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Screen MNPenS - Minnesota 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 automatically calculates the penalty for failure to pay, the penalty for failure to file, and late filing interest. If this field is blank, it defaults to the original due date of the return.
note
Use this field to customize the date due on the filing instruction inserts. Enter the date you want to appear on 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 original due date of the return.
Prior year tax
Enter the prior year’s tax liability. The amount entered here is used to determine an exception for Schedule EST. Enter
0
(zero) if a return was filed last year with zero tax liability. Leave this field blank if no tax return was filed last year; the prior-year tax exception will not be considered.
note
Note: The application calculates the Schedules EST for a short-year client.
Prior year is less than 12 months, if different from the federal Pen Screen
Enter
X
 if the prior tax year was less than 12 months. This field is used to determine the required tax payments. If this field is blank, the application defaults to the
Prior year less than 12 months
 field in the federal Pen Screen.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Schedule EST and the calculation of the Schedule EST penalty on the return. The application prints Schedule EST if this field is blank and the underpayment penalty is due.
note
The application prints Schedule EST whenever a penalty exists. If the underpayment of estimated tax suppression checkbox is marked, Schedule EST will not print. To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
 field, choose Setup then 1120 Corporation. In the Minnesota tab, select the Tax Return button. Select MN Schedule EST and choose the
Always if data
 option to force the application to always print the forms when they contain relevant data.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The application prints the MN Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The MN Late Filing Interest and Penalty Worksheet will also print if the
Failure to file
or
Failure to pay
 fields are blank and a failure to file or failure to pay 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 MN Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The MN Late Filing Interest and Penalty Worksheet will also print if the
Late interest
 or
Failure to pay
 fields are blank and late payment interest or 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 MN Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The MN Late Filing Interest and Penalty Worksheet will also print if the
Late interest
 or
Failure to file
 fields are blank and late payment interest or a failure to file penalty exists.
note
The application prints the MN Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes are all marked, the MN Late Filing Interest and Penalty Worksheet will not print. To suppress the late interest, failure to file penalty, and failure to pay penalties on the return, but print the worksheet, mark the
Late interest
,
Failure to file
, and
Failure to pay
checkboxes, and then choose Setup then 1120 Corporation. In the Minnesota tab, choose the Tax Return button. Select Late Filing Worksheet and choose the
Always if data
 option to force the application to always print the worksheet when it contains relevant data.

Annualized Income Installment Method

Annualized period elected for next year
Enter
X
 to calculate the annualized income installment method using Form ESTa.
Taxable income
Enter the taxable income earned for the four periods that correspond to the option chosen in the
Annualized period elected for next year
field.
Additions
To calculate Form ESTa, enter the current-year additions for the four periods respectively.
Subtractions
To calculate Form ESTa, enter the current-year subtractions for the four periods respectively.
Minimum fee
To calculate Form ESTa, enter the current-year minimum fee for the four periods respectively.
Other taxes
Enter the other taxes owed for the four periods that correspond to the option chosen in the
Annualized period elected for next year
field.
Credits
Enter the credits to which the corporation is entitled for the four periods that correspond to the option chosen in the
Annualized period elected for next year
field.

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