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Screen MICPmt - Michigan Composite Payments, Extension, Pen and Int (1065)

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Payments

Amount 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
  • 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'll 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

Extended due date
If an extension is printed 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.
Tentative annual tax (Force)
UltraTax CS enters this amount on Form 4 as the tentative annual tax and completes
Extended due date
.
Balance due on extension (Force)
UltraTax CS completes
Extended due date
 and enters the amount in
Amount paid with extension
.

Penalties and Interest

Date return filed
If the date entered is later than the return due date, UltraTax CS automatically calculates the partnership penalties for failure to pay and interest on the underpayment. If this box is blank, it defaults to the calculated due date of the return.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the MI Composite Late Filing Interest and Penalty Worksheets if this box is blank and late interest is due. The MI Composite Late Filing Interest and Penalty Worksheet also prints if
Failure to pay
 is blank and 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 MI Composite Late Filing Interest and Penalty Worksheets if this box is blank and the failure to pay penalty is due. The MI Composite Late Filing Interest and Penalty Worksheet also prints if
Late interest
 is blank and late payment interest exists.
note
UltraTax CS prints the MI Composite Late Filing Interest and Penalty Worksheets when penalties or interest exists. If the
Late interest
 and
Failure to pay
 boxes are both marked, the MI Composite Late Filing Interest and Penalty Worksheet doesn't print.

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