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Screen VTPen - Vermont Penalties and Interest (1040)
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Overview
Use this screen to complete the Interest & Penalties section of Form IN-152 and late-filing interest and penalties.
Date Filed and Suppression Options
Date return filed
If the date entered in this field is later than the return due date, UltraTax CS automatically calculates late-filing interest and penalty. If the date entered is more than 60 days past the due date, a $50 failure-to-file penalty is calculated. If you leave this field blank, it defaults to the due date of the return. UltraTax CS includes the late-filing interest and late-filing penalty amounts, if applicable, on Form IN-111.
Suppress penalties on return
To suppress specific penalties, select a field.
Underpayment of Estimated Tax
2024
taxEnter last year's tax in this field. If no tax return was filed in the prior-year, leave this field blank. If the client's tax liability for the prior-year was zero, enter
0
(zero).Annualized Income Installment Method
Use this section to enter information for the calculation of Form IN-152A when income has been earned or withholding has been withheld at an uneven rate during the year.
Withholding
If Vermont withholding was not withheld equally throughout the year, enter the actual amount withheld for each period. These amounts are added to the estimated tax payments. 4th quarter defaults to total withholdings less 1st 3 quarters.
Required federal payment: (Force)
UltraTax CS uses the federal required payments from Page 4 of federal Form 2210 to calculate the Vermont payment due for each quarter. Use these fields to enter amounts if the annualized income method was not used on Form 2210 or to force amounts different than those calculated.
Waiver of Underpayment Penalty
Explanation of waiver
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
field need to be made for this field to be included in the form calculation.