Screen VAPen - Virginia Penalties and Interest (990)

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General Information

Date return filed if different from original due date of return
If the date you enter is later than the return due date, the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment calculate automatically. If left blank, the original due date of the return is the default.
Prior year tax
The amount you enter calculates Form 500C exceptions. The 500C penalty calculates for a short-year client.
Tax on last year’s income using current year’s tax rates
The amount you enter determines whether the client qualifies for exception 2 on Form 500C.
Suppress penalties on return: Underpayment of estimated tax
To suppress the penalty but print the form, enter
X
in the
Underpayment of estimated tax penalty: Form 500C
field, switch to Form view and choose Edit, Overrides, and then Force Form to Print.
Suppress penalties on return: Late interest
The Late Filing Interest and Penalty Worksheet print if this field is blank and late interest is due. The worksheet also prints you leave the
Failure to file or failure to pay
or
Extension underpayment
fields blank and a failure to file or failure to pay penalty or an extension underpayment penalty exists.
Suppress penalties on return: Failure to file
The Late Filing Interest and Penalty Worksheet print if this field is blank and the failure to file or the failure to pay penalty is due. The worksheet also prints if you leave the
Late interest
or
Extension underpayment
fields blank and late payment interest or an extension underpayment penalty exists.
Suppress penalties on return: Extension underpayment
The Late Filing Interest and Penalty Worksheet print if this field is blank and the Extension underpayment penalty is due. The worksheet also prints if you leave the
Late interest
or
Failure to file
field blank and late payment interest or a failure to file or the failure to pay penalty exists.

Annualized Income Installment Method

Tax on annualized income
Enter the amount of annualized income tax liability for each quarter. These amounts help determine whether the client qualifies for exception 3 on Form 500C.

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