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Screen KSPmt - Kansas Payments

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Payments

Prior year overpayment
Enter any prior-year overpayment. The application transfers the amount entered to Form K-120S, Page 2 and automatically treats it as a first-quarter payment to calculate Form K-220S. Don't include this amount again in
1st payment
.
Total, or / 1st - 5th payments
Enter the total of all estimates made for the tax year in
Total, or
. The application transfers this amount to Form K-120S, page 2 and applies it equally to all quarters to calculate Form K-220S. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax for the 1st payment through the 5th payment. Once amounts are entered in any of the individual payment fields, the application ignores the number in
Total, or
 to calculate Form K-120S, page 2, and K-220S.
The 1st 4 fields in the
Date Paid
 column default to the respective quarters’ due dates, and the 5th payment date defaults to the fourth-quarter date. If the payments weren't made on the estimated due dates, enter the actual dates of payment in the fields provided.
Treat calculated amounts as paid
The application proformas the estimated payments calculated in last year’s application to the
Calculated Amount
 fields. Enter
X
 to have the application transfer amounts from
Calculated Amount
 to
Amount Paid
.
Amount 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 field.
  • 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. UltraTax CS then displays the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the field and select
    Delete overrule
    .
  • To confirm the accuracy of the overruled amount, right-click the field and select
    Acknowledge overruled data
    . UltraTax CS then turns off the acknowledge functionality from the right-click dropdown. To restore the original amount later, you'll need to enter it manually.
  • You can set a user preference to mark checkboxes for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.

Extension

Calculate extension
Enter
1
 or leave blank to calculate the extension at 100 percent of the current-year liability using Form K-120V. Enter
2
 to have the application calculate the extension at 90 percent of the current-year liability using Form K-120V. When this is selected, interest is assessed on the remaining 10 percent of the balance due.
Reason for extension
In the statement, enter an explanation for filing a written application for extension. The written application for an extension is filed when the federal return isn't extended but a Kansas extension is requested. The written application for extension is attached to the return when filed.
Extended due date
If you have printed an extension by selecting
File
, then
Print Extensions
, the extended due date automatically appears here. When this field is completed and
Date return filed
 is blank, UltraTax CS uses the date in this field 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 field, UltraTax CS enters the amount on Form K-120V, completes
Extended due date
, and enters the amount in
Paid with extension
.

Penalties and interest

Date return filed
UltraTax CS calculates penalties and interest if the date entered in this field is later than the original due date of the return or the extended due date. If blank, this field defaults to the calculated due date of the return.
Prior year tax
UltraTax CS uses the value entered here to populate the prior year’s tax liability on Form K-220S.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the KS Late Filing Interest and Penalty Worksheets if this field is blank and late interest is due. The KS Late Filing Interest and Penalty Worksheets also print if the
Failure to pay
 field 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 KS Late Filing Interest and Penalty Worksheets if this field is blank and a failure to pay penalty is due. The KS Late Filing Interest and Penalty Worksheets also print if the
Late interest
 field is blank and late payment interest exists.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the underpayment of estimated tax penalty on the return. UltraTax CS won’t print K-220S if the underpayment of estimated tax penalty is suppressed.

Annualized Income Installment Method

Tax on annualized income
UltraTax CS uses the values entered here to factor in tax on annualized income when determining quarterly underpayment amounts on Form K-220S.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1065 Partnership
  • State: Kansas

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