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Screen WIPen — Wisconsin Penalties and Interest (1040)

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Overview

Use this screen to calculate interest and penalties.

Penalties and Interest

Use this section to enter information for penalties, interest charges, and exceptions to the penalties and interest charges.
Date return filed (If other than due date of return)
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.
In the space just preceding the signature section on Page 3 of Form 1, or on Page 4 of Form 1NPR, UltraTax CS prints interest and penalty amounts with the following identifying codes:
Code
Penalty
FTP
Failure to file
LFP
Interest due

Underpayment of Estimated Tax

Use this section to enter information for the calculation of exceptions to penalties.
Net tax
Enter last year’s tax liability as shown on Form 1 or Form 1NPR. Note that UltraTax CS isn't designed to calculate the Schedule U penalty for a short-year client. UltraTax CS uses this information to complete Schedule U, Part I.

Annualized Income Installment Method

Use this section to enter information for the calculation of penalties based on annualized income.
Income
Enter the amount of Wisconsin income calculated for each period. UltraTax CS automatically calculates the 12-month amount. UltraTax CS uses the amounts you enter to complete Schedule U, Part IV, line 32.
NOL / Standard deduction
Enter the amount of Wisconsin income calculated for each period. UltraTax CS automatically calculates the 12-month amount. UltraTax CS uses the amounts you enter to complete Schedule U, Part IV, line 33.

Waiver of Underpayment Penalty

Use this section to request a waiver of penalty amounts.
Explanation of waiver request (Required for waiver calculation)
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 (Default = 100% of underpayment penalty)
UltraTax CS shows 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
Explanation of waiver request (Required for waiver calculation)
 will need to be made for this field to be included in the form calculation.

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