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Screen MNPen - Minnesota Penalties and Interest (1040)

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Overview

Use this screen to calculate underpayment of interest and penalties on Schedule M15 and the Late Filing Interest and Penalty Worksheets.

General Information

Date return filed
If the date entered is later than the return due date, UltraTax CS automatically calculates the penalty for failure to pay and the interest on the underpayment. The failure to file penalty is calculated if the date filed is more than six months after the due date of the return. If you leave this field blank, it defaults to the due date (original or, if the system date is after the original due date, extended) of the return. UltraTax CS prints interest and penalty amounts, if applicable, on the bottom of Form M1, Page 2 with the following identifying codes.
Code
Penalty
FTF
Failure to file
FTP
Failure to pay
LFI
Late filing interest
Per Minnesota instructions, these amounts are not included on the Form M1, Amount you owe line. They are included in the Form M60 payment voucher. Attach the Minnesota Late Filing Interest and Penalty Worksheet to the return.

Underpayment of Estimated Tax

tax
If not proforma’d, enter the tax after nonrefundable credits in this field.
Use 110% prior year tax in Schedule M15
If not proforma’d, enter
X
 if the taxpayer’s prior-year federal adjusted gross income was greater than $150,000. UltraTax CS uses the lesser of 90 percent of current year’s tax or 110 percent of last year’s tax to determine if the Schedule M15 penalty applies.
Use short method
Mark this field if taxpayer qualifies for the short calculation of Schedule M15.
Minnesota withholding
If tax is not withheld evenly between quarters, enter the quarterly amounts in these fields.

Annualized Income Installment Method

Use Annualized Income Worksheet
Enter
X
 to calculate the Minnesota Annualized Income Worksheet.
Step 1 - Income
The amounts for Step one default to federal amounts. When the
Use Annualized Income Worksheet
 field is marked, use these fields to enter an amount different from the federal amount.
Step 2 - Additions / Step 4 - Subtractions
The total additions and subtractions on Form M1 are allocated evenly over the four quarters by default. Use these fields to enter the additions and subtractions for each quarter if different when the
Use Annualized Income Worksheet
 field is marked.
Step 6 - Tax / Alternative Minimum Taxable Income from line 26 of Form M1MT per period is entered in lieu of tax
If you have marked the
Use Annualized Income Worksheet
 field and you don't want calculated tax amounts, override the amounts in these fields. If you are overriding tax amounts only, then don't mark the
Alternative Minimum Taxable Income from line 26 of Form M1MT per period is entered in lieu of tax
 field and enter the tax amounts as you would like them to appear on Step 6 of the worksheet. A blank field defaults to calculated amounts; therefore, enter
0
 (zero) if no tax is appropriate for this client.
If this client is subject to AMT, mark the
Alternative Minimum Taxable Income from line 26 of Form M1MT per period is entered in lieu of tax
 field and enter the alternative minimum taxable income per period for each column. UltraTax CS multiplies the amount entered by the factor for that quarter, then by the 6.4 percent AMT tax rate. The fourth quarter tax is the total Alternative Minimum Tax form Schedule M1MT.

This article applies to:

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

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