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Screen KYComp - Kentucky Composite Tax Return (1065)
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General Information
Amended return
If the Kentucky return is amended and this box is blank, the composite return is marked as amended. If the state return isn't amended, but you wish to amend the composite return, enter
1
. If you don't wish to amend the composite return when amending the state return, enter 2
and the composite return isn't marked as an amended return.Total tax paid on original return
Enter total tax paid on original return. Amounts entered here transfer to Form 740NP-WH, Page 1, line 12.
Tax overpayment on original return
Enter tax overpayment paid on original return. Amounts entered here transfer to Form 740NP-WH, Page 1, line 14.
General footnote
Use this statement to enter any miscellaneous information that needs to be conveyed with the return. The general footnote appears as a separate item in each collation.
Payments
Prior year overpayment
Enter any prior year overpayment that was credited forward to the current year. UltraTax CS transfers the amount you enter here to Form 740NP-WH, line 11 as a current year payment.
Total, or / 1st - 5th payment
Enter the total of all estimates made for the tax year in
Total, or
. UltraTax CS transfers this amount to Form 740NP-WH, line 9 and applies it equally to all quarters.To override the way the application applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
through 5
th payment
boxes. Once amounts are entered in any of the individual payment boxes, UltraTax CS ignores the value in Total, or
.The first four boxes in the
Date
column default to the respective quarters’ due dates, and the fifth payment date defaults to the fourth-quarter date. If the client didn't make payments on the estimate due dates, enter the actual dates of payment in the boxes provided.Treat calculated amounts as amounts paid
If UltraTax CS was used to complete last year’s return 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.Amount paid with extension
Each time you print the extension (via the 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
- When you overrule the calculated amount, the application no longer issues the FYI diagnostic message indicating that you need to verify the amount paid with the extension before filing the return.
- 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 40A201NP-WH-SL because KY accepts the federal Form 7004. If the federal return is extended and there is a balance due on the state return, Form 40A201NP-WH-SL prints. If the federal return isn't extended, Form 40A201NP-WH-SL prints. Enter
1
to force UltraTax CS to use federal Form 7004. UltraTax CS won't print Form 40A201NP-WH-SL. Enter 2
to force Form 40A201NP-WH-SL to print. 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. The extended due date is also reflected in the filing instructions.
Balance due on extension (Force)
If you enter an amount here, UltraTax CS enters the amount on the extension, enters
2
in Calculate extension
, completes Extended due date
, 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 on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form 740NP-WH-P, Underpayment and late Payment of Estimated Tax on Form 740NP-WH. UltraTax CS prints Form 740NP-WH-P if this box is blank and the underpayment penalty is due.note
To suppress the penalty, but print the form, enter
X
in Underpayment of estimated tax
, select Setup, 1065 Partnership, Kentucky tab, and select Tax Return. Highlight Form 740NP-WH-P and selectAlways if data
to force UltraTax CS to always print the form when it contains relevant data.Suppress penalties on return: Late interest
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the KY Composite Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The KY Composite 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 on return: Failure to file
Enter
X
to suppress the failure to file penalty on the return. UltraTax CS prints the KY Composite Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The KY Composite Late Filing Interest and Penalty Worksheet also prints 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 KY Composite Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The KY Composite 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 Composite 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 740NP-WH Late Filing Interest and Penalty Worksheet doesn't print.