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Screen MIPen - Michigan Penalties and Interest (1040)

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Overview

Use this screen to complete Form MI-2210.

General Information

Use this section to enter information for the calculation of Form MI-2210 penalties and late filing interest and penalties.
Date return filed
If the date entered here is later than the return due date, UltraTax CS automatically calculates the penalty for failure to file, and 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 screen to enter information for the calculation of exceptions to penalties.
Prior year tax
Enter last year's tax. Note that UltraTax CS is not designed to calculate the Form MI-2210 penalty for a short-year client.
Suppress Form MI-2210, Page 2, Part 3 penalty
Enter
X
 to suppress the Form MI-2210, Page 2, Part 3 penalty. The Part 3 penalty automatically calculates using 25 percent if no payments were made, otherwise it uses 10 percent. If the client made estimated payments and received a notice from the Michigan Department of Treasury assessing a 25 percent penalty, contact Treasury Information at (517) 636-4486 to dispute the notice.
Withholding as actually withheld
To have state withholding credited as actually withheld, enter the amount of Michigan income tax withheld from all sources for each quarter. The amounts transfer to Form MI-2210, Page 1, line 10.

Annualized Income Information

Use this screen to enter information for Annualized Income Worksheet, Page 2.
Total income subject to tax
UltraTax CS automatically calculates the Annualized Income Worksheet on Form MI-2210, Page 2, if you enter an amount in these fields. Enter the total income subject to tax for each period. Amounts entered in these fields transfer to line 1 of the Annualized Income Worksheet.

Waiver of Underpayment Penalty

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 is mandatory when a request to waive an amount is made.
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.

This article applies to:

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

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