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Screen MDPen - Maryland Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date
If the date entered here is later than the return due date, the application calculates late-filing interest. If this box is blank, the application defaults to the original due date of the return. The application prints the interest on Page 2.
note
Use this box 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 box is blank, the date defaults to the due date of the return (original or extended.)
Prior year tax
Enter the prior year tax if a prior year return was filed for an entire 12-month period. A
0
(zero) entered in this box is considered to be the tax for the prior year. If this box is blank, the application assumes this is a new corporation and calculates the underpayment penalty and interest on the current-year tax.
note
The application calculates the Form 500UP penalty for a short-year client.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form 500UP and the calculation of the Form 500UP penalty on the return. The application prints Form 500UP if this box is blank and the underpayment penalty is due.
note
The application prints Form 500UP whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the
Underpayment of estimated tax
checkbox is marked, Form 500UP doesn't print. To suppress the penalty, but print the form, mark the
Underpayment of estimated tax
 checkbox, and then select Setup, then 1120 Corporation. In the Maryland tab, select Tax Return. Select Form 500UP and select
Always if data
 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 Maryland Late Filing Interest Worksheet if this box is blank and late interest is due.
note
The application prints the Maryland Late Filing Interest Worksheet when interest exists. If the
Late interest
 checkbox is marked, the Maryland Late Filing Interest Worksheet doesn't print. To suppress the late interest on the return, but print the worksheet, mark the
Late interest
 checkbox, and then select Setup, then 1120 Corporation. In the Maryland tab, select Tax Return. Select Late Filing Worksheet and select
Always if data
 to force the application to always print the worksheet when it contains relevant data.

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