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Screen NJPPmt - New Jersey PTE Alternative 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 estimates made for the tax year in the
Total, or
 field. UltraTax CS transfers this amount to Form PTE-100, Page 1, line 5. To override the way UltraTax CS applies the total to all quarters, enter individual 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 PTE-100.
Treat calculated amount as amounts paid / Calculated Amount
If the return was completed using last year's application and estimates were calculated for the current year, UltraTax CS proformas the amounts 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.
Current year tax paid with PTE-200-Tt
Each time you print the extension (via
File
 then
Print Extensions
), UltraTax CS does the following:
  • 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 double check 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 manually enter the amount.
  • If desired, you can set a user preference to select fields for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.

Extension

Calculate extension payment
Enter
1
 to have UltraTax CS calculate the extension at 100 percent of the current year liability using Form Part-200-T. Enter
2
 to have UltraTax CS calculate the extension at 80 percent of the current year liability using Form PTE-200-T. To print the extension, choose
File
 then
Print Extensions
.
note
UltraTax CS also enters the due date in
Extended due date
.
Extended due date
This field is for filing instruction purposes only. Use this field to enter the extended due date for the return. The extended due date will also automatically appear in this field if you select
File
, then
Print Extensions
.
Balance due on PTE-200-T extension (Force)
When an amount is entered here, UltraTax CS displays this amount on Form PTE-200-T, completes the
Extended due date
 field, and displays the amount in the
Current year tax paid with PTE-200-T
 field.

Penalties and Interest

Date return filed
UltraTax CS calculates underpayment interest until the date entered in this field. If blank, the field defaults to the calculated due date of the return.
Prior year tax
Enter the prior year nonresident partner tax from Form PTE-100 if the prior year return was filed for an entire 12-month period. A
0
 (zero) is considered to be the tax for the prior year. 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 underpayment of estimated tax
Enter
X
 to suppress the printing of Form PTE-160 and the calculation of the Form PTE-160 penalty on the return. If this field is blank and an underpayment penalty is due, UltraTax CS prints Form PTE-160 and marks the PTE-160 checkbox on Form PTE-100.
note
To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
 field, choose
Setup
1065 Partnership
New Jersey tab
, and select
Tax Return
. Highlight Form PTE-160 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 New Jersey PTE-100 Late Filing Interest and Penalty Worksheets if this field is blank and late interest is due. The New Jersey PTE-100 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 New Jersey PTE-100 Late Filing Interest and Penalty Worksheets if this field is blank and a failure to file penalty is due. The New Jersey PTE-100 Late Filing Interest and Penalty Worksheets also print if the
Late interest
 or
Failure to pay
 fields are blank and a late interest or 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 New Jersey PTE-100 Late Filing Interest and Penalty Worksheets if this field is blank and the failure to pay penalty is due. The New Jersey PTE-100 Late Filing Interest and Penalty Worksheets also print if the
Late interest
 or
Failure to file
 fields are blank and a late interest or failure to file penalty exists.
note
UltraTax CS prints the New Jersey 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 New Jersey PTE-100 Late Filing Interest and Penalty Worksheets don’t print.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1065 Partnership
  • State: New Jersey

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