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Screen KYPmt - Kentucky Payments, Extension, Penalties and Interest (1065)

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Payments

Prior year overpayment
Enter any prior year overpayment that was credited forward to the current year. UltraTax CS transfers this amount to Form 765, Page 1, Part II, line 11.
Total, or / 1st - 5th payment
Enter the total of all estimates made for the current year in
Total, or
. UltraTax CS transfers this amount to Form 765, Page 1, Part II, line 7. To override the way UltraTax CS applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
 through 5
th payment
 boxes. If you enter amounts in any of the individual payment boxes, the value in
Total, or
 is ignored for purposes of calculating Form 765.
Treat calculated amounts as amounts paid / Calculated Amount
If last year’s return was completed using UltraTax CS and estimates were calculated for the current year, the amounts proforma 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, 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 will 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
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 and there is no balance due on the state return, UltraTax CS doesn't print Form 720EXT because KY accepts the federal Form 7004. If the federal return is extended and there is a balance due on the state return, UltraTax CS prints Form 720EXT. If the federal return isn't extended, UltraTax CS prints Form 720EXT. Enter
1
to force UltraTax CS to use federal Form 7004. UltraTax CS doesn't print Form 720EXT. Enter
2
to force UltraTax CS to print Form 720EXT. To print the extension, select File, then Print Extensions.
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, 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 also is reflected in the filing instructions.
Balance due on extension (Force)
If an amount appears in this box, UltraTax CS displays this amount on the extension, completes
Extended due date
, and displays the amount in
Paid with extension
.

Penalties and Interest

Date return filed
If the date entered here is later than the return due date, UltraTax CS automatically calculates the penalties for failure to pay and failure to file and the interest on the underpayment. If this is blank, it defaults to the calculated due date of the return.
Prior year tax
Enter the prior year’s LLET liability amount in this box to calculate the underpayment penalty on Form 2220-K.
Suppress penalties and interest: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form 2220-K and the calculation of the Form 2220-K penalty on the return.
note
To suppress the penalty, but print the form, enter
X
 in
Underpayment of estimated tax
. Next, select Setup, 1065 Partnership, Kentucky tab, and select Tax Return. Highlight Form 2220-K and select
Always if data
 to force UltraTax CS to always print the form when it contains relevant data.
Suppress penalties and interest: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the KY Late Filing Interest and Penalty Worksheet if this box is blank and the late interest is due. The KY Late Filing Interest and Penalty Worksheet also prints 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 and interest: Failure to file
Enter
X
 to suppress the failure to file penalty on the return. UltraTax CS prints the KY Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The KY Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to pay
 boxes are blank and the late payment interest or a failure to pay penalty exist.
Suppress penalties and interest: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. UltraTax CS prints the KY Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The KY Late Filing Interest and Penalty Worksheet also prints 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 KY Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 boxes are all marked, the KY Late Filing Interest and Penalty Worksheet doesn't print.

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