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Screen MTPmt - Montana Payment, Extension, Penalty and Interest (1065)
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Payments
Prior year overpayment
Enter any prior year overpayment credited to the current year in this field. The application transfers the amount to Form PR-1, Page 2, and automatically treats it as a first-quarter payment for the purpose of calculating the Montana Underpayment Penalty Worksheet. Do not include this payment again in the
1st payment
field.Total, or / 1st - 5th payment
Enter the total of all estimates made for the tax year in the
Total, or
field. The application transfers this amount to Form PR-1, Page 2, and the amount is applied equally to all quarters for the purpose of calculating the Montana Underpayment Penalty Worksheet. To override how the application applies the total 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, the application ignores the value in the Total, or
field for purposes of calculating Form PR-1 and the Underpayment Penalty Worksheet.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 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/ Calculated Amount
If the return was completed using last years’ application 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
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), the application does the following:
- calculates the extension payment amount and enters the amount 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. The application 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. The application then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to manually enter the amount.
- 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.
Montana mineral royalty tax withheld
Enter the Montana mineral royalty tax withholding reported on federal Forms 1099 for this partnership. Use the MTK1-2 Screen to enter mineral royalty tax withheld from Montana Schedules K-1 received from other partnerships, estates, or trusts in which the current partnership is a partner or beneficiary. The application transfers the total amount of Montana mineral royalty tax withheld to Form PR-1, Page 2, line 24.
Extension
Extended due date
If you print an extension by choosing File then Print Extensions, or if you enter an amount in the
Balance due on extension (Force)
field, the extended due date automatically appears in this field. When this field is completed and the Date return filed
field is blank, the application uses the date here to calculate penalties and interest. The extended due date is also reflected in the filing instructions for Form PR-1.Balance due on extension (Force)
If you enter an amount here, the application displays this amount on Form-PR as the 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
The application 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, the application defaults the date the return was filed to the calculated due date of the return.
Prior year composite tax
Enter the prior year composite tax, including
0
(zero), if a prior year return was filed. If this field is blank, the application assumes this is a new partnership and calculates the underpayment penalty and interest on the current-year composite tax.Suppress penalties and interest: Underpayment interest
Enter
X
to suppress the printing of the Montana Underpayment Penalty Worksheet and the underpayment interest penalty on Form PR-1, Page 2. The application prints the Montana Underpayment Penalty Worksheet and includes the underpayment penalty on Form PR-1, Page 2 if this field is blank and the underpayment penalty is due.note
To suppress the penalty on Form PR-1, but print the worksheet, enter
X
in the Suppress penalties and interest:
Underpayment interest
field. Choose Setup then 1065 Partnership, and select the Tax Return button in the Montana tab. Highlight Montana Underpayment Penalty Worksheet and mark the Always if data
print condition option to force the application to always print the form when the form contains relevant data.Suppress penalties and interest: Late filing penalty
Enter
X
to suppress the printing of late filing penalty on Form PR-1, Page 2. The application prints the Montana Late Filing Interest and Penalty Worksheet if this field is blank and a late filing penalty is due. The Montana Late Filing Interest and Penalty Worksheet also prints if the Suppress penalties and interest:
Late payment penalty
and Suppress penalties and interest:
Late interest
fields are blank and a late payment penalty or late interest exists.Suppress penalties and interest: Late payment penalty
Enter
X
to suppress the printing of late payment penalty on Form PR-1, Page 2. The application prints the Montana Late Filing Interest and Penalty Worksheet if this field is blank and a late payment penalty is due. The Montana Late Filing Interest and Penalty Worksheet also prints if the Suppress penalties and interest:
Late filing penalty
and Suppress penalties and interest:
Late interest
fields are blank and a late filing penalty or late interest exists.Suppress penalties and interest: Late interest
Enter
X
to suppress the printing of the late payment interest on Form PR-1, Page 2. The application prints the Montana Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The Montana Late Filing Interest and Penalty Worksheet also prints if the Suppress penalties and interest:
Late filing penalty
and Suppress penalties and interest:
Late payment penalty
fields are blank and a late filing or late payment penalty exists.