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Screen RICPmt - Rhode Island Composite Payments, Extension, Pen and Int (1065)
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Payments
Prior year overpayment
Enter any prior year overpayment credited to the current year in this field. The application transfers the amount to Form RI-1040C. The application also automatically treats the prior year overpayment as a first-quarter payment for purposes of calculating Form RI-2210C. Therefore, don’t include this amount again in the
1st payment
field.Treat calculated amounts as amounts paid
If last year’s return was completed using the application and estimates were calculated for the current year, the application proformas the amounts into the
Calculated Amount
fields. If there hasn’t been data entry for estimate payments, enter X
in the Treat calculated amounts as amounts paid
field to transfer the calculated amounts into the Amount Paid
fields.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 RI-1040C, Page 1 and applies it equally to all quarters for purposes of calculating Form RI-2210C. 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 you enter amounts in any of the individual payment fields, the application ignores the value in the Total, or
field for purposes of calculating Form RI-1040C and Form RI-2210C.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.
Amount paid with extension for RI-1040C
Each time you print the extension (via File then Print Extensions), the application:
- 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. The application then displays the new amount in black.
note
- To delete the overruled amount and restore the original calculated amount, right-click the field and selectDeleteoverrule.
- To verify the accuracy of the overruled amount, right-click the field and select Acknowledge overruled data. The application 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 select 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, the application automatically selects
1
to compute the extension with 100 percent of current year liability. Enter 1
to compute the extension with 100 percent of current year liability. Enter 2
to compute the extension with 80 percent of current year liability. To print the extensions, select File
then Print Extensions
.note
The application enters the applicable due date in the
Extended due date
field.Estimated tax liability (Force)
If you enter an amount here, the application enters the amount on Form RI-4868C as Tentative RI Income Tax, enters
1
in the Calculate extension
field, and completes the Extended due date
field.Balance due on extension (Force)
If an amount is entered here, the application displays this amount on Form RI-4868C as balance due, selects the first option in the
Calculate extension
field, completes the Extended due date
field, and displays the amount in the Amount paid with extension
field.Penalties and Interest
Date return filed
If the date entered here is later than the return due date, the application automatically calculates the late-filing penalties and interest. The application defaults to the due date of the return if this field is blank. This field is also used to calculate any underpayment penalty on Form RI-2210C. If the return was filed prior to the due date, enter the filing date in this field so the application can stop the calculation of underpayment penalty as of the earlier filing date.
Prior year tax
Enter the prior year tax if a prior year return was filed for an entire 12-month period. If
0
(zero) is entered, it is considered to be the tax for the prior year. If this field is blank, the application assumes this is a new pass-through entity and calculates the underpayment penalty and interest on the current year tax.Annualized income worksheet - Total income
Enter the annualized income amounts in these fields to calculate the Form RI-2210C, Page 2, Part 5 Annualized Income Installment Worksheet.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form RI-2210C and the calculation of the Form RI-2210C penalty on the return. The application prints Form RI-2210C and includes the underpayment penalty on Page 1 of 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, select Setup
, 1065 Partnership
then Rhode Island
tab, and select the Tax Return
button. Highlight Form RI-2210C and select the Always if data
option to force the application 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. The application prints the RI Composite Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The RI Composite Late Filing Interest and Penalty Worksheet also prints if the Failure to file
or Failure to pay
fields are blank and 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. The application prints the RI Composite Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The RI Composite Late Filing Interest and Penalty Worksheet also prints if the Late interest
or Failure to pay
fields are blank and late payment interest or a failure to pay penalty exists.Suppress penalties on return: Failure to pay
Enter
X
to suppress the failure to pay penalty on the return. The application prints the RI Composite Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The RI Composite Late Filing Interest and Penalty Worksheet also prints if the Late interest
or Failure to file
fields are blank and late payment interest or a failure to file penalty exists.note
The application prints the RI Composite 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 RI Composite Late Filing Interest and Penalty Worksheet doesn’t print.