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Screen NEPmt - Nebraska Payments, Extension, Penalties and Interest (1065)

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Payments

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

Calculate extension
If you leave this field blank and run the extension utility, UltraTax CS automatically selects the extension form to be used. If the federal return is extended and there is no balance due on the state return, UltraTax CS will not print Form 7004N because Nebraska accepts the federal Form 7004. If the federal return is extended and there is a balance due on the state return, UltraTax CS will print Form 7004N. If the federal return is not extended, UltraTax CS will print Form 7004N. Enter
1
 to force UltraTax CS to use federal Form 7004. UltraTax CS will not print Form 7004N. Enter
2
 to force UltraTax CS to calculate the extension at 100% of the current year liability using Form 7004N. To print the extension, choose File then Print Extensions.
note
UltraTax CS also enters the applicable due date in the
Extended due date
 field and any payment due in the
Paid with extension
 field.
Extended due date
The extended due date automatically appears in this field if an extension is printed by choosing File then Print Extensions, entering a code in the
Calculate extension
 field, or entering an amount in the
Balance due on extension (Force)
 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.
Balance due on extension (Force)
If an amount is entered here, UltraTax CS displays this amount on the extension, completes the
Calculate extension
 and
Extended due date
 fields, and enters the amount entered in the
Paid with extension
field.

Penalties and Interest

Date return filed
If the date entered here is later than the return due date, UltraTax CS automatically calculates the failure to file penalty and the interest due on the unpaid balance. If this field is blank, it defaults to the due date of the return. UltraTax CS prints interest and penalty amounts, if applicable, on the NE Late Filing Interest and Penalty Worksheets and on the bottom of Form 1065N with the following identifying codes.
Code
Penalty
PEN
Failure to file
INT
Late interest
TOT
Total amount due including penalty and interest
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the NE Late Filing Interest and Penalty Worksheets if this field is blank and late interest is due. The NE Late Filing Interest and Penalty Worksheets also print if the
Failure to file
field is blank and a failure to file 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 NE Late Filing Interest and Penalty Worksheets if this field is blank and the failure to file penalty is due. The NE Late Filing Interest and Penalty Worksheets also print if the
Late interest
 field is blank and late payment interest exists.
note
UltraTax CS prints the Nebraska Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
 and
Failure to file
 checkboxes are marked, the Nebraska Late Filing Interest and Penalty Worksheets do not print.

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