Screen MSPen - Mississippi Penalties and Interest (1040)

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Overview

Use this screen to calculate interest and penalties on Form 80-320, Mississippi Interest on Underestimate of Individual Income Tax.

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 the 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

Use this section to enter information for the calculation of exceptions to penalties and exception amounts on Form 80-320, Interest on Underestimate of Individual Income Tax.
tax
Enter the prior-year's tax. If no tax return was filed last year, leave this field blank. If the client's tax liability was zero, enter
0
(zero).
credits
Enter the prior-year's credits in this field. If no tax return was filed last year, leave this field blank. If the client's tax credits were zero, enter
0
(zero).

Waiver of Underpayment Penalty

Use this section to request a waiver of penalty amounts.
Explanation of waiver request
Use the statement window 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 shows 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
Explanation of waiver request
will need to be made for this field to be included in the form calculation.

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