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Screen KSPen - Kansas Penalties and Interest (1040)

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Overview

Use this screen to complete the Interest & Penalties section of the Kansas Late Filing Interest and Penalty Worksheet, as well as the underpayment penalty on Form K-210.

General Information

Use this section to enter information for the calculation of Schedule K-210 underpayment penalty and late-filing interest and penalties on Form K-40.
Date return filed (If other than due date of return)
If the date you enter here is later than the return due date, UltraTax CS automatically calculates the penalty and the interest on the underpayment. If you leave this field blank, UltraTax CS defaults to the due date (original or extended) of the return.

Underpayment of Estimated Tax

Use this section to enter information for the calculation of Schedule K-210 exceptions to penalties. Fourth quarter defaults to total withholdings less the first three quarters.
tax after credits
Enter last year's tax information to determine the exception to the underpayment penalty status. Last year's calculated amount automatically proformas to this field.

Annualized Income Installment Method

Kansas adjusted gross income / Itemized deductions
Enter the annualized income and Kansas itemized deduction amounts for the periods indicated to cause UltraTax CS to calculate Schedule K-210, Page 2, Kansas Annualized Income Installment Method Worksheet.

Waiver of Underpayment Penalty

Explanation of waiver request (Required for waiver calculation)
Use the statement dialog to enter an explanation if the taxpayer is requesting a waiver of the underpayment penalty. An entry in this field is mandatory when a request to waive an amount is made.
Amount (If not waiving entire underpayment penalty)
UltraTax CS displays the amount entered here and the text "Waiver" on the Underpayment of Estimated Tax by Individuals form. UltraTax CS subtracts this amount from the penalty calculation and transfers the difference to the tax return. An entry in the
Explanation of waiver request (Required for waiver calculation)
 field must be made for this field to be included in the form calculation.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Kansas

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