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Search Income Tax (ONESOURCE) Help and Support.

This article applies to:

  • Product: ONESOURCE Income Tax
  • Return type: 1120 Corporation
  • Subject: Print requirements

Enter underpayment information

Follow these instructions to enter underpayment information.
  1. Go to
    Organizer
    , then
    Estimates and Penalties
    .
  2. Select
    Underpayment of Estimates
     and open the
    2220 Penalty
     tab.
  3. Hover one of the following options for
    Underpayment Compute and Print Options
    :
    • Add penalty to tax liability and print Form 2220, if required or penalty due - Option 1
      . The Default option. Calculates the 2220 underpayment penalty, adds the calculated amount to page one of the 1120 return, and prints Form 2220 if a penalty exists or filing of the form is required.
    • Compute Penalty, do not add to tax liability, and always print Form 2220 - Option 2
      . Calculates the 2220 underpayment penalty and doesn't add the calculated penalty amount to page one of the return. It will print the 2220 and related worksheet, if used. If you select this option, you'll need to choose an option other than the default in the Form 2220 print sequence.
    • Compute penalty, add to tax liability, and always print Form 2220 - Option 3
      . Calculates the 2220 underpayment penalty, adds the calculated penalty amount to page one of the 1120 return, and always prints the 2220 related worksheet.
    • Suppress computation and printing Form 2220 - Option 4
      . Suppress the calculation and printing of Form 2220 and its related worksheets.
    • Print Form 2220 with the name and EIN only - Option 5
      . Print Form 2220 with only the company name and employer identification number completed. You will need to complete Form 2220 manually and enter the underpayment amount to ensure that the amount transfers to page one of the 1120 return.
    • System Calculated.
       If you selected an underpayment compute and print option, and you want to override the system-calculated default print sequence for Form 2220.
    • Print form in IRS sequence.
       Print Form 2220 in the proper IRS forms sequence. The system defaults to this option if you selected underpayment compute and print options 1, 3, or 5.
    • Print as last.
       Print Form 2220 last. To use this print sequence option, you'll need to select a penalty and print option other than the default.
  4. In Form 2220 Print Sequence, select the print sequence option:
    • System Calculated.
       If you selected an underpayment compute and print option, and you want to override the system-calculated default print sequence for Form 2220.
    • Print form in IRS sequence.
       Print Form 2220 in the proper IRS forms sequence. The system defaults to this option if you selected underpayment compute and print options 1, 3, or 5.
    • Print as last.
       Print Form 2220 last. To use this print sequence option, you'll need to select a penalty and print option other than the default.
  5. In
    General Information
    , enter the prior year tax liability. This is a required field.
  6. Optional: Enter the
    look back interest override
    . This overrides the look back interest computed in Form 8697.
  7. Optional: Enter the
    underpayment penalty override
    . This overrides the calculated Form 2220 underpayment penalty.
  8. Optional: Enter the
    S Corporation taxable income override
    . This overrides the taxable income computed on Form 1120.
  9. In
    Large Corporation
    , select
    large corporation pursuant to IRC §6655 (G)
     if you want to use the large corporation method.
  10. In
    Optional Large Corporation Detail
    , enter the taxable income for each prior year.
  11. Enter the net operating loss carryover for each prior year.
  12. Enter the capital loss carryovers for each prior year.

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