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Screen MACPmt - Massachusetts Composite Payments, Extension, Pen and Int (1065)

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Payments

Total, or: / Specific payments if unequal or not timely: 1st - 5th payment
Enter the total of all estimated payments made for the tax year in the
Total, or
 field. This amount transfers to Form MA NRCR, line 16 and the amount is applied equally to all quarters to calculate Form M-2210. If you wish to override how the total applies to all quarters, enter the actual amounts of estimated tax in the
1st payment
 through
5th payment
 fields. If amounts are entered in any of the individual payment fields, UltraTax CS ignores the value in the
Total, or
 field to calculate Forms MA NRCR and M-2210.
The first four fields in the
Date
 column default to the respective quarter’s due dates. The fifth payment date defaults to the fourth-quarter date. If the payments were not made on the estimate due dates, enter the actual dates of payment 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 amounts proforma 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.
Paid with extension
Each time you print the extension (via the File then Print Extensions option), 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.

Extension

Extended due date
If you have 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 for Form M-4868.
Balance due on extension (Force)
If an amount is 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
Paid with extension
field.

Penalties and Interest

Date return filed
UltraTax CS calculates penalties and interest if the date entered in this field is later than the original due date of the return or the extended due date, if applicable. If this field is blank, UltraTax CS defaults to the calculated due date of the return.
Prior year tax
Enter the prior year tax if a prior year return was filed. If this field is blank, UltraTax CS assumes this is a new partnership and calculates the underpayment penalty and interest on the current-year tax.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form M-2210 and the calculation of the Form M-2210 penalty on the return. UltraTax CS prints Form M-2210 and includes the underpayment penalty on Page 3 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. Next, choose Setup, 1065 Partnership, then Massachusetts tab and select the Tax Return button. Highlight Form M-2210 and select the
Always if data
 option 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 MA Composite Late Filing Interest and Penalty Worksheets if this field is blank and late interest is due. The MA Composite Late Filing Interest and Penalty Worksheets also print if the
Failure to file
or
Failure to pay
 fields 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 MA Composite Late Filing Interest and Penalty Worksheets if this field is blank and the failure to file penalty is due. The MA Composite Late Filing Interest and Penalty Worksheets also print if the
Late interest
 or
Failure to pay
 fields 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 MA Composite Late Filing Interest and Penalty Worksheets if this field is blank and the failure to pay penalty is due. The MA Composite Late Filing Interest and Penalty Worksheets also print if the
Late interest
 or
Failure to file
 fields are blank and late payment interest or a failure to file penalty exists.
note
UltraTax CS prints the MA Composite Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 fields are all marked, the MA Composite Late Filing Interest and Penalty Worksheets do not print.
5.1% taxable income / 12% taxable income
If Massachusetts income was not incurred ratably throughout the year, enter the appropriate amounts here for each period. UltraTax CS uses this information to complete Form M-2210A, Annualized Income Installment Worksheet.

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