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Screen MEPen - Maine Penalties and Interest (1040)

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Overview

Use this screen to complete the Interest & Penalties section of Form 2210ME.
Use this screen to complete Form 2210ME, Maine Underpayment of Estimated Tax by Individuals and the Maine Late Filing Interest and Penalty Worksheets.

General Information

Use this section to enter information for the calculation of Form 2210ME and late-filing interest and penalties.
Date return filed (If not the original return due date)
If the date entered here 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.
Suppress penalties on return
To suppress specific penalties, mark the appropriate field.

Underpayment of Estimated Tax

Use this section to enter information for the calculation of Form 2210ME exceptions to penalties.
tax
Use this field to enter the amount of the Maine tax if this amount has not been proforma'd. UltraTax CS uses this information to calculate exceptions to the Maine underpayment penalty.
Withholding as actually withheld (Fourth quarter calculated)
If Maine withholding was not withheld equally throughout the year, enter the amount actually withheld for each period. The amounts entered here transfer to Form 2210ME.
Nonresident real estate withholding tax payments
Real estate withholdings entered in the federal A Screen in the
State and local income tax
 field coded as
3
 for real estate withholdings and postal coded as Maine withholdings will transfer to this field. If the withholdings were made during the fourth quarter then no additional data entry is required. If the withholding were paid during the first three quarters of the year, enter the amount for each quarter to correctly calculate the underpayment of estimated tax penalty.

Annualized Income Installment Method

Use this section to enter information for the calculation of Form 2210ME penalties when income and deductions occur unevenly during the year. UltraTax CS automatically enters the fourth quarter of annualized income and deductions on Form 2210ME.
Adjusted gross income/ ... / Other taxes
If Maine income, deductions, or other taxes were not incurred ratably throughout the year, enter the appropriate amounts in this field for each period as you want them to appear on Form 2210ME, Page 2.

Waiver of Underpayment Penalty

User this section to request a waiver of penalty amounts.
Explanation of waiver request
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 in this field 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
 field must be made for this field to be included in the form calculation.

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