Screen KYPen - Kentucky Penalties and Interest (1040)

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Overview

Use this screen to complete Form 2210-K, Kentucky Underpayment of Estimated Tax By Individuals and the Kentucky Late Filing Interest and Penalty Worksheets.

General Information

Use this section to enter information for the calculation of Form 2210-K penalties, late-filing interest, and other penalties.
Date return filed
If the date entered in this field is later than the return due date, UltraTax CS automatically calculates the penalty for failure to pay (FTP), the penalty for failure to file (FTF) and the interest on the underpayment. If you leave this field blank, it 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 Form 2210-K exceptions to penalties.
2022
tax after credits
Use this field to enter the amount of the
2022
Kentucky tax if this amount hasn't been proforma'd. UltraTax CS uses this information to calculate exceptions to the Kentucky underpayment penalty.
Withholding as actually withheld
If Kentucky withholding wasn't withheld equally throughout the year, enter the amount actually withheld for each period. The amounts entered here transfer to Form 2210-K.
Gross income (Force)
Amounts for this field transfer from UltraTax/1040. If gross income is different from the generated amount, force (override) the total gross income for the return in this field. This field is used in calculating Form 2210-K.
Gross income from farming or fishing (Force)
Amounts for this field transfer from UltraTax/1040. If two-thirds (2/3) or more of gross income is from farming, and the amount is different from the generated amount, force (override) the gross income from farming in this field. This field is used in calculating Form 2210-K.

Annualized Income Installment Method

Use this section to cause UltraTaxCS to calculate Form 2210-K, Page 3, Annualized Income Installment Method.
Adjusted gross income/Itemized deductions
Enter the Kentucky adjusted gross income and itemized deduction amounts for the periods indicated.

Waiver of Underpayment Penalty

Use this section to request a waiver of penalty amounts.
Explanation of waiver request
Use the statement window 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
UltraTax CS displays the amount entered in this field and the text "Waiver" on the Underpayment of Estimate 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
field will need to be made for this field to be included in the form calculation.

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