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Screen CTPmt - Payments, Extension, Penalty and Interest (1065)

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Payments

Total, or / Specific payments if unequal or not timely: 1st - 5th payment
Enter the total of all estimates made for the tax year in
Total, or
. UltraTax CS transfers this amount to Form CT-1065/CT-1120SI, Page 2. 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 boxes, UltraTax CS ignores the value in the
Total, or
box for purposes of calculating Form CT-1065/CT-1120SI, Page 2.
Treat calculated amounts as amounts paid / Calculated Amount
If the return was completed using last year’s version of UltraTax CS and estimates were calculated for the current year, UltraTax CS proformas the amounts into the
Calculated Amount
boxes. If no data has been entered for estimate payments, enter
X
 in the
Treat calculated amounts as
amounts paid
 box to move the calculated amounts to the
Amount Paid
boxes.
Paid with extension
Each time you print the extension (via the File, Print Extensions), UltraTax CS does the following:
  • calculates the extension payment amount and enters the amount in this box, and
  • prints this amount on the main return, not on the extension.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this box. UltraTax CS then shows the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the box and select Delete overrule.
  • To confirm the accuracy of the overruled amount, right-click the box and select Acknowledge overruled data. UltraTax CS then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to manually enter the amount.
  • If desired, you can set a user preference to mark boxes for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.

Extension

Calculate extension
Enter a code from the list of available options. UltraTax CS calculates extension Form CT-1065/CT-1120SI EXT. To print the extension, select File, Print Extensions.
Code
Description
1
Use 100 percent of current-year liability
2
Use 90 percent of current-year liability
note
UltraTax CS also enters the due date in
Extended due date
.
Reason for extension
Enter the reason for the extension that prints on Form CT-1065/CT-1120SI EXT in the statement. If you want to enter a reason for extension that applies for all clients, select Setup, 1065 Partnerships, Connecticut tab, and then select Extension. If you enter a reason for extension in this box, the reason for extension from the Extension doesn't print. If you leave this box and the
Reason
box in the Extension blank, UltraTax CS prints the default line Additional time is requested to gather information to prepare a complete and accurate return on all extensions for this state.
Extended due date
If you print an extension by choosing File, Print Extensions, or enter a
1
 or
2
 in the
Calculate extension
box, the extended due date automatically appears in this box. The extended due date also is reflected in the filing instructions.
Balance due on extension (Force)
If you enter an amount here, UltraTax CS completes the
Extended due date
 box, enters
1
 in the
Calculate extension
 box, and enters the amount in the
Paid with extension
 box.

Penalty and Interest

Date return filed
If the date entered here is later than the return due date, UltraTax CS automatically calculates the late filing penalties and interest. If this box is blank, it defaults to the calculated due date of the return.
Suppress penalty and interest: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the CT Composite Late Filing Interest and Penalty Worksheets if this box is blank and late interest is due. The CT Composite Late Filing Interest and Penalty Worksheets also print if the
Failure to pay
 box is blank and a failure to pay penalty exists.
Suppress penalty and interest: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. UltraTax CS prints the CT Composite Late Filing Interest and Penalty Worksheets if this box is blank and the failure to pay penalty is due. The CT Composite Late Filing Interest and Penalty Worksheets also print if the
Late interest
 box is blank and late payment interest exists.
note
UltraTax CS prints the CT Composite Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
 and
Failure to pay
 boxes are all marked, the CT Composite Late Filing Interest and Penalty Worksheets don't print.

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