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Screen WIPen — Wisconsin Penalties and Interest (1120)

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Overview

Date return filed, if different from original due date of return
If the date entered here is later than the return due date, the application calculates the penalty for the failure to pay, the penalty for the failure to file, and the interest on the underpayment. If you leave it blank, the date defaults to the original due date of the return.
note
You can customize the date due in the filing instruction inserts here. 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 you leave this blank, the date defaults to the due date of the return (original or extended).
Prior year tax including economic development surcharge
Enter the prior year net tax plus economic development surcharge, if a prior year return was filed for an entire 12-month period. A
0
(zero) entered in this field is considered to be the tax for the prior year. If you leave it blank, the application assumes this is a new corporation and calculates the underpayment penalty based on the current-year gross tax.
Prior year refundable credits
Enter the prior year refundable credits if a prior year return was filed for an entire twelve-month period.
Prior year less than 12 months, if different from federal Screen Pen
Enter
X
 if the preceding tax year was shorter than 12 months. The application excludes the prior year tax from the calculation of the required annual payment on Form U.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the underpayment of estimated tax penalty on the return.
note
The application prints Form U whenever an underpayment, late filing, or failure to file penalty exists. If the
Underpayment of estimated tax
,
Late interest
, and
Failure to file
 checkboxes are all marked, Form U does not print.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return.
note
The application prints Form U whenever an underpayment, late filing, or failure to file penalty exists. If the
Underpayment of estimated tax
,
Late interest
, and
Failure to file
 checkboxes are all marked, Form U does not print.
Suppress penalties on return: Failure to file
Enter
X
 to suppress the failure to file penalty on the return.
note
The application prints Form U whenever an underpayment, late filing, or failure to file penalty exists. If the
Underpayment of estimated tax
,
Late interest
, and
Failure to file
 checkboxes are all marked, Form U does not print.

Annualized Income Installment Method

Net income
Enter Wisconsin net income amounts for the indicated periods to calculate Form U, Page 2, Annualized Income Installment Method Worksheet. The application transfers the resulting amounts to Form U, Page 1, to be used in calculating the underpayment penalty and interest. Do not include amounts that remain fixed from period to period. Use
Fixed amount adjustment (Force)
 for such amounts.
Fixed amount adjustment (Force)
Enter the total fixed amount adjustment to be used in calculating the annualized income underpayment penalty. If you leave this blank, the application uses the Wisconsin net business loss carryforward deducted on Form 4 or 6, Page 1. Enter
0
 (zero) to remove the fixed amount adjustment.
Nonrefundable credits
Enter Wisconsin nonrefundable credits for the indicated periods to calculate Form U, Page 2, Annualized Income Installment Method Worksheet. The application transfers the resulting amounts to Form U, Page 1, to be used in calculating the underpayment penalty and interest. Don't include amounts that remain fixed from period to period. Use
Fixed amount adjustment (Force)
 for such amounts.
Refundable credits
Enter Wisconsin refundable credits for the indicated periods to calculate Form U, Page 2, Annualized Income Installment Method Worksheet. The application transfers the resulting amounts to Form U, Page 1, to be used in calculating the underpayment penalty and interest. Don't include amounts that remain fixed from period to period. Use
Fixed amount adjustment (Force)
 for such amounts.

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