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Screen IAPen - Iowa Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date of return
If the date entered here is later than the return due date, the application calculates the late payment penalty and the late payment interest on the underpayment. If this field is blank, it defaults to the original due date of the return.
This field is also used to calculate any underpayment penalty on Form IA 2220. If the return was filed prior to the due date, enter the filing date in this field so the application can stop the calculation of underpayment penalty as of the early filing date.
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 more information, refer to the Client documents overview.
Prior year tax
Enter the prior-year tax liability. The amount entered here is used to determine if exception 1 applies.
Tax on prior year income using current year rate
Enter the tax on prior-year income using the current-year rate. The amount entered here is used to determine if exception 2 applies.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form IA 2220 and the calculation of the Form IA 2220 penalty on the return. The application prints Form IA 2220 if this field is blank and the underpayment penalty is due.
note
The application prints Form IA 2220 whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the underpayment of estimated tax suppression checkbox is marked, Form IA 2220 does not 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 Iowa tab, click the Tax Return button. Highlight Form IA 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 application prints the IA Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The IA 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 application prints the IA Late Filing Interest and Penalty Worksheet if this field is blank and a failure to file penalty is due.
note
The application prints the IA Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
 and
Failure to file
 checkboxes are all marked, the IA Late Filing Interest and Penalty Worksheet does not print. To suppress the late interest and failure to file penalties on the return, but print the worksheet, mark the
Late interest
 and
Failure to file
checkboxes, and then select
Setup
 then
1120 Corporation
. In the Iowa tab, select the Tax Return button. Highlight Late Filing Worksheet and select the
Always if data
 option to force the application to always print the worksheet when it contains relevant data.

Annualized Income Installment Method

Tax on annualized income
Enter the amounts manually calculated for each period into these fields. If an amount for a period is zero, leave the field blank.

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