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Screen VTPmt - VT Payments, Extension, Penalties and Interest (1065)
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Payments
Prior year overpayment
Enter any prior year overpayment that was credited to the current year. UltraTax CS transfers the amount you enter here to Form BI-471, Page 2, line 6.
Real estate withholding
Enter the amount of any nonresident real estate withholding payment. UltraTax CS transfers the amount allocated to composite filers to Form BI-471, Page 2, line 8.
Real estate withholding from another entity
Enter the amount of any real estate withholding from another entity. UltraTax CS transfers the amount allocated to composite filers to Form BI-471, Page 2, line 9.
Nonresident payments another entity
Enter the amount of any nonresident payments by another entity in this field. UltraTax CS transfers the amount allocated to composite filers to Form BI-471, Page 2, line 11.
Form 435 Withholding: Total, or / 1st - 5th payment
Enter the total of all estimates made for the tax year in the
Total, or
field. UltraTax CS allocates the amount to nonresident partners based on their profit percentage. The amount allocated to composite partners transfers to Form BI-471, Page 2, line 10.If desired, you can enter actual amounts of estimated tax in the
1st payment
through 5th payment
fields. Once you enter amounts in any of the individual payment fields, UltraTax CS ignores the value in the Total, or
field.Treat calculated amounts as amounts paid / 1st - 4th payment
If last year’s return was completed using UltraTax CS and estimates were calculated for the current year, UltraTax CS proformas the amounts to 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 move the calculated amounts into 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 selectDelete overrule.
- To confirm the accuracy of the overruled amount, right-click the field and selectAcknowledge overruled data. UltraTax CS then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you'll need to enter it manually.
- If desired, you can set a user preference to mark fields that you overruled calculated amounts for and to list all overruled amounts in the Diagnostics window.
Overpayment distributed to owners
Enter the amount of non-composite overpayment to be distributed to owners via Schedule K-1VT. Overpayments generated by real estate withholding payments must be distributed to owners.
Catch-up payment (Force)
If you enter an amount in this field, UltraTax CS uses this amount on the Safe Harbor Worksheet WH-435, line 8.
Extension
Calculate extension
If you leave this field blank and run the extension utility, UltraTax CS automatically selects the extension form to be used. If the federal return is extended, Form BA-403 won't print because Vermont accepts the 7004. If the federal return isn't extended, Form BA-403 will print. Enter
1
to use federal Form 7004 and not print Form BA-403. Enter 2
to print Form BA-403. To print the extension, select File
, then Print Extensions
.Extended due date
If you have printed an extension by selecting
File
, then Print Extensions
, the extended due date automatically displays in this field. When this field is completed and the Date return filed
field is blank, UltraTax CS uses the date in this field to calculate penalties and interest. The extended due date is also reflected in the filing instructions.Estimated tax liability (Force)
If you enter an amount here, UltraTax CS enters the amount on Form BA-403 as Estimated tax liability, enters
2
in the Calculate extension
field, and completes the Extended due date
field.Balance due on extension (Force)
If you enter an amount here and select
2
in the Calculate extension
field, UltraTax CS enters the amount on Form BA-403, completes the Extended due date
field, and enters the amount that you enter in the AMOUNT OF TAX DUE WITH THIS APPLICATION
field when you print the extension by selecting File
, then Print Extensions
.Penalties and Interest
Date return filed
If the date entered here is later than the return due date, the application automatically calculates the partnership penalties for the failure to file, the failure to pay, and the interest on the underpayment. If this field is blank, it defaults to the due date (original or extended) of the return.
Interest and penalty amounts are printed, if applicable, on the bottom of Form BI-471, Page 2 with the following identifying codes.
Code | Penalty |
|---|---|
FTF | Failure to file |
FTP | Failure to pay |
INT | Interest due |
TOT | Total penalties and interest due |
Suppress penalties on return: Late interest
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the VT Late Filing Interest and Penalty Worksheets if this field is blank and late interest is due. The VT 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 VT Late Filing Interest and Penalty Worksheets if this field is blank and the failure to file penalty is due. The VT Late Filing Interest and Penalty Worksheets also print if the Late interest
or Failure to pay
fields are blank and a late 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 VT Late Filing Interest and Penalty Worksheets if this field is blank and the failure to pay penalty is due. The VT Late Filing Interest and Penalty Worksheets also print if the Late interest
or Failure to file
fields are blank and a late interest or failure to file penalty exists.note
UltraTax CS prints the VT 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 VT Late Filing Interest and Penalty Worksheets don't print.