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Screen INPen - Indiana Penalties and Interest (1120)

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General Information

Date return filed, if other than due date of return
If the date entered is later than the return due date, the application automatically calculates the penalties for late filing and the interest on the underpayment. If this field is left blank, the application defaults to the original due date of the return.
note
Use this field to customize the date due in the filing instruction inserts. Enter the date you want to appear in the filing instruction inserts, and then insert the variable [date filed f/t] in place of the variable [due date ASAP f/t] in the filing instruction inserts. If this field is blank, the date defaults to the due date of the return (original or extended). For additional information, refer to the Client documents overview.
Prior year tax
Enter last year’s tax for C and S Corporations, and Financial Institutions. The application uses this amount to calculate Form IT-2220 and Schedule FIT-2220 exceptions.
Prior year composite tax (S Corp)
Enter last year’s composite tax amount from Form IT-20S.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form IT-2220, or Schedule FIT-2220 and the calculation of the Form IT-2220, or Schedule FIT-2220 penalty on the return. The application prints Form IT-2220, or Schedule FIT-2220 if this field is blank and the underpayment penalty is due.
note
Form IT-2220, and Schedule FIT-2220 prints whenever a penalty exists, even though this may be inconsistent with the form’s instructions. If the underpayment of estimated tax suppression checkbox is marked, Form IT-2220, and Schedule FIT-2220 won’t print. To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
 field, select
Setup
 then
1120 Corporation
. In the Indiana tab, select
Tax Return
. Highlight Form IT-2220, or Schedule FIT-2220 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 IN Late Filing Interest and Penalty Worksheet prints if this field is blank and late interest is due. The IN Late Filing Interest and Penalty Worksheet also prints if the
Failure to file
field is blank and a failure to file penalty exists.
Suppress penalties on return: Failure to file
Enter
X
 to suppress the failure to file penalty on the return. The IN Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to file penalty is due. The IN Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 field is blank and late payment interest exists.
note
The IN Late Filing Interest and Penalty Worksheet prints when penalties or interest exist. If the
Late interest
, and
Failure to file
 checkboxes are all marked, the IN Late Filing Interest and Penalty Worksheet doesn’t print. To suppress the late interest and failure to file penalty on the return, but print the worksheet, select the
Late interest
, and
Failure to file
checkboxes, and then select
Setup
 then
1120 Corporation
. In the Indiana tab, select
Tax Return
. Highlight
Late Filing Wrk
 and select the
Always if data
 option to force the application to always print the worksheet when it contains relevant data.

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