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Screen VAPen - Virginia Penalties and Interest (1040)
Show all hidden content
Overview
Use this screen to calculate the late and underpayment interest and penalties.
Interest rates
Virginia interest rates are dependent on the federal interest rates when computing the Late filing interest and penalty worksheet.
If the return is on extension, the late payment interest worksheet will calculate the interest through the extended due date. Use the
Date paid
field to choose a different date.A critical diagnostic message displays if the federal interest rates are missing. To clear the diagnostic, select
Setup
, then 1040 Individual
, and enter the quarterly interest rates in the Federal
tab. You can view the interest rates on the IRS website. Date Filed and Suppression Information
Date return filed
If no extension was filed, the
Date Due
on the filing instructions defaults to the original due date.If an extension was filed, the
Date Due
on the filing instructions defaults to the extended due date. You can only change the Date Due
on the filing instructions when you've filed an extension.You can set
As Soon As Possible
as the Date Due
in the filing instructions. Got to Setup
and select 1040
, then Federal
. Select Other Return Options
under the Client Documents
tab.Date paid
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, if the system date is after the original due date, extended) of the return. When a return is on extension be sure to enter the date paid if it is sooner than the extended due date, or UltraTax will calculate late payment interest and penalties through the extended due date.
note
Virginia's interest rates are dependent on the federal interest rates. When filing after the original due date, be sure the federal interest rates are entered in the
Federal
tab or the return can't be e-filed. Alternatively, late filing penalties and interest can be suppressed using the checkboxes under Suppress penalties on return
.Underpayment of Estimated Tax
2023 tax net of credits
Enter last year's tax liability after credits. Note that UltraTax CS is not designed to calculate the Form 760C penalty for a short-year client.
Withholding
If Virginia withholding was not withheld equally throughout the year, enter the actual amount withheld for each period. The 4th quarter defaults to total withholding less 1st 3 quarters.
2023 taxable income or 2023 nonrefundable credits
If not proforma'd enter the prior-year taxable income before exemptions and refundable credits. UltraTax CS uses the information in these fields to calculate exception 2, Tax on Prior Year's Income Using the
2025
Rates and Exemptions.Annualized Income Installment Method
Enter Virginia adjusted gross income, itemized deductions, and child care expenses for the periods indicated to calculate exceptions 3 and 4. The last quarter is completed from the total amounts on Forms 760, 763, or 760PY.
Waiver of Underpayment Penalty
Explanation of waiver request
Use this statement 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, subtracts this amount from the penalty calculation, and transfers the difference to the tax return. An entry in the
Explanation of waiver request
field is required for this field to be included in the form calculation.