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Screen NEPenC - Nebraska 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 the penalty for failure to file, failure to pay, and the interest on the underpayment of estimated tax. If this field is 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 replace the date 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
Enter last year’s tax. The application uses this amount to calculate Form 2220N exceptions.
note
The application automatically calculates the 2220N penalty for a short-year client.
Suppress penalties on return: Underpayment of estimated tax
Enter X to suppress the printing of Form 2220N and the calculation of the Form 2220N penalty on the return. The application prints Form 2220N if this field is blank and the underpayment penalty is due.
note
The application prints Form 2220N whenever a penalty exists. If the underpayment of estimated tax suppression checkbox is marked, Form 2220N doesn’t print. To suppress the penalty, but print the form, enter X in the
Underpayment of estimated tax
 field. Then select
Setup
, followed by
1120 Corporation
. In the
Nebraska
 tab, select
Tax Return
 then select
NE Form 2220N
 and mark 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 NE Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The NE Late Filing Interest and Penalty Worksheet also prints 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 NE Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The NE Late Filing Interest and Penalty Worksheet also prints 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 NE Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The NE Late Filing Interest and Penalty Worksheet also prints 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 NE Late Filing Interest and Penalty Worksheet when there are penalties or interest. If the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes are all marked, the NE Late Filing Interest and Penalty Worksheet doesn't 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. Then select
Setup
, followed by
1120 Corporation
. In the
Nebraska
 tab, select
Tax Return
. In the
NE Late Filing Worksheet
, mark the
Always if data
 option to force the application to always print the worksheet when it contains relevant data.

Adjusted Seasonal Installment Method

Taxable income 2020 - 2023: 3, 5, 8, and 11 months
To have the application calculate the adjusted seasonal method, enter the taxable income earned for the years indicated for the 1st 3 months, 5 months, 8 months, and 11 months, respectively.
Taxable income 2021 - 2022: 4, 6, 9, and 12 months
To have the application calculate the adjusted seasonal method, enter the taxable income earned for the years indicated for the 1st 4 months, 6 months, 9 months, and 12 months, respectively.
Credits
To have the application calculate the adjusted seasonal method, enter the current-year credits to which the corporation is entitled for the 1st 4 months, 6 months, 9 months, and 12 months, respectively.

Annualized Income Installment Method

Annualized period elected for next year
Enter a value to have the application calculate the annualized income installment method. Enter the code from the following table or select a code from the dropdown list.
Code
Description
1
Option 1 - First 2, 4, 7, 10 months
2
Option 2 - First 3, 5, 8, 11 months
3
Standard Option - First 3, 3, 6, 9 months
Taxable income
Enter the taxable income earned for the 4 periods that match the option you selected in the
Annualized period elected for next year
 field.
Credits
Enter the credits to which the corporation is entitled for the 4 periods that match the option you selected in the
Annualized period elected for next year
 field.

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