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Screen LXPmt - Lexington Payments, Extension, Penalties and Interest (1065)
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Payments
Initial filing fee paid
Enter
X
to indicate that the initial filing fee has been paid in the current year. UltraTax CS adds the amount of the initial filing fee to the Other Credit statement on Form 228, Page 1, line 7.Minimum license fees paid
UltraTax CS proformas Minimum License Fee from prior year into this box. If the amount isn't $100, enter the amount of any minimum license fees paid during the current year in this statement. UltraTax CS transfers this amount to the Other Credit statement on Form 228, Page 1, line 7. Don't include these amounts again in
1st payment
.Prior year overpayment
Enter the amount of any prior year overpayment for the 228 and 228-S returns. UltraTax CS transfers these amounts to Page 1 of the forms. Don't include the Lexington Urban amount again in
1st payment
.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.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 228, Page 1 and applies it equally to all quarters.To override the way UltraTax CS applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
through 4th payment
and the 5th payment
boxes. Once amounts are entered in any of the individual payment boxes, the value in Total, or
will be ignored.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.Paid with extension
Enter
X
to suppress the failure to file penalty on the return. The application prints the Lexington Schools Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The Lexington Schools 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.note
UltraTax CS prints the Lexington Schools 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 Lexington Schools Late Filing Interest and Penalty Worksheet doesn't print.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, Forms 228 and 228-S don't print because Lexington-Fayette Urban County and Board of Education of Fayette County accepts the federal Form 7004.
If the federal return is extended and there is a balance due on the state return, Forms 228 and 228-S will print. If the federal return isn't extended, Forms 228 and 228-S will print.
Enter
1
to force UltraTax CS to use federal Form 7004. UltraTax CS won't print Forms 228 and 228-S. Enter 2
to force UltraTax CS to print Forms 228 and 228-S. To print the extension, select File, then Print Extensions.note
UltraTax CS also enters the due dates in the
Extension due date
boxes.Extended due date
If you printed an extension by choosing File, then Print Extensions, or have entered
X
in Calculate extension
, the extended due dates automatically appear in these boxes. The extended due dates are 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, marks
Calculate extension
, completes Extended due date
, and displays the amount in Paid with extension
.Estimated tax (Force)
If you enter an amount here, UltraTax CS enters the amount on the Board of Education of Fayette County Net Profit Extension Request as line 1, Estimated Tax for Year End, enters
1
in Calculate extension
, and completes Extended due date
.Penalties and Interest
Date return filed
UltraTax CS calculates penalties and interest if the date entered here 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: Underpayment of estimated tax
Enter
X
to suppress the printing of the Lexington - Fayette Underpayment of Estimated Net Profits License Fee Worksheet and the calculation of the underpayment penalty on the return. UltraTax CS prints the Lexington - Fayette Underpayment of Estimated Net Profits License Fee Worksheet and includes the underpayment penalty on Page 1 of the return 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, then 1065 Partnership. In the Kentucky tab, select Tax Return. Highlight Lexington-Fayette Estimate Interest Worksheet
and selectAlways 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 Lexington Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The Lexington 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 Lexington Schools Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The Lexington Schools 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 and interest: Failure to pay
Enter
X
to suppress the failure to pay penalty on the return. UltraTax CS prints the Lexington Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The Lexington 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.