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Screen SCCPmt - South Carolina 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. UltraTax CS transfers the amount to Form SC 1040.
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 SC 1040, Page 3. If you wish to override how UltraTax CS 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, UltraTax CS ignores the value in the Total, or
field for purposes of calculating Form SC 1040, Page 3.Treat calculated amounts as amounts paid / Calculated Amount
If the return was completed using last year’s UltraTax CS and estimates were calculated for the current year, the application proformas the amounts into the
Calculated Amount
fields. If no data has been entered for estimate payments, enter X
in the Treat calculated amounts as
amounts paid
field to move the calculated amounts to the Amount Paid
fields.Amount paid with extension
Each time you print the extension (via File > Print Extensions), UltraTax CS:
- 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 confirm 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 enter it manually.
- If desired, you can set a user preference to mark fields for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window here.
Nonresident sale of real estate
Enter the amount that was paid through nonresident real estate sales transactions. This amount is transferred to Form SC 1040, Page 3.
Other South Carolina withholding
Enter the amount for other South Carolina withholding. This amount is transferred to Form SC 1040, Page 3.
Extension
Calculate extension
Enter
1
to calculate the extension with 100 percent of current year liability. Enter 2
to calculate the extension with 90 percent of current year liability. To print the extensions, choose File > Print Extensions.note
UltraTax CS also enters the applicable due date in the
Extended due date
field.Extended due date
If you printed an extension by choosing File > Print Extensions, or entered
1
or 2
in the Calculate extension
field, the extended due date automatically appears. When this field is completed and the Date return filed
field is blank, UltraTax CS uses this date to calculate penalties and interest. The extended due date is also reflected in the filing instructions.Balance due on extension (Force)
If you enter an amount here, UltraTax CS displays the amount on the extension as balance due, 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 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, it defaults to the due date of the return.
Waiver of underpayment penalty: Explanation of waiver
Enter an explanation in this statement if electing to have all or a portion of the underpayment of estimated tax penalty waived.
Waiver of underpayment penalty: Amount if different from 100% of underpayment penalty
Enter the amount of underpayment of estimated tax penalty that is to be waived. If this field is blank, and a waiver explanation is entered, UltraTax CS will enter 100 percent of the calculated underpayment of estimated tax penalty on Form SC2210.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form SC2210 and the calculation of the Form SC2210 penalty on the return. UltraTax CS prints Form SC2210 and includes the underpayment penalty on Page 2 or 3 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 South Carolina
tab, and select theTax Return
button. Highlight Form SC2210 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 SC Late Filing Interest and Penalty Worksheets if this field is blank and late interest is due. The SC 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 SC Late Filing Interest and Penalty Worksheets if this field is blank and a failure to file penalty is due. The SC Late Filing Interest and Penalty Worksheets also print if the Late interest
or Failure to pay
fields are blank and a late payment 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 SC Late Filing Interest and Penalty Worksheets if this field is blank and a failure to pay penalty is due. The SC Late Filing Interest and Penalty Worksheets also print if the Late interest
or Failure to file
fields are blank and late payment interest or a failure to file penalty exists.note
V prints the SC Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
, Failure to file
, and Failure to pay
checkboxes are all marked, the SC Late Filing Interest and Penalty Worksheets do not print.