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Screen MOPen - Missouri Penalties and Interest (1040)

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Overview

Use this screen to complete Form MO-2210.

General Information

Use this section to enter information for the calculation of Form MO-2210 and the Late Filing Interest and Penalty Worksheets.
Date return filed (If other than due date of return)
If the date you enter in this field is later then 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, UltraTax CS defaults to the due date (original or extended) of the return. The extended due date is applicable when the Screen MOExt
Calculate extension
 field is marked.
For timely filed returns, a failure to pay penalty of five percent of the unpaid tax is added to the balance due. For returns that are not filed by the due date, or extended due date if extended, an addition to tax of five percent per month of the unpaid tax is added for each month or part of a month that the return is not filed. The addition to tax cannot exceed 25 percent. Late interest if charged on any unpaid tax starting on the original due date of the return.
UltraTax CS prints interest and penalty amounts, if applicable, on the Missouri Computation of Balance Due or Refund Worksheet and includes penalties on the return's filing instructions unless penalties are suppressed. The interest and penalties are not included on the MO-1040 per Missouri instruction.
Special relief
For clients who haven't yet filed the tax return with Missouri, choose
1 - Extended due date (May 17, 2021) for individuals.
 This field is automatically set to
1
 if
1 - Extended due date
 is selected for the federal return. When this field is set to
1
, the deadline of May 17, 2021 automatically applies to the following:
  • Penalty calculations
  • Extension payment due date
  • Client documents
Suppress penalties
To suppress specific penalties, mark the appropriate field.
The late filing interest, failure to pay and failure to file penalties are computed on the Late Filing Worksheet. While these amounts are not reported on MO-1040, they are included in the amount due on the filing instructions.

Underpayment of Estimated Tax

Use this section to enter information for the calculation of exceptions to penalties.
tax
Enter the amount of taxes paid in the prior year. If the current year's taxes equal or exceed the prior year's amount, the first exception applies. UltraTax CS recalculates the taxes if applicable on the Missouri Form MO-2210 Exceptions Worksheet and transfers the recalculated tax to Form MO-2210.
taxable income / ... / exemptions
Enter the prior-year taxable income, income percentages and exemptions to calculate the tax on the prior-year's income at the current year's rate. If this amount is equal or less than the estimated payments and taxes withheld, the second exception applies. UltraTax CS calculates the additional taxes if applicable on the Missouri Form MO-2210 Exceptions Worksheet and transfers the tax to Form MO-2210.
Annualized taxable income
Enter the annualized taxable income for the first, second, and third periods in the fields provided. UltraTax CS calculates the annualized tax on the Missouri Form MO-2210 Exceptions Worksheet and transfers the tax to Form MO-2210.
Actual taxable income
Enter the actual income for the first, second, and third periods in the fields provided. UltraTax CS calculates the actual tax on the Missouri Form MO-2210 Exceptions Worksheet and transfers the tax to Form MO-2210.

Waiver of Underpayment Penalty

Enter an explanation in the statement window to request a waiver of the underpayment penalty. UltraTax CS defaults the amount requested to the entire penalty. To request an amount less than the entire penalty, enter an amount. UltraTax displays the amount requested 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.

This article applies to:

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

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