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Screen ORTM - Tri-County Metropolitan Self-Employment Tax (1040)

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General Information

Mark the
Tri-County Metro Self-Employment Tax
 checkbox in the File, Client Properties, and then Oregon tab to calculate the form. Enter
T
 or
S
 to calculate the applicable return. Prior-year returns proforma this information. If the taxpayer and spouse need separate returns, add a second unit.

Income and Payments

Total self employment earnings (Force)
UltraTax CS defaults the district self-employed income to the amount included on federal Schedule SE. Use this field to enter an amount that is different from the federal amount.
Exclusion amount (Force)
UltraTax CS defaults to the lesser of net self-employment earnings (Form TM, line 3) or $400. If the exclusion amount for this taxpayer was partially or completely used on another Form LTD, enter the unused amount of the $400 exclusion in this field.

Extension and Penalties

Use this section to complete Form TM-V to extend the due date of Form TM and to complete the penalty and interest portion of Form TM.
Calculate extension
Enter
X
 if you want UltraTax CS to calculate the extension for Form TM. To print the extension, choose File and then Print Extensions.
UltraTax CS also enters the applicable due date in the
Extended due date
 field.
Extended due date
If an extension is printed by choosing File and then Print Extensions option, or
X
 is entered in the
Calculate extension
 field, the extended due date automatically appears in this field. Otherwise, the date manually entered in this field is used as the extended due date in the filing instructions and when calculating late filing penalties.
Extension payment actually made; reportable on main return
Each time you print the extension (via the File, Print Returns, and then Extension option), 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 choose Delete overrule.
  • To confirm the accuracy of the overruled amount, right-click the field and choose Acknowledge overruled data. UltraTax CS then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to enter it manually.
  • If desired, you can set a user preference to mark fields for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.
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 entered, marks the
Calculate extension
 field, completes the
Extended due date
 field, and transfers the amount that you enter in the
Extension payment actually made; reportable on main return
 field.
Date return filed if not original due date
If the date entered here is later than the return due date, UltraTax CS automatically calculates the penalty and interest for filing or paying late. If this field is blank, it defaults to the due date (original or extended) of the return.

Apportionment Factors

Use this section to complete Form TSE-AP. If no information is entered in this section, the apportionment percentage is assumed to be 100 percent. Most taxpayers use the standard (sales factor only) apportionment method. Returns with zero taxable income inside the district are not acceptable for electronic filing.
Primarily engaged in utilities or telecommunications
A taxpayer primarily engaged in utilities or telecommunications may elect to use the alternative apportionment (double-weighted sales factor) formula. Mark the field and enter the appropriate data in the
Property factor
 and
Payroll factor
 fields to use the alternative method.

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