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Screen INExt - Indiana Payments, Extension, Penalties and Interest (1065)

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Payments

Amount paid with extension
Each time you print the extension (via File, then Print Extension), UltraTax CS:
  • calculates the extension payment amount and enters it 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 displays 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 turns off the acknowledge functionality from the right-click menu. To restore the original amount later, you'll need to enter it manually.
  • 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.
Other payments and credits belonging to the partnership
Use the statement to describe and list any other credits belonging to the partnership.

Extension

Calculate extension payment
If you leave this box blank and run the Extension utility, UltraTax CS automatically selects the extension form to be used. If the federal return is extended, Form EXT will not print because Indiana accepts the federal Form 7004. If the federal return is not extended, Form EXT will print. Enter
1
 to use federal Form 7004 and not print Form EXT. Enter
2
 to print Form EXT. To print the extension, select File, Print Extensions.
Extended due date
If you have printed an extension by choosing File, Print Extension or selected an option in
Calculate extension payment
, the extended due date automatically appears in this box. When this box is completed and if
Date return filed
 is blank, UltraTax CS uses the date in this box to calculate penalties and interest. The extended due date is also reflected in the filing instructions.
Balance due on extension (Force)
If you enter an amount, UltraTax CS enters this amount on the Application for Extension, completes
Extended due date
, and displays the amount in
Amount paid with extension
.
Reason for extension
Enter the reason for the extension that prints on the Application for Extension in the statement. If you want to enter a reason for extension that applies for all clients in UltraTax CS, select Setup, 1065 Partnerships, Indiana tab, and select Extension. If you enter a reason for extension in this box, the reason for extension from the Extension does not print. If you leave this box and
Reason
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.

Penalties and Interest

Date return filed
If the date entered in this box is later than the return due date, UltraTax CS automatically calculates the partnership penalties for the failure to pay and the interest on the underpayment. If this box is blank, it defaults to the due date, original or extended, of the return. Interest and penalty amounts are printed, on Form IT-65, Page 2, lines 15, 16, and 17.
Prior year composite tax
Enter last year’s composite tax amount from Form IT-65. This amount is used to calculate the composite tax failure to pay safe harbor provision.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the IN Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The IN Late Filing Interest and Penalty Worksheet also prints if
Failure to pay
 is blank and 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 IN Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The IN Late Filing Interest and Penalty Worksheet also prints if
Late interest
 is blank and late payment interest exists.
note
UltraTax CS prints the IN Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
 and
Failure to pay
 boxes are both marked, the IN Late Filing Interest and Penalty Worksheet will not print.

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