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Screen NYPen - New York Penalties and Interest (1040)

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Overview

Use this screen to calculate estimated tax penalties and to suppress late filing interest, failure to file, and failure to pay penalties. If information transferred from UltraTax/1040 doesn't require additional data or coding, UltraTax/1040-NY shows it on the form only, not in the screen.

Date Filed and Suppression Options

Use this section of the NYPen screen to enter information for the calculation of Form IT-2105.9, late-filing interest, and penalties.
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 you leave this field blank, it defaults to the due date (original or extended) of the return. UltraTax CS was shipped with the latest known interest rates. If interest isn't calculating, the date entered in this field may exceed the last rate entered in UltraTax CS. Select
Setup
,
1040 Individual
, then the
New York
 tab to enter rates in UltraTax CS. A diagnostic is present if the date filed exceeds the last entered rate.
Suppress penalties - Forms IT-201 or IT-203
To suppress specific penalties, enter
X
 in the appropriate field.

Underpayment of Estimated Tax

Use this section to calculate exceptions to the estimated tax penalties.
2024
 tax
Enter last year's tax in this field. Your entry transfers to Form IT-2105.9.
2024
 adjusted gross income
Use this field to enter the taxpayer's prior year adjusted gross income. On returns where prior-year adjusted gross income exceeds $150,000 ($75,000 for married filing separate returns), 110% of last year's tax is used in the calculation of the penalty.

Annualized Method for New York

UltraTax CS uses the information entered in this section to complete portions of Form IT-2105.9 and Worksheet 1 of Form 2105.9.
Use federal annualized adjusted gross income
If income was annualized in UltraTax/1040, those annualized amounts may be used for New York State on Worksheet 1 by entering
X
. No other data entry is required since the following calculations occur. For each column, a ratio of federal annualized AGI divided by federal total AGI is applied to New York AGI. All other deductions, taxes, and credits are treated as deducted, taxed, or credited evenly throughout the year, unless entered in the
Adjusted gross income / ... / Refundable credits
 fields.
Adjusted gross income /... / Refundable credits
Override calculated amounts for Form IT-2105.9, Worksheet 1 by entering the desired amounts in these fields. If these fields are blank, each is treated as taxed / credited / deducted evenly throughout the year.

Annualized Method for New York City, Yonkers, and MTA

UltraTax CS uses the information entered in this section to complete portions of Form IT-2105.9 and Worksheets 2 and 3 of Form 2105.9.
Adjusted gross income / ... / Unincorporated business tax credit
Override calculated amounts for Form IT-2105.9, Worksheet 2 by entering the desired amounts in these fields. If these fields are blank, each is treated as taxed / credited / deducted evenly throughout the year.
Yonkers nonresident earnings tax
Override calculated amounts for Form IT-2105.9, Worksheet 3 by entering the desired amounts in these fields. If these fields are blank, UltraTax CS considers the tax due evenly throughout the year.
Net self-employment income allocated to the MCTMT
Override calculated amounts for Form IT-2105.9, Worksheet 4 by entering the desired amounts in these fields. If these fields are blank, UltraTax CS considers the tax due evenly throughout the year.

Waiver of Underpayment Penalty

Use this section to request a waiver of underpayment penalty amounts due.
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 required when a request to waive an amount is made.
Amount
UltraTax CS displays 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 the
Explanation of waiver request
 field must be made for this field to be included in the form calculation.
If part of the underpayment penalty is waived, file the return on paper.

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