Screen OKPen - Oklahoma Penalties and Interest (1040)

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Overview

Use this screen to complete the Penalties & Interest section on Form OW-8-P.

General Information

Date return filed
If the date entered in this field is later than the return due date, UltraTax CS automatically calculates the delinquent payment penalty and interest on the underpayment. If this field is blank, it defaults to the due date (original or extended) of the return.
Suppress penalties on return
To suppress specific penalties, mark the field.

Underpayment of Estimated Tax

Use this section to enter information for the calculation of exceptions to penalties.
2024
tax
Enter last year’s tax. This amount transfers to Form OW-8-P-and is used to calculate the prior-year tax exception. If this field is blank, UltraTax CS ignores the prior-year tax exception when calculating Form OW-8-P.
Withholding as actually withheld
To have Oklahoma withholding credited as actually withheld, enter the amount of Oklahoma withholding from all sources for the first, second and third quarters. The amounts entered print on the Form OW-8-P. The balance of any withholding prints on the fourth quarter on Form OW-8-P.

Annualized Income Installment Method

An entry in these fields prompts UltraTax CS to calculate Form OW-8-P-SUP-I. Note that if a field is blank, UltraTax CS uses the proportional amounts per the instructions for each period.

Waiver of Underpayment Penalty

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 Form OW-8-P. 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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