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Screen VAUPmt - Virginia Unified Payments, Extension, Pen and Int (1065)
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Payments
Total, or / 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 765, Page 1 and applies the amount equally to all quarters for calculating Form 760C.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 amounts are entered in any of the individual payment fields, UltraTax CS ignores the value in the Total, or
field for the purposes of calculating Form 760C and Form 765.The first four fields in the
Date
column default to the respective quarter’s due dates. The fifth payment date defaults to the 4th-quarter date. If the payments weren't made on the estimate due dates, enter the actual dates of payment in the fields provided.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.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.
- 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.
Extension
Calculate extension payment
To calculate Form 770IP, enter a desired code from the following table or use F4 to display the fieldview list of available options. To print the extension, select
File
, then Print Extensions
. If the extension is printed and no code is entered in this field, UltraTax CS assumes that the extension is based on 100 percent of the current year tax liability.Code | Description |
|---|---|
1 | Use 100 percent of current-year liability. This is the default option. |
2 | Use 90 percent of current-year liability. |
note
UltraTax CS also enters the applicable due date in the
Extended due date
field.Extended due date
If you've printed an extension by selecting
File
, Print Extensions
or entered data in the Calculate extension payment
field, the extended due date automatically displays in this field. Enter the date that's to be used as the extended due date in the filing instructions.Estimated tax liability (Force)
If you enter an amount in this field, UltraTax CS enters this amount on Form 770IP as Virginia estimated tax payments, enters
1
in the Calculate extension payment
field, and completes the Extended due date
field.Balance due on extension (Force)
If you enter an amount in this field, UltraTax CS displays this amount on the extension, completes the
Calculate extension payment
and Extended due date
fields, and places the amount that you enter 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 delinquent payment penalty and interest on the underpayment. If this field is blank, it defaults to the due date of the return.
Prior year tax net of credits
Enter the prior year tax if a prior-year return was filed for an entire 12-month period. A
0
(zero) entered in this field is considered to be the tax for the prior year. If this field is blank, UltraTax CS calculates the underpayment penalty and interest on the current-year tax.Annualized Income
If amounts are entered in these fields, UltraTax CS uses these amounts to complete Form 760C, Exceptions 3 and 4 to determine if an underpayment exception is met for each quarter.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form 760C and the calculation of the Form 760C penalty on the return. UltraTax CS prints Form 760C 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
, then 1065 Partnership
. In the Virginia tab, select Tax Return
. Highlight Form 760C and select the Always if data
option to force UltraTax CS always to 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 Virginia Unified Nonresident Late Filing Interest and Penalty Worksheets if this field is blank and late interest is due. The Virginia Unified Nonresident Late Filing Interest and Penalty Worksheets also print if the Failure to file
or Extension
fields are blank and a failure to file or extension 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 Virginia Unified Nonresident Late Filing Interest and Penalty Worksheets if this field is blank and the failure to file penalty is due. The Virginia Unified Nonresident Late Filing Interest and Penalty Worksheets also print if the Late interest
or Extension
fields are blank and a late payment interest or an extension penalty exists.Suppress penalties on return: Extension
Enter
X
to suppress the extension penalty on the return. UltraTax CS prints the Virginia Unified Nonresident Late Filing Interest and Penalty Worksheets if this field is blank and the extension penalty is due. The Virginia Unified Nonresident Late Filing Interest and Penalty Worksheets also print if the Late interest
or Failure to file
fields are blank and a late payment interest or a failure to file penalty exists.note
UltraTax CS prints the Virginia Unified Nonresident Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
, Failure to file
, and Extension
checkboxes are all marked, the Virginia Unified Nonresident Late Filing Interest and Penalty Worksheets don't print.