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Screen KSCExt - Kansas Composite Payments, Extension, Penalties (1065)

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Payments

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.

Overpayment Application

Application of current year overpayment
The code options available instruct UltraTax CS how to apply any current year overpayment for Form K-40. To enter the application of current year overpayment one time for all new clients, select Setup, then 1065 Partnership. In the Kansas tab, select New Client Options. The overpayment options are listed in the table that follows.
Code
Result
1
Refund 100 percent of the overpayment. This is the default option.
2
Apply 100 percent of overpayment to next year.
3
Apply the portion of the overpayment shown in
Amount for code #5
 to next year’s return; refund excess.

Extension

Calculate extension
To calculate K-40V Extension, enter a code from the following table. To print the extension, select File, then Print Extensions. If the extension is printed and no code is entered, UltraTax CS assumes that the extension is based on 100 percent of the current year tax liability.
Code
Description
1
Use 100 percent of current-year liability. This is the default option.
2
Use 90 percent of current-year liability.
note
UltraTax CS also enters the due date in
Extended due date
.
Extended due date
If you printed an extension by selecting File, then Print Extensions, or entered data in
Calculate extension
, the extended due date automatically appears. The extended due date is also reflected in the filing instructions.
Balance due on extension (Force)
If you enter an amount, UltraTax CS completes
Extended due date
, enters
1
 in
Calculate extension
, and displays the amount in
Amount paid with extension
.

Penalties and Interest

Date return filed
UltraTax CS calculates penalties and interest if the date entered in this box is later than the original due date of the return or the extended due date. If blank, this box defaults to the calculated due date of the return.
Suppress penalties and interest: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. UltraTax CS prints the KS Composite Late Filing Interest and Penalty Worksheets if this box is blank and the failure to pay penalty is due. The KS Composite Late Filing Interest and Penalty Worksheets also print if
Late interest
 is blank and late payment interest exists.
note
UltraTax CS prints the KS Composite Late Filing Interest and Penalty Worksheets when penalties or interest exists. If the
Late interest
 and
Failure to pay
 boxes are both marked, the KS Composite Late Filing Interest and Penalty Worksheet doesn't print.
Suppress penalties and interest: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the KS Composite Late Filing Interest and Penalty Worksheets if this box is blank and late interest is due. The KS Composite Late Filing Interest and Penalty Worksheet also prints if
Failure to pay
 is blank and a failure to pay penalty exists.

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