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Screen PenT - Unrelated Business Income Penalties (990)

Penalties and Interest

Date return filed
If the date you enter is after the return due date, a penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment calculate. If this box is blank, the default is first the date in the applicable
Extended due date
 box in the ExtT screen and then to the original due date.
Prior year tax
This amount calculates for Form 2220 exceptions. Zero (
0)
is a valid entry in case there was no tax due in the prior year.
Prior year less than 12 months
Enter
X
 if the preceding tax year was shorter than 12 months. This amount calculates on Form 2220 for Form 990-T.
Large organization
Enter
X
 if the organization or its predecessor had taxable income of $1 million or more for any of the three tax years immediately preceding the current tax year.
Suppress on Form 990-T: Failure to pay penalty
Enter
X
 to suppress the failure to pay penalty from displaying on Form 990-T, when applicable. Interest and Penalty Worksheets will print with a message that the return has this penalty suppressed if any of the other 2 penalties exist. Interest and Penalty Worksheets print when penalties or interest exist.

Form 2220 - Annualized Method

Enter the taxable income for each period to calculate Form 2220, Schedule A, Part II. If blank, the current taxable income allocates equally to each period.
Annualized period elected for current year
To calculate this section of the form, you must select an option in this box.
Credits
Enter amounts in these boxes to calculate credits for the annualized methods.
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