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Screen WIWHPen - Wisconsin Withholding 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 calculates the penalty for the failure to pay, the penalty for the failure to file, and the interest on the underpayment. If this field is blank, the date 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). For more information, refer to the Client documents overview.
Prior year tax
Enter the prior-year withholding tax due from PW-1, if a prior-year return was filed for an entire twelve-month period. A
0
(zero) entered in this field is considered to be the tax for the prior year. If this field is blank, the application assumes this is a new corporation and calculates the underpayment penalty based on the current-year gross tax.
Prior year less than 12 months
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 PW-U.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the underpayment of estimated tax penalty on the return.
note
Note: The application prints Form PW-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 PW-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 PW-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 PW-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 PW-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 PW-U does not print.

Annualized Income Installment Method

Net income
Enter Wisconsin net income amounts for the indicated periods to calculate Form PW-U, Page 2, Annualized Income Installment Method Worksheet. The application transfers the resulting amounts to Form PW-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 the
Fixed amount adjustment (Force)
field for such amounts.
Fixed amount adjustment (Force)
Enter the total fixed amount adjustment to be used in calculating the annualized income underpayment penalty.
Nonrefundable credits
Enter Wisconsin nonrefundable credits for the indicated periods to calculate Form PWU, Page 2, Annualized Income Installment Method Worksheet. The application transfers the resulting amounts to Form PW-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 the
Fixed amount adjustment (Force)
 field for such amounts.
Refundable credits
Enter Wisconsin refundable credits for the indicated periods to calculate Form PW-U, Page 2, Annualized Income Installment Method Worksheet. The application transfers the resulting amounts to Form PW-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 the
Fixed amount adjustment (Force)
 field for such amounts.

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