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Screen IACPmt - Iowa Composite Payments, Extension, Penalties and Interest (1065)

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Payments

Total, or: / 1st-5th payment
Enter the total of all estimates made for the tax year in
Total, or
. UltraTax CS includes this amount on Form IA 1040C. To override the way 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
Total, or
for purposes of calculating Form IA 1040C.
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 there hasn't been data entry for estimate payments, enter
X
 in
Treat calculated amounts as amounts paid
 to move the calculated amounts into the
Amount Paid
 boxes.
Paid with extension
Each time you print the extension (via File, then Print Extensions), 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.

Extension

Calculate extension payment
Enter a code from the following table. To print the extension, select File, then Print Extensions.
Code
Description
1
Use 100 percent of current-year liability (default)
2
Use 90 percent of current-year liability
note
UltraTax CS also enters the due date in
Extended due date
 and any payment due in
Paid with extension
.
Extended due date
If you've printed an extension by selecting File, then Print Extensions, or entered data in
Calculate extension payment
, the extended due date automatically appears in this box. When this box is completed and
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 in this box, UltraTax CS enters this amount on Form 1040-V - Extension Payment, enters
1
 in
Calculate extension
payment
, completes
Extended due date
, and displays the amount in
Paid with extension
.

Penalties and Interest

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

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