Screen RIPen - Rhode Island Penalties and Interest (1040)

Overview

Use this screen to complete Form RI-2210, Underpayment of Estimated Tax by Individuals and late-filing interest and penalties.

Date Filed and Suppression Options

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 this field is blank, it defaults to the due date (original or extended) of the return.
Mark the appropriate fields to suppress specific penalties.

Underpayment of Estimated Tax

Enter the amount of prior-year tax, without penalties and interest. You must enter an amount in this field for proper calculation of interest and penalties. If no amount is entered, UltraTax CS assumes a return was not filed last year. If last year's tax was 0 (zero), enter
0
(zero) in this field. UltraTax CS proformas this amount from last year if the proforma utility has been executed.
If withholding amounts were not evenly distributed throughout the year, enter the quarterly withholding amounts in these fields. The entries transfer to Form RI-2210, Part 3, line 16.

Annualized Income Installment Method

Use this section to enter information for the calculation of Form RI-2210 if income was earned unevenly during the year.
If the annualized method is used, enter the income amount for each period in the fields provided. UltraTax CS then prepares Form RI-2210, Page 2, Rhode Island Annualized Income Installment Worksheet.

Waiver of Underpayment Penalty

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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