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Screen OKPmt - Oklahoma Withholding Tax, Payments and Pen and Int (1065)

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Withholding Tax

Distributed taxable income (Force)
Enter the amount of distributed taxable income to be shown on Form WTP 10003. If this field is blank, UltraTax CS uses the cash and property distribution amounts from Form 1065, Page 5, Schedule M-2. This amount should be specially allocated to the nonresident partners subject to withholding. If the forced amount is not specially allocated, UltraTax CS calculates the partner’s amounts based on the federal profit sharing percentages.
Date out of business
Enter the date out of business if this is your last return as an employer.
Amended return
If the Oklahoma return is amended or superseded and this field is blank, the Withholding return is also marked as amended. If the Oklahoma return is not amended or superseded but you wish to amend the Withholding return, enter
1
. If you do not wish to amend the Withholding return when amending or superseding the Oklahoma return, enter
2
 and the Withholding return will not be marked as amended.
Final
If the Oklahoma return is final and this field is blank, the Withholding return is marked as final. If the Oklahoma return is not final, but you wish to mark the Withholding return as final, enter
1
. If you do not wish to mark the Withholding return as final with the Oklahoma return is final, enter
2
.
General footnote
Use the statement to enter any miscellaneous information that needs to be conveyed with the return. The general footnote appears as a separate item in each collation.

Withholding Payments

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 WTP 10003 and the amount is applied equally to all quarters for calculating Form OW-9-P. To override how the application applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
 through
5th payment
fields. If amounts are entered in any of the individual payment fields, UltraTax CS ignores the value in the
Total, or
field for purposes of calculating Forms WTP 10003 and OW-9-P. 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.
Treat calculated amounts as amounts paid
If the return was completed using last year’s UltraTax CS 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.
Overpayment amount
If the estimated tax payments are greater than the tax liability, the overpayment will be added to the liability and distributed to the partners on Form 500-B. Click the Ptr Alloc button to specially allocate the overpayment. If this amount is not specially allocated, UltraTax CS calculates the partners’ amount based on profit percentages.

Withholding Penalties and Interest

Date return filed
If the date entered in this field is later than the return due date, UltraTax CS automatically calculates the late-filing penalty and interest. If this field is blank, the date return filed defaults to the due date of the return.
Suppress penalties on Form WTP 10003: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form OW-9-P and the calculation of the underpayment penalty on Form WTP 10003. UltraTax CS prints Form OW-9-P and includes the underpayment penalty on the return if this field is blank and the underpayment penalty is due.
note
To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
 field, choose Setup > 1065 Partnership. In the Oklahoma tab, click the Tax Return button. Highlight Form OW-9-P and click the
Always if data
 option to force UltraTax CS to always print the form when it contains relevant data.
Suppress penalties on Form WTP 10003: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS completes Section Two of Form OW-9-P if this field is blank and late interest is due.
Suppress penalties on Form WTP 10003: Failure to file / Failure to pay
Enter
X
 to suppress the delinquent penalty on the return. UltraTax CS completes Section Two of Form OW-9-P if this field is blank and the delinquent penalty is due.

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