Screen KYLLCExt - Kentucky Single Member LLC - Extension and Payments (1040)
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Overview
Use this screen to enter Kentucky LLC extension information.
Extension
Use this section to prompt UltraTax CS to calculate LLC Form 720EXT, Application for Extension of Time to File, and extend the due date of the return.
Calcu
Enter
X
to calculate LLC Form 720EXT. To print the extension, select Print Preview
.UltraTax CS enters the due date in
Extended due date
.UltraTax CS automatically enters
X
if you enter an amount in Balance due on extension (Force)
.Extended due date
If you've entered
X
in Calculate extension
, the extended due date automatically appears in this field. Otherwise, enter the date that's to be used as the extended due date in the filing instructions.Extension payment actually made; reportable on main return
Each time you print the extension (via
File
, then Print Extensions
), UltraTax CS:- calculates the extension payment amount and enters it in this field, and
- prints this amount on the main return, not on the extension.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. UltraTax CS then displays the new amount in black.
note
- To delete the overruled amount and restore the original calculated amount, right-click the field and selectDelete overrule.
- To confirm the accuracy of the overruled amount, right-click the field and selectAcknowledge overruled data. UltraTax CS then turns off the acknowledge functionality from the right-click menu. To restore the original amount later, you'll need to enter it manually.
- You can set a user preference to select fields for which you overruled the calculated amounts and to list all overruled amounts in theDiagnosticswindow.
Balance due on extension (Force)
If you enter an amount here, UltraTax CS calculates the amount of total tax using the estimated payments and withholding you have entered, marks
Calculate extension
, and completes Extended due date
.Payments
Use this section to enter the prior-year overpayment and estimated tax payments. UltraTax CS uses this information to complete LLC Form 725/725-EZ, Page 1.
overpayment
Enter any prior-year overpayment in these fields. UltraTax CS transfers the amount entered to LLC Form 725/725-EZ, Page 1 and treats it as a first-quarter payment for purposes of calculating the underpayment of estimates penalty. Don't include this amount again in
1st payment
.Enter total, or / 1st - 4th payment
Enter the total of all estimates made for the tax year in
Enter total, or
. UltraTax CS transfers this amount to LLC Form 725/725-EZ, Page 1 and applies it equally to all quarters for purposes of calculating the underpayment of estimates penalty. To override the way UltraTax CS applies the total, enter actual amounts of estimated tax for the 1st payment
through 4th payment
fields. When amounts exist in any of the individual payment fields, UltraTax CS ignores the value in Enter total, or
for purposes of calculating LLC Form 725/725-EZ, Page 1 and the underpayment of estimates penalty.The first three fields in the
Date
column default to the respective quarters' due dates and the fourth payment date defaults to the third-quarter date. If the payments weren't made on the estimate due dates, enter the actual dates of payment.Treat calculated amounts as paid: Calculated Date / Calculated Amount
UltraTax CS proformas the estimated payments calculated and the dates in the prior year's version of UltraTax CS to the
Calculated Date / Calculated Amount
fields. Enter X
to have UltraTax CS transfer amounts from the Calculated Date / amount
fields to the Date / Amount paid
fields.Amounts entered in the
Amount Paid
fields aren't replaced when Treat calculated amounts as paid
is selected.When
Date
is blank, the first payment date defaults to the first-quarter due date, the second payment to the second-quarter due date, and so on.Prior payments for amended returns
Amounts entered here will be used to calculate Form 725, Part II - LLET Computation. Data entry is available only for amended returns.
