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Screen NMPen - New Mexico Penalties and Interest (1040)

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Overview

Use this screen to complete Form RPD-41272, New Mexico Calculation of Estimated Personal Income Tax Underpayment Penalty, and the New Mexico Late Filing Interest and Penalty Worksheets.

General Information

Use this section to enter information for the calculation of Form RPD-41272 and late filing interest and penalties.
Date return filed
If the date entered is later then 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 this field is 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 RPD-41272.
2024
 tax
Use this field to enter the amount of the
2024
 New Mexico tax if this amount hasn't been proforma'd. UltraTax CS uses this information to calculate exceptions to the New Mexico underpayment penalty.
2024
 PIT-1-RC and working family tax credits
Use this field to enter the amount of the credits reported on Form PIT-1-RC and the working family tax credit claimed if these amounts haven't been proforma'd. UltraTax CS uses this information to calculate exceptions to the New Mexico underpayment penalty.
Estimated payments not required until after 3/31
Use this field to indicate that an alternate method should be used to calculate Form RPD-41272. Select the appropriate time frame from the dropdown list.
Withholding as actually withheld
If New Mexico withholding wasn't withheld equally throughout the year, enter the amount actually withheld for each period. The amounts entered here transfer to Form RPD-41272.

Waiver of Underpayment Penalty

Use 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
UltraTax CS displays the amount entered in this field and the text Waiver on the Calculation of Estimated Personal Income Tax Underpayment Penalty 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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