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Screen CTPen - Connecticut Penalties and Interest (1040)

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Overview

Use this screen to complete Form CT-2210, Underpayment of Estimated Income Tax by Individuals and Fiduciaries and the Late Filing Interest and Penalty Worksheet.

General Information

Use this section to enter information for the calculation of Form CT-2210 penalties and late-filing interest and penalties.
Date return filed (If other than return’s due date)
If the date entered in this field is later than the return due date, UltraTax CS automatically calculates the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment. If this field is blank, it defaults to the due date (original or extended) of the return.
Interest and penalty amounts, if applicable, print on Page 1 and are either included in the amount of tax owed or are subtracted from any overpayment. For a break down of penalties and interest, press CTRL+Q to view return information.

Underpayment of Estimated Tax

Use this section to enter information for the calculation of Form CT-2210 exceptions to penalties.
Withholding as actually withheld
To report withholding when it was actually withheld rather than in equal installments, enter the cumulative amount withheld for each date listed.
Payments are based on tax and a joint return has been filed in or but not both
Enter
X
 if the required annual payment is based on prior year tax
and
 joint filing status was chosen for either last year or this year (but not both).
Tax cannot be used as a basis for required annual payment
Mark this field if you do not qualify to use the prior year’s tax as a basis for the required annual payment. UltraTax CS calculates the annual required payment as 90 percent of the current year total income tax liability.

Annualized Income Installment Method

Use this section to enter information for the calculation of Form CT-2210 penalties.
Connecticut adjusted gross income
If using the annualized income installment method, enter amounts as you want them to appear on Form CT-2210. An entry in any of these fields marks Box A and calculates Form CT-2210, Schedule A.
Connecticut source income
For nonresidents and part-year resident returns using the annualized income installment method, enter the source income per quarter. Entry in these fields will calculate the quarterly tax as noted in the CT-2210 instructions.
Credit for taxes paid to other jurisdiction(s) / … / Allowable credits
Enter amounts in these fields to force calculated values on Schedule A - Annualized Income Installment Schedule.

Waiver of Underpayment Penalty

Use this section to request a waiver of penalty amounts due.
Explanation of waiver request
Use this statement dialog to enter an explanation if the taxpayer is requesting a waiver of the underpayment penalty. An entry in this field is mandatory when a request to waive an amount is made.
Amount
UltraTax CS displays the amount entered in this field and the text "Waiver" on the Underpayment of Estimated Tax by Individuals form. UltraTax CS subtracts this amount from the penalty calculation and transfers the difference to the tax return. An entry in the Explanation of waiver request field must be made in order for this field to be included in the form calculation.

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