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Screen VAPenC — Virginia Penalties and Interest (1120)

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General Information

If the date entered here is later than the return due date, the application calculates the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment. If this field is blank, it defaults to the original due date of the return.
The application uses this amount to calculate Form 500C exceptions.
Enter the amount of tax that would have been due if last year’s tax had been calculated using this year’s rates. This amount is used on Form 500C to determine whether the client qualifies for Exception 2.
Enter
X
 to suppress the printing of Form 500C and the calculation of the Form 500C penalty on the return. The application prints Form 500C if this field is blank and the underpayment penalty is due.
Enter
X
 to suppress the late payment interest on the return. The application prints the Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The Late Filing Interest and Penalty Worksheet also prints if the
Failure to file and failure to pay
 or
Extension underpayment
 field is blank and a failure to file or failure to pay penalty or an extension underpayment penalty exists.
Enter
X
 to suppress the failure to file or the failure to pay penalty on the return. The application prints the Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file or the failure to pay penalty is due. The Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Extension underpayment
 field is blank and late payment interest or an extension underpayment penalty exists.
Enter
X
 to suppress the Extension underpayment on the return. The application prints the Late Filing Interest and Penalty Worksheet if this field is blank and the Extension underpayment penalty is due. The Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to file
field is blank and late payment interest or a failure to file or the failure to pay penalty exists.

Annualized Income Installment Method

Enter the amount of annualized income tax liability for each quarter. The application uses these amounts to determine whether the client qualifies for Exception 3 on Form 500C.
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