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Screen NYGPmt - New York Group Return Payments, Extension, Pen and Int (1065)

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Payments

Total, or: 1st - 5th payment
Enter the total of all estimates made for the current tax year in
Total, or
. UltraTax CS transfers this amount to Form IT-203-GR.
To override how UltraTax CS applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
 through
5th payment
 boxes. If amounts are entered in any of the individual payment boxes, UltraTax CS ignores the value in
Total, or
 for the purposes of calculating Form IT-203-GR.
The first four boxes in the
Date
 column default to the respective quarter’s due dates. 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 boxes provided.
Treat calculated amounts 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 to the
Calculated Amount
 boxes. If there hasn't been data entry for estimate payments, enter
X
 in
Treat calculated amounts as amounts paid
 to move the calculated amounts into the
Amount Paid
 boxes.
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 will 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

Calculate extension
Enter a code from the following table or select F4 to see the fieldview list of available options. To print the extension, select File, then Print Extensions.
Code
Description
1
Use 100 percent of current year liability. This is the default option.
2
Use 90 percent of current year liability.
3
Use 100 percent of prior year liability.
note
UltraTax CS will also enter the due date in
Extended due date
. Leave
Calculate extension
 blank, and UltraTax CS will default to 100 percent of the current year liability.
Extended due date
If an extension is printed by selecting File, then Print Extensions, the extended due date automatically appears in this box. UltraTax CS assumes that the extended due date of the return is the 15th day of the 10th month after the client year end. When this box is completed and
Date return filed
 is blank, UltraTax CS uses the date in this box to calculate penalties and interest. The extended due date also is reflected in the filing instructions.
Balance due on extension
If an amount is in any of these boxes, UltraTax CS displays the amount on the extension as balance due, completes
Extended due date
, and displays the amounts in the
Paid with extension
boxes.

Penalties and Interest

Date return filed
If the date entered in this box is later than the return due date, UltraTax CS automatically calculates the penalties for failure to pay and failure to file and the interest on the underpayment. If this box is blank, it defaults to the calculated due date of the return.
UltraTax CS prints interest and penalty amounts on Form IT-203-GR with the following identifying codes.
Code
Description
INT
Interest due
FTF
Failure to file
FTP
Failure to pay
TOT
Total amount due with penalty
Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the NYG Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The NYG Late Filing Interest and Penalty Worksheet also prints if the
Failure to file
 or
Failure to pay
boxes are blank and a failure to file or failure to pay penalty exists.
Failure to file
Enter
X
 to suppress the failure to file penalty on the return. UltraTax CS prints the NYG Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The NYG Late Filing Interest and Penalty Worksheet also prints if the
Late interest
or
Failure to pay
 boxes are blank and late payment interest or a failure to pay penalty exists.
Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. UltraTax CS prints the NYG Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The NYG Late Filing Interest and Penalty Worksheet also prints if the
Late interest
or
Failure to file
 boxes are blank and late payment interest or a failure to file penalty exists.
note
UltraTax CS prints the NYG Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes are all marked, the NYG Late Filing Interest and Penalty Worksheet doesn't print.

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