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Screen WVPen - West Virginia Penalties and Interest (1040)
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Overview
Use this screen to complete the Underpayment of Estimated Tax and the Late Filing Interest and Penalty worksheets.
important
In 2023, West Virginia discontinued Form IT-210 Underpayment of Estimated Tax and removed the penalty line from Form IT-140. UltraTaxCS will continue to compute the underpayment penalty on the new worksheet Underpayment of Estimated Tax. When the penalty is calculated, it is included in the balance due or refund amounts on Form IT-140. The penalty can be suppressed by making the selection to do so in the field below.
Form IT-140 includes a mark box on page 2 for filers who wish to request a penalty waiver or who qualify to use the special rules for farmers. When this box is marked, no penalties will be computed. It is important to include a statement with the return that explains the reasons the penalty should be waived, or to indicate the filer is a qualified farmer. The explanation can be entered on Screen WVGen in the General footnote field or uploaded via Edit > Electronic Filing Attachments.
General information
Use this section to calculate the Form IT-210 penalty and the late-filing interest and penalties.
Date return filed
If the date entered in this field is after 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.
Suppress penalties on return
To suppress specific penalties, mark the appropriate field.
Underpayment of estimated tax
Prior year tax
Use this field to enter the amount of the West Virginia tax if this amount has not been proforma'd. The application uses this information to calculate the exceptions to the underpayment penalty.
Penalty waiver exceptions
To request a waiver of the penalty, make a selection here, and then navigate to Screen WVGen enter an explanation in the General footnote explaining the reasons why the penalty should be waived. The General footnote will be included with the electronic file, or will print with the return if paper filing.
Making a selection will mark the Penalty Waiver box on IT-140 and stop penalties from being calculated.
Withholding as actually withheld
If withholding amounts were not evenly distributed throughout the year, enter the quarterly withholding amounts in these fields. The entries transfer to the Underpayment worksheet Regular Method, line 2.
Annualized income installment method
To calculate the West Virginia Annualized Income Worksheet, enter the quarterly amounts of adjusted gross income in these fields. Please note that the Underpayment of Estimated Tax worksheet does not get remitted with the return, therefore it is advised to upload the worksheet to the electronic file and include a statement in the General footnote on Screen WVGen that the taxpayer would like to use the annualization method to compute the penalty.