Screen MJDETPen - Detroit Penalties and Interest (1040)

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Overview

Use this screen to complete Detroit Form 5338, City Underpayment of Estimated Income Tax.

Late filing penalty and interest

Penalty/Interest
Enter the amount due for penalty and interest. These amounts transfer to Form 5118, 5119, or 5120. UltraTax CS doesn’t automatically calculate the penalty and interest for late filing for Detroit returns.

Underpayment penalties and interest

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

Underpayment of estimated tax

Use this section to enter information for the calculation of exceptions to penalties.
tax
Enter last years tax.
Amount
UltraTax CS displays the amount entered here 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.

Annualized income worksheet

Use this section to enter information for the Annualized Income Worksheet.

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