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Federal input screens

Screen Pmt – Payments, Extension, and Late Penalty (1065)

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Payments

Amount paid with extension
Enter the amount paid with Form 7004. The manually entered amount, described as an overrule, is shown in black. To acknowledge or delete the overrule, right-click the field.
note
  • If you leave this field blank, UltraTax CS enters an amount in this field as follows:
    • If you enter an amount in
      Balance due on extension (Force)
      , UltraTax CS automatically enters that amount in this field.
    • If you select
      File
      , then
      Print Extensions
       and print or preview Form 7004, UltraTax CS automatically enters the calculated amount paid with the extension from Form 7004 in this field.
  • 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.

Extension

Use this section to enter extension information.
Filing under section 1.6081-5
Use the statement to enter the reason the partnership qualifies to file under Regulations section 1.6081-5. This statement attaches to Form 1065 and extends the due date of the return to the 15th day of the sixth month after the client year-end.
Extended due date
UltraTax CS enters the 15th day of the ninth month (adjusted for weekends and holidays) after the client year end as the extended return due date when you select
File
, then
Print Extensions
 and print or preview Form 7004. You can change this date by entering a different one.
note
Use the
8804
 screen to prepare Form 7004 to extend Form 8804.
Estimate of total tax liability (Force)
If you enter an amount in this field, UltraTax CS uses the amount on Form 7004. UltraTax CS also completes
Extended due date
.
Balance due on extension (Force)
If you enter an amount in this field, UltraTax CS uses the amount on Form 7004 and to complete
Amount paid with extension
. UltraTax CS also completes
Extended due date
.

Late Filing Penalty

Date return filed
Enter the date the return is to be filed. This date is the due date in the filing instructions. If the date the return is filed is after the due date of the return, including extensions, the late filing penalty calculates as $210 for each month or part of a month (for a maximum of 12 months) multiplied by the number of partners specified on Form 1065, Page 1, Item I.
If you don't want UltraTax CS to calculate a penalty with the late filed return, leave this field blank or mark
Suppress late filing penalty
.
note
  • To print "AS SOON AS POSSIBLE" instead of the due date in the filing instructions if a penalty exists, mark
    Only if penalties and/or interest exist
     in the
    Client Documents
     tab in the
    Other Return Options
     window. To open this window, select
    Setup
    ,
    1065 Partnership
    , and select
    Other Return Options
    .
  • The IRS doesn't support electronic filing of returns with pre-computed penalties.

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