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Screen MTPen - Montana Penalties and Interest (1040)

Overview

Use this screen to complete the Interest & Penalties section of Form EST-I, Montana Underpayment of Estimated Tax by Individuals and Fiduciaries.

General Information

Use this section to calculate or suppress penalties and interest.
If the date entered here is later than the return's due date, UltraTax CS automatically calculates the penalty for the 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. UltraTax CS prints interest and penalty amounts, if applicable, on Form 2, Page 3.

Underpayment of Estimated Tax

Use this section to enter information for the calculation of Form EST-I exceptions to penalties.
The application marks the
Failure to pay
 checkbox as Montana automatically waives the late payment penalty if all the tax and interest is paid with the return. Clear this checkbox if the automatic waiver does not apply.
Enter the tax from the prior year. UltraTax CS determines if an exception to the underpayment penalty has been met.
Mark this field if the short method is appropriate for Form EST-I. If there were estimate payments made, UltraTax CS assumes that the payments were equal and timely.

Annualized Income Installment Method

Use this section to annualize the underpayment of estimated tax penalty using the short, standard or annualized method.
Mark this field if the annualized method is appropriate for the return. Use the fields in this section to override the annualized amounts as necessary.
Use these fields in conjunction with the
Annualize income on Form EST-I
 field to calculate Form EST-I. Amounts entered in these fields override evenly distributed calculated amounts. If a field is empty, UltraTax CS uses the calculated amount, which is evenly distributed throughout the year.

Waiver of Underpayment Penalty

Use this section to request a waiver of penalty amounts.
Use the statement dialog 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.
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.
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