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Screen SCPen - South Carolina Penalties and Interest and Exceptions (1040)
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Overview
Use this screen to complete Form SC2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts or the South Carolina version of Form 2210-F, Underpayment of Estimated Tax by Farmers and Fisherman. The Schedule AI - Annualized Income Installment Method section is used to complete Form SC2210, Page 4. This screen is also used to complete the South Carolina Late Filing Interest and Penalty Worksheets.
General Information
UltraTax CS uses the information entered in this section to complete Form SC2210 or SC2210F and to calculate the penalty for failure to file, penalty for failure to pay, and late-filing interest.
Date return filed
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. Interest and penalty amounts print on Form SC1040, Page 3. If you leave this field blank, it defaults to the due date (original or extended) of the return.
Suppress penalties on Form SC1040: Late filing interest / ... / Failure to file
To suppress Form SC2210 or SC2210F, the underpayment penalty, enter the appropriate code as shown in the table that follows:
Code |
Description |
Form SC2210 Result |
Late Penalties & Interest Result |
|---|---|---|---|
1 |
Suppress Form SC2210 penalty on the return. |
Form SC2210 doesn’t print, and the underpayment penalty doesn’t print on Form SC1040. |
Late penalties and interest are calculated, and they print on Form SC1040, where applicable. |
2 |
Print Form SC2210, but suppress penalties on the return. |
Form SC2210 prints, but the underpayment penalty doesn’t print on Form SC1040. |
Late penalties and interest are calculated, and they print on Form SC1040, where applicable. |
To suppress late filing interest or the failure to pay or failure to file penalties, mark the appropriate box.
Underpayment of Estimated Tax
tax after credits
Enter 's tax. UltraTax CS allows you to enter
0
(zero) if the tax was zero. SC adjusted gross income
Enter 's adjusted gross income. This amount is used to determine the SC2210 penalty based on 100 percent of tax. However, if the adjusted gross income is more than $150,000, or if married filing separate, more than $75,000, then 110 percent of 's tax is used.
SC withholding as actually withheld
To have South Carolina withholding credited as actually withheld, enter the amount of South Carolina income tax withheld from all sources for each quarter. The amounts entered in this field transfer to Form SC2210.
Force long method calculation
UltraTax CS uses the short method of calculating the penalty, if possible. Enter
X
to force UltraTax CS to use the long method of penalty calculation.Annualized Income Installment Method
Use this section to enter information for the calculation of Schedule AI penalties when income and deductions occur unevenly during the year. UltraTax CS automatically enters the 4th quarter of annualized income and deductions on Schedule AI. In addition, UltraTax CS automatically marks checkbox
C
on Form SC2210, Page 2 when Schedule AI is produced.If the
Other taxes
and Credits
fields are blank, UltraTax CS uses the proportional amounts per the instructions for each period.SC taxable income for each period
If these fields are blank, UltraTax CS uses the proportional share of taxable income for each period.
Waiver of Underpayment Penalty
Explanation of waiver request
Use the statement window 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 here and the text "Waiver" on the Underpayment of Estimated Tax by Individuals, Estates, and Trusts 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. If a waiver amount greater than the calculated penalty is entered here, UltraTax CS automatically limits the amount to the calculated penalty.