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Screen WIPWPmt - Wisconsin Withholding Payments, Extension, Pen and Interest (1065)

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Payments

Total, or: and 1st - 5th payment
Enter the total of all estimates made for the tax year in the
Total
 field. The application transfers this amount to Form PW-1 and the amount is applied equally to all quarters to calculate Form PW-U. 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, the application ignores the value in the
Total
 field to calculate Forms PW-1 and PW-U. The 1st 4 fields in the
Date
 column default to the respective quarters’ due dates and the 5th payment date defaults to the fourth-quarter date. If the payments weren't made on the estimate due dates, enter the actual dates of payment in the fields provided.
Amount paid with extension
Each time you print the extension, the application:
  • calculates the extension payment amount and enters it in this field
  • prints the extension payment 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 shows the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the field and select
    Delete overrule
    .
  • 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 mark the fields where you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.

Extension

Extended due date
If an extension is printed, the extended due date automatically appears in this field. Otherwise, enter the date that is to be used as the extended due date in the filing instructions.
Balance due on extension (Force)
If an amount is entered in this field, the application displays this amount on Form PW-ES as the amount 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 different from return due date
If the date entered in this field is later than the return due date, the application automatically calculates the late-filing penalty and interest. If this field is blank, it defaults to the due date of the return.
Wisconsin net income:, 1st 3 months, and 12 months
Enter the annualized income amounts for Form PW-U to calculate the annualized income installment method. In the
Total from Individuals, Estates, and Trusts
 column, enter the amount of annualized income subject to the 7.75 percent rate and in the Total from Partnerships and Corporations, enter the amount of annualized income subject to the 7.9 percent rate. If these fields are blank, the application
does not
 complete the annualized income section of Form PW-U.
Suppress penalties on Form PW-1: Underpayment of estimates
Enter X to suppress the printing of Form PW-U and the calculation of the underpayment penalty on Form PW-1. If this field is blank and the underpayment penalty is due, the application prints Form PW-U and includes the underpayment penalty on the return.
note
To suppress the penalty, but print the form, enter X in the
Underpayment of estimates
 field, select
Setup
 then
1065 Partnership
. In the
Wisconsin
 tab, select
Tax Return
. Select Form PW-U and select
Always if data
 to force the application to always print the form when it contains relevant data.
Suppress penalties on Form PW-1: Late interest
Enter X to suppress the late payment interest on the return. The application calculates Part II of Form PW-U if this field is blank and late interest is due. Part II of Form PW-U will also calculate if the
Failure to file
 field is blank and a failure to file penalty exists.
Suppress penalties on Form PW-1: Failure to file
Enter X to suppress the failure to file penalty on the return. The application calculates Part II of Form PW-U if this field is blank and the failure to file penalty is due. Part II of Form PW-U will also calculate if the
Late interest
 field is blank and late payment interest exists.
note
The application calculates Part II of Form PW-U when penalties or interest exist. If the
Late interest
 and
Failure to file
 checkboxes are both marked, Part II of Form PW-U won’t calculate.

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