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Screen DEPen - Delaware Penalties and Interest (1040)

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Overview

Use this screen to calculate interest and penalties.

General Information

Date return filed
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 interest on the underpayment. If blank, it defaults to the due date (original or extended) of the return. UltraTax CS prints the calculation of late-filing interest, failure to file, and failure to pay penalties on the Delaware Penalties and Interest Summary Worksheet.

Underpayment of Estimated Tax

2024
 adjusted gross income
Enter the prior-year's state AGI. This amount is used to determine if the safe harbor rule applies to the calculation of the underpayment of estimated tax penalty. If blank, UltraTax CS ignores the safe harbor rule. The amount transfers to Form PIT-UND. If the client's AGI for the prior year was zero, enter
0
 (zero) in this field.
2024
 tax
Enter the prior year's tax. This amount transfers to Form PIT-UND and is used to calculate the prior-year tax exception. If blank, UltraTax CS ignores the prior-year tax exception when calculating the underpayment of estimated tax penalty. If the client's tax liability for the prior year was zero, enter
0
 (zero) in this field. The amount transfers to Form PIT-UND.
2024
 taxable income without exemptions
Enter last year's taxable income. Don't include any adjustments for exemptions that were included in the prior-year taxable income. These amounts are used to calculate the exception based on prior-year income and current-year exemptions and tax rates. If these fields are blank, UltraTax CS doesn't calculate this exception. If the client's taxable income(s) for the prior year was zero, enter
0
 (zero) in the fields.
Withholding as actually withheld and S corporation payments as actually made
If Delaware withholding wasn't withheld equally throughout the year, or if the total S Corporation payments weren't made equally throughout the year, enter the actual amount for each period. These amounts replace the calculated amounts on Form PIT-UND.

Waiver of Underpayment Penalty

Explanation of waiver request
Use the statement window to enter an explanation if the taxpayer is requesting to waive the underpayment penalty. An entry 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 Form PIT-UND, Underpayment of Estimated Tax. UltraTax CS subtracts this amount from the penalty calculation and transfers the difference to the tax return. You need to make an entry in the
Explanation of waiver request
 field for the field to be included in the form calculation.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Delaware

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