICA wages in these fields.
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