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Screen OHPTEPmt - Ohio Pass-Through Entity Payments and Extension (1065)

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Payments

Treat calculated amounts as amounts paid
If the return was completed using last year’s version of UltraTax CS and estimates were calculated for the current year, the amounts proforma into the
Calculated Amount
 columns. 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
 columns.
Totals, or: 1st - 5th payment
Enter the total of all estimates made for the tax year in
Totals, or
. UltraTax CS transfers this amount to Form IT-4738, Page 2, and applies the amount equally to all quarters for the purpose of calculating the Ohio Form IT/SD 2210 for IT-4738. 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
 boxes. If amounts are entered in any of the
individual payment
 boxes, UltraTax CS ignores the value in
Totals, or
for purposes of calculating Form IT-4738, Page 2, and Form IT/SD2210 for IT-4738.
The first four boxes in the
Date Paid
 column default to the respective quarters’ due dates, and the fifth payment date defaults to the fourth-quarter date. If the payments weren't made on the estimate due dates, enter the actual dates of payment in the boxes provided.
Paid with extension
Each time you print the extension by selecting File, then Print Extensions, UltraTax CS:
  • calculates the extension payment amount and enters it in this box,
  • 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 verify 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.
  • You can set a user preference to select boxes for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.

Extension

Calculate extension payment
Enter a code from the following table. To print the extension, select File, then Print Extensions.
Code
Description
1
100 percent of current year liability. This is the default option.
2
90 percent of current year liability.
note
UltraTax CS also enters 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 you have printed an extension by selecting File, then Print Extensions, or by entering a
1
 or
2
 in
Calculate extension
, the extended due date automatically appears in this box. When this box is completed and
Date return filed
is blank, UltraTax CS used the date in this box to calculate penalties and interest. The extended due date is also reflected in the filing instructions.
Balance due on extension (Force)
If amounts are entered in these boxes, UltraTax CS enters these amounts on Form PTE-UPC for IT-4738 extension, completes
Extended due date
, and enters the amounts in the
Amount paid with extension
boxes.

Penalties and Interest

Suppress penalties on Form IT-4738: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form IT/SD 2210 for IT-4738 filers and the underpayment interest penalty on Form IT-4738. UltraTax CS prints Form IT/SD 2210 and includes the underpayment interest penalty on Form 4738 if this box is blank and underpayment interest penalty is due.
note
To suppress the penalty on Form 4738, but print the form, enter
X
 in
Underpayment of estimated tax
. Select Setup, 1065 Partnership, Ohio tab, and select Tax Return. Select Form IT/SD 2210 - 4738 and select the
Always if data
 option to force UltraTax CS to always print the form when it contains relevant data.
Suppress penalties on Form IT-4738: Late interest
Enter
X
 to suppress the failure to file penalty on the return. UltraTax CS prints the OH Electing Pass-Through Entity Late Filing Interest and Penalty Worksheets if this box is blank and the failure to file penalty is due. The OH Electing Pass-Through Entity Late Filing Interest and Penalty Worksheets will also print if
Late interest
 is blank and late payment interest exists.
note
UltraTax CS prints the OH Electing Pass-Through Entity Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
and
Failure to file
 boxes are all marked, the OH Electing Pass-Through Entity Late Filing Interest and Penalty Worksheets won't print.
Suppress penalties on Form IT-4738: Failure to file
Enter
X
 to suppress the failure to file penalty on the return. UltraTax CS prints the OH Electing Pass-Through Entity Late Filing Interest and Penalty Worksheets if this box is blank and the failure to file penalty is due. The OH Electing Pass-Through Entity Late Filing Interest and Penalty Worksheets will also print if
Late interest
 is blank and late payment interest exists.
note
UltraTax CS prints the OH Electing Pass-Through Entity Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
and
Failure to file
 checkboxes are all marked, the OH Electing Pass-Through Entity Late Filing Interest and Penalty Worksheets won't print.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1065 Partnership
  • State: Ohio

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