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Screen MOPenC - Missouri Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date
If the date entered in this field is later than the return due date, the application automatically calculates the penalty for failure to file, the penalty for failure to pay, and the interest on the underpayment. If you leave this field blank, it 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).
Prior year tax (Exception 1)
Enter last year’s total tax. The application uses this information to calculate Schedule MO-2220 exceptions.
note
The application calculates the 2220 penalty for a short-year client.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Schedule MO-2220 and the calculation of the Schedule MO-2220 penalty on the return. The application prints Schedule MO-2220 if this field is blank and the underpayment penalty is due.
note
The application prints Schedule MO-2220 whenever a penalty exists. If the
Underpayment of estimated tax
suppression checkbox is marked, Schedule MO-2220 will not print. To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
field, choose Setup, 1120 Corporation, and then Missouri tab, and choose the Tax Return button. Select MO Schedule MO-2220 and choose 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 MO Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The MO 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 MO Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The MO 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 MO Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The MO 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 MO 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 MO Late Filing Interest and Penalty Worksheet will not print. To suppress the late interest, failure to file penalty, and failure to pay penalty on the return, but print the worksheet, mark the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes, and then choose Setup and then 1120 Corporation. In the Missouri tab, select the Tax Return button. Select MO Late Filing Interest and Penalty 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

Exception 2
Enter the tax on annualized income for periods 1 through 4. These amounts transfer to Schedule MO-2220.

Adjusted Seasonal Installment Method

Exception 3
Enter the tax on income over 3/5/8/11 months in the fields provided.
Exception 5
Enter the tax on annualized income for periods 4/6/9/12 months in the fields provided.

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