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Screen CACPmt — California Composite Payments, Extension, Pen and Int (1065)
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Payments
Prior year overpayment
Enter any prior-year overpayment. UltraTax CS transfers the amount you enter to Form 540NR, Page 2 and treats it as a first-quarter payment for purposes of calculating Form 5805. Don't include this payment again in the
1st payment
field.Total, or: / Specific payments if unequal or not timely: 1st - 5th payment
Enter the total of all estimates made for the tax year in the
Total, or
box. UltraTax CS transfers this amount to Form 540NR, Page 2 and the amount is applied equally to all quarters for purposes of calculating Form 5805. If you wish to override how UltraTax CS applies the total to all quarters, enter actual amounts of estimated tax in the 1st payment
through 5th payment
boxes. If you enter amounts in any of the individual payment fields, UltraTax CS ignores the value in the Total, or
field for purposes of calculating Form 540NR, Page 2 and Form 5805.The first 4 boxes in the
Date
column default to the respective quarters’ due dates and the fifth payment date defaults to the 4th-quarter date. If the payments were not made on the estimate due dates, enter the actual dates of payment.Treat calculated amounts as amounts paid / Calculated Amount
If the return was completed using last year’s program and estimates were calculated for the current year, UltraTax CS proforma’s the amounts to the
Calculated Amount
fields. If there has not been data entry for estimate payments, enter X
in the Treat calculated amounts as amounts paid
field to move the calculated amounts into the Amount
boxes.Amount paid with extension
Each time you print the extension (when you use
File
, then Print Extensions
), UltraTax CS:- Calculates the extension payment amount and enters it in this box
- Prints this amount on the main return, not on the extension.
Alternatively, you can replace the calculated amount by entering the amount actually paid with the current-year extension in this field. UltraTax CS then shows the new amount in black.
note
- To delete the replaced amount and restore the original calculated amount, right-click the field and selectDelete overrulefrom the context menu.
- To confirm the accuracy of the overruled amount, right-click the field and choose Acknowledge overruled data. UltraTax CS then turns off the Acknowledge function from the context menu. To restore the original amount later, enter it manually.
- You can set a user preference to mark boxes for which you replaced the calculated amounts and to list all replaced amounts in theDiagnosticswindow.
Extension
Extended due date
If you have printed an extension (using File, then Print Extensions), or entered an amount in the
Balance due on extension (Force)
field, the extended due date automatically appears in this field. When this field is completed and the Date return filed
field is blank, UltraTax CS uses the date in this field to calculate penalties and interest. The extended due date also is reflected in the filing instructions.Balance due on extension (Force)
If you enter an amount in this box, UltraTax CS shows the amount on the extension as the balance due, completes the
Extended due date
box, and displays the amount in the Amount paid with extension
box.Penalties and Interest
Date return filed
If the date entered here is later than the return due date, UltraTax CS calculates the penalties for failure to pay, failure to file, and late-filing interest. If you leave this box blank, UltraTax CS defaults to the date in the
Extended due date
field. If both the Date return filed
and Extended due date
boxes are blank, UltraTax CS defaults to the due date of the return and prints the interest and penalty amounts on the bottom of Form 540NR with the following identifying codes.Code | Penalty |
|---|---|
FTF | Failure to file |
FTP | Failure to pay |
INT | Interest due |
TOT | Total amount due with penalties |
Explanation of waiver
Enter an explanation in the statement if electing to have all or a portion of the underpayment of estimated tax penalty waived.
Amount
Enter the amount of underpayment of estimated tax penalty that is to be waived. If this box is empty, and a waiver explanation is entered, UltraTax CS will enter 100% of the calculated underpayment of estimated tax penalty on Form 5805.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form 5805 and the calculation of the Form 5805 penalty on the return. UltraTax CS prints Form 5805 and includes the underpayment penalty on Page 2 of the return if this box is empty and the underpayment penalty is due.note
To suppress the penalty, but print the form, enter
X
in the Underpayment of estimated tax
box, select Setup
, 1065 Partnership
, the California tab, and click the Tax Return button. Select Form 5805 and select Always if data
to force UltraTax CS to always print the form when it contains relevant data.Suppress penalties on return: Late interest
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the CA Composite Late Filing Interest and Penalty Worksheets if this field is blank and late interest is due. The CA Composite Late Filing Interest and Penalty Worksheets will also print if the Failure to file
or Failure to pay
fields are blank and a failure to file or failure to pay penalty exists.Suppress penalties on return: Failure to file
Enter
X
to suppress the failure to file penalty on the return. UltraTax CS prints the CA Composite Late Filing Interest and Penalty Worksheets if this box is blank and the failure to file penalty is due. The CA Composite Late Filing Interest and Penalty Worksheets will also print if the Late interest
or Failure to pay
boxes are blank and late payment interest or a failure to pay penalty exists.Suppress penalties on return: Failure to pay
Enter
X
to suppress the failure to pay penalty on the return. UltraTax CS prints the CA Composite Late Filing Interest and Penalty Worksheets if this field is blank and the failure to pay penalty is due. The CA Composite Late Filing Interest and Penalty Worksheets will also print if the Late interest
or Failure to file
boxes are blank and late payment interest or a failure to file penalty exists.