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Screen MJCFPen - Michigan Cities Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date
If the return is being filed late, enter the date of filing. If this box is blank, it defaults to the original due date of the return. The application compares this box with
Extended due date
 in the MJCFPmt screen in order to calculate interest and penalties.
note
Use this box to customize the date due in the filing instructions or filing instruction inserts. In this box, enter the date you want to appear in the filing instructions or filing instruction inserts, and then insert the variable [date filed f/t] in place of the variable due date [due date ASAP f/t] in the filing instructions or 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 in this box. This amount is used to calculate the underpayment penalty.
note
The application calculates the underpayment of estimated tax penalty and interest for a short-year client.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing and calculation of the Common Form Underpayment of Estimated Tax Worksheet penalty on the return. The application prints the Common Form Underpayment of Estimated Tax Worksheet if this box is blank and the underpayment penalty is due.
note
The application prints the Common Form Underpayment of Estimated Tax Worksheet whenever a penalty exists. If
Underpayment of estimated tax
is marked, the Common Form Underpayment of Estimated Tax Worksheet won't print. To suppress the penalty, but print the worksheet, enter
X
 in
Underpayment of estimated tax
, select Setup, 1120 Corporation, Michigan Cities tab, and then select Tax Return. Select Underpayment of Estimates in the Government tab and select
Always if data
 to force the application to always print the worksheet 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 Common Form Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The Common Form Late Filing Interest and Penalty Worksheet will also print if
Failure to pay
 is blank and a failure-to-pay penalty exists.
Suppress penalties on return: Failure to pay
Enter
X
 to suppress the failure-to-pay penalty on the return. The application prints the Common Form Late Filing Interest and Penalty Worksheet if this box is blank and the failure-to-pay penalty is due. The Common Form Late Filing Interest and Penalty Worksheet will also print if
Late interest
 is blank and late-payment interest exists.
note
The application prints the Common Form Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
 and
Failure to pay
 boxes are marked, the Common Form Late Filing Interest and Penalty Worksheet won't print. To suppress the late interest and failure-to-pay penalty on the return, but print the worksheet, mark the
Late interest
 and
Failure to pay
boxes, select Setup, 1120 Corporation, Michigan Cities tab, and then 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.

Adjusted Seasonal Installment Method

Taxable income 2016 - 2019: 3 / 5 / 8 / 11 months
To have the application calculate the adjusted seasonal method, enter the taxable income earned for the years indicated for the first 3 months, 5 months, 8 months, and 11 months, respectively.
Taxable income 2016 - 2018: 4 / 6 / 9 / 12 months
To have the application calculate the adjusted seasonal method, enter the taxable income earned for the years indicated for the first 4 months, 6 months, 9 months, and 12 months, respectively.
Extraordinary items
To have the application calculate the adjusted seasonal method, enter the current-year extraordinary items for the first 4 months, 6 months, 9 months, and 12 months, respectively.
Tax paid by a partnership
To have the application calculate the adjusted seasonal method, enter the current-year credit for tax paid by a partnership for the first 4 months, 6 months, 9 months, and 12 months, respectively.

Annualized Income Installment Method

Annualized period elected for next year
Enter an amount to have the application calculate the annualized income installment method. Enter
1
 if the corporation elected to use the annualization periods of the first two months for the first required installment, the first four months for the second required installment, the first seven months for the third required installment, and the first ten months for the fourth required installment. Enter
2
 if the corporation elected to use the annualization periods of the first three months for the first required installment, the first five months for the second required installment, the first eight months for the third required installment, and the first eleven months for the fourth required installment. Enter
3
 if the corporation used the annualization periods of the first three months for the first required installment, the first three months for the second required installment, the first six months for the third required installment, and the first nine months for the fourth required installment.
Taxable Income
Enter the taxable income earned for the four periods that correspond to the option selected in
Annualized period elected for next year
.
Extraordinary Items
Enter the extraordinary items for the four periods that correspond to the option selected in
Annualized period elected for next year
.
Tax paid by a partnership
Enter the credit for tax paid by a partnership for the four periods that correspond to the option selected in
Annualized period elected for next year
.

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