Triva isn't available right now.
Check out the support page for our phone number and hours
Screen LVPmt - Louisville Payments, Extension, Penalties and Interest (1065)
Show all hidden content
Payments
Prior year overpayment
Enter the amount of any prior year overpayment. UltraTax CS transfers this amount to Form OL-3, Page 1, line 32. Don't include this amount again in
1st payment
.Treat calculated amounts as amounts paid / Date / Amount Paid
Enter the total of all estimates made for the tax year in
Total, or
. UltraTax CS transfers this amount to Form OL-3, Page 1, line 32 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 4
th payment
and Other payments
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.Calculated Amount
If you used to UltraTax CS 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.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
- 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, Form OL-3E doesn't print because Louisville Metro Revenue Commission accepts the federal Form 7004.
If the federal return is extended and there is a balance due on the state return, Form OL-3E will print. If the federal return isn't extended, Form OL-3E prints. Enter
1
to force UltraTax CS to use federal Form 7004. UltraTax CS doesn't print Form OL-3E. Enter 2
to force UltraTax CS to print Form OL-3E. 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, or entered
X
in Calculate extension
, the extended due date automatically appears in this box. The extended due date also is reflected in the filing instructions.Balance due on extension (Force)
If you enter an amount, UltraTax CS enters this amount on the extension, marks
Calculate extension
, completes Extended due date
, and displays the amount in Paid with extension
.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 Louisville Underpayment of Estimated Occupational License Fee Worksheet and the calculation of the underpayment penalty on the return. UltraTax CS prints the Louisville Underpayment of Estimated Occupational 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 LV Estimate Interest Worksheet
and selectAlways if data
to force the form to always print 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 Louisville Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The Louisville 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 Louisville Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The Louisville 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 Louisville Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The Louisville 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 Louisville 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 Louisville Late Filing Interest and Penalty Worksheet don't print.