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Screen MNPmt - Minnesota Payments, Extension, Penalties and Interest (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, or
 field. To override the way 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, or
 field for purposes of calculating Form M3 and Schedule EST.
Treat calculated amounts as amounts paid
If the return was completed using last years’ application and estimates were calculated, UltraTax CS proformas the amounts to 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 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.

Extension

To obtain a blank extension form, choose Help, Tax Subject Index, then Web Form Instructions to link to the Partnership Extension Payment voucher from Minnesota’s website. The extension form produced by UltraTax CS is
not
 approved for handwritten use.
Extended due date
If you have printed an extension by choosing File then Print Extensions, or entered an amount in the
Balance due on ext (Force)
 field, the extended due date automatically appears in this field. The extended due date also is reflected in the filing instructions.
Balance due on ext (Force)
If you enter an amount in this field, UltraTax CS displays this amount on the extension as the balance due, completes the
Extended due date
 field, and displays the amount in the
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 penalties for failure to pay, failure to file, and late-filing interest. If this field is blank, UltraTax CS defaults to the date in the
Extended due date
 field. If both the
Date return filed
 and
Extended due date
 fields are blank, the application defaults to the due date of the return.
Suppress penalties on return: Underpayment of estimated income tax
Enter
X
 to suppress the printing of Form EST and the calculation of the Form EST penalty on the return. If this field is blank and the underpayment penalty is due, the application prints Form EST and includes the underpayment penalty on Page 1 of the return.
note
To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated income tax
 field, choose Setup then 1065 Partnership. In the Minnesota tab, select the Tax Return button. Select Form EST and selct the
Always if data
 option 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 MN Late Filing Interest and Penalty Worksheets if this field is blank and late interest is due. The MN Late Filing Interest and Penalty Worksheets will 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 MN Late Filing Interest and Penalty Worksheets if this field is blank and the failure to file penalty is due. The MN Late Filing Interest and Penalty Worksheets will 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 MN Late Filing Interest and Penalty Worksheets if this field is blank and the failure to pay penalty is due. The MN Late Filing Interest and Penalty Worksheets will 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 MN Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes are all marked, the MN Late Filing Interest and Penalty Worksheets will not print.

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