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Screen IAPen - Iowa Penalties and Interest (1040)

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Overview

Use this screen to complete Form IA 2210. A separate Form 2210 will be completed for taxpayer and spouse if there is a penalty and the filing status is married filing separately on this combined return.

General Information

Date return filed
If the date entered here is later than the return due date, UltraTax CS automatically calculates the penalty for failure to pay, failure to file, and interest on the underpayment. If this field is blank, it defaults to the due date (original or extended) of the return.

Underpayment of Estimated Tax

Net tax
Enter the prior-year’s tax, not including surtax, minus the refundable credits in this field. This amount transfers to the Iowa Underpayment of Estimated Tax Worksheet and is used to calculate the prior-year tax exception. If this field is blank, UltraTax CS ignores the prior year tax exception when calculating the underpayment of estimated tax penalty. If the client’s tax liability for last year was zero, enter
0
 (zero) in this field.
federal adjusted gross income
Enter the prior-year federal adjusted gross income in this field. UltraTax CS calculates the safe harbor addition to tax if required when the total adjusted gross income plus any bonus depreciation adjustment taken exceeds $150,000 or $75,000 for married filing separate on the federal return.
Iowa net modifications
Enter the amount of prior-year Iowa net modifications from the Schedule 1 on the IA 1040. UltraTax CS calculates the safe harbor addition to tax if required when the total adjusted gross income plus any modifications exceeds $150,000 or $75,000 for married filing separate on the federal return.
Withholding as actually withheld
If you want to have the withholding credited as actually withheld, enter the amount of Iowa income tax withheld from all sources for each quarter. The amounts entered here transfer to Form IA 2210.

Annualized Income Installment Method

Use this section to enter information for the calculation of Form IA 2210, Schedule AI penalties. UltraTax CS calculates Schedule AI if there is any entry in the
Iowa net income
 field for each period. In addition, UltraTax CS automatically marks the annualized income (IA2210) checkbox and calculates Form IA 2210, Schedule AI.

Waiver of Underpayment Penalty

Explanation of waiver request
Use the statement window to enter an explanation if the taxpayer/spouse is requesting a waiver of the underpayment penalty. An entry in this field is mandatory when a request to waive an amount is made.
If this field is marked, then the exception is considered to be met and UltraTax CS prints Waiver of Penalty in the space next to the Penalty line on Form IA 2210. The form is marked to print. No penalty is transferred forward to Form IA 1040, Page 2.
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 for this field to be included in the form calculation.

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