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Screen MDPmt - Maryland Payments, Extension, Pen and Int (1065)

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Payments

Total, or / 1st - 5th payment
Enter the total of all estimates made for the tax year in the
Total
 field. UltraTax CS transfers this amount to Form 510, Page 2 and the amount is applied equally to all quarters for the purpose of calculating Form 500UP.
To override how UltraTax CS applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
 through
5th payment
 fields. If you enter amounts in any of the individual payment fields, UltraTax CS ignores the value in the
Total
 field for purposes of calculating Form 510, Page 2 and Form 500UP.
The first four fields in the
Date
 column default to the respective quarters’ due dates and the fifth payment date defaults to the fourth-quarter due date. If the payments were not made on the estimate due dates, enter the actual payment dates in the fields provided.
Treat calculated amounts as amounts paid
If the return was completed using last year’s version of UltraTax CS and estimates were calculated for the current year, the application proformas the amounts into the
Calculated Amount
 fields. If there has not been data entry for estimate payments, enter
X
 in the
Treat calculated amounts as amounts paid
 field to move the calculated amounts into the
Amount Paid
 fields.
Amount paid with extension
Each time you print the extension (via the File then Print Extensions), UltraTax CS:
  • calculates the extension payment amount and enters it in this field, 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 field. 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 choose Delete overrule.
  • To confirm the accuracy of the overruled amount, right-click the field and choose Acknowledge overruled data. UltraTax CS then disables 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 fields for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.
Nonresident tax paid on behalf of this entity
Use this statement to enter any nonresident tax paid on the pass-through entity’s behalf by another pass-through entity. This amount transfers to Form 510, Page 2.

Extension

Extended due date
If you printed an extension by choosing File then Print Extensions, the extended due date automatically appears in this field. When this field is completed and the
Date return filed
 field 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.
Estimated tax liability (Force)
If you enter an amount in this field, UltraTax CS enters this amount on Form 510E as tax liability and completes the
Extended due date
 field.
Balance due on extension (Force)
If you enter an amount in this field, UltraTax CS displays this amount on the extension as balance due, completes the
Extended due date
 field, and displays the amount in the
Amount paid with extension
 field.

Penalties and Interest

Date return filed
If the date entered in this field is later than the return due date, UltraTax CS automatically calculates the late-filing interest. If this field is blank, it defaults to the due date of the return.
Prior year tax
Enter the prior-year tax if a prior-year return was filed for an entire 12-month period. If you enter
0
 (zero) entered in this field, it is considered to be the tax for the prior year. If this field is blank, UltraTax CS assumes this is a new pass-through entity and calculates the underpayment penalty and interest on the current-year tax.
Unevenly earned income
Enter the amount of income earned per period. The amounts you enter override the calculated amounts on Form 500UP, line 6.
Suppress penalty and interest on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form 500UP and the calculation of the Form 500UP penalty on the return. UltraTax CS prints Form 500UP and includes the underpayment penalty on Page 1 of the return if this field is blank and the underpayment penalty is due.
note
To suppress the penalty but print the form, enter
X
 in the
Underpayment of estimated tax
 field and choose Setup then 1065 Partnership. In the Maryland tab, select the Tax Return button. Highlight Form 500UP and select the
Always if data
 option to force UltraTax CS to always print the form when it contains relevant data.
Suppress penalty and interest on return: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the MD Late Filing Interest Worksheet if this field is blank and late interest is due.
note
UltraTax CS prints the MD Late Filing Interest Worksheet when interest exists. If the
Late interest
 field is marked, the MD Late Filing Interest Worksheet does not print.

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