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Screen PAPen - Pennsylvania Penalties and Interest (1040)

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Overview

Use this screen to complete Form REV-1630, Pennsylvania Underpayment of Estimated Tax and the Pennsylvania Late Filing Interest and Penalty Worksheets.
note
Payments of $15,000 or more must be paid electronically. This applies to the balance due on returns, Estimates and Extensions. Use the PABank screen to setup an Electronic Funds Withdrawal (EFW) or pay online at mypath.pa.gov.

General Information

Use this section to enter information for the calculation of Form REV-1630 and 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 (FTP), the penalty for failure to file (FTF) and the interest on the underpayment. If you leave this field blank, it defaults to the due date (original or extended) of the return.
Suppress penalties on return
To suppress specific penalties, mark the appropriate field.

Underpayment of Estimated Tax

Use this section to enter information for the calculation of Form REV-1630 exceptions to penalties.
Pennsylvania taxable income
Use these fields to enter the amount of the Pennsylvania taxable income if this amount hasn't been proforma'd. UltraTax CS uses this information to calculate exceptions to the Pennsylvania underpayment penalty.
Tax Forgiveness Credit
Use this field to enter the prior year Schedule SP calculated tax forgiveness credit that was less than 100%. UltraTax CS will reduce the Exception 1 tax by this amount. If an amount is entered in this field, the
Qualified for 100% Tax Forgiveness Credit on return
 field will be non-enterable.
Qualified for 100% Tax Forgiveness Credit on return
Use these fields to indicate that the prior year Schedule SP calculated a tax forgiveness credit of 100%. UltraTax CS won't calculate or print Form REV-1630. When these fields are marked, the
Tax Forgiveness Credit on
 fields will be non-enterable.

Annualized Income Installment Method

Use this section to enter information for the calculation of Form REV-1630 penalties when income and deductions occur unevenly during the year. UltraTax CS automatically enters the 4th quarter of annualized income and deductions on Form REV-1630.
Income
Enter your actual taxable income for the period. UltraTax CS determines if an exception to the underpayment penalty applies. If the exception applies, there's no penalty for that quarter. If the exception hasn't been met, then UltraTax CS calculates the penalty for that quarter on 25% of the year's underpayment, irrespective of the annualized income.
Special exception information
Mark this field to complete the special exception information on Form REV-1630, Page 2. If this field is marked, complete the
tax liability to qualify for special exception
 field. If the special exception applies complete the annualized income fields and mark the
Made estimated payments when income not subject to tax exceeded $8,000
 field.
tax liability to qualify for special exception
Enter the prior-year tax less the sum of the following prior-year amounts: any withholdings, Resident Credit, and Total Other Credits.
Made estimated payments when income not subject to tax exceeded $9,500
If the
Special exception information
 field is marked, UltraTax CS defaults to answering No to this question on Form REV-1630. When this field is marked, UltraTax CS answers Yes to the question on Form REV-1630.

Waiver of Underpayment Penalty

User 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 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.

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