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Federal input screens

Screen Pmt – Payments, Extension, and Late Penalty (1065)

Payments

Enter the amount paid with Form 7004. The manually entered amount, described as an overrule, is shown in black. To acknowledge or delete the overrule, right-click the field.

Extension

Use this section to enter extension information.
Use the statement to enter the reason the partnership qualifies to file under Regulations section 1.6081-5. This statement attaches to Form 1065 and extends the due date of the return to the 15th day of the sixth month after the client year-end.
UltraTax CS enters the 15th day of the ninth month (adjusted for weekends and holidays) after the client year end as the extended return due date when you select
File
, then
Print Extensions
 and print or preview Form 7004. You can change this date by entering a different one.
If you enter an amount in this field, UltraTax CS uses the amount on Form 7004. UltraTax CS also completes
Extended due date
.
If you enter an amount in this field, UltraTax CS uses the amount on Form 7004 and to complete
Amount paid with extension
. UltraTax CS also completes
Extended due date
.

Late Filing Penalty

Enter the date the return is to be filed. This date is the due date in the filing instructions. If the date the return is filed is after the due date of the return, including extensions, the late filing penalty calculates as $210 for each month or part of a month (for a maximum of 12 months) multiplied by the number of partners specified on Form 1065, Page 1, Item I.
If you don't want UltraTax CS to calculate a penalty with the late filed return, leave this field blank or mark
Suppress late filing penalty
.
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