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Screen GACPmt - Georgia Composite Payments, Extension, Pen and Int (1065)

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Payments

Total, or: / … / 5th payment
Enter the total of all estimates made for the tax year in the
Total, or
field. UltraTax CS includes this amount on Form IT-CR. To override the way UltraTax CS applies the total amount to all quarters, enter actual amounts of estimated tax in the
1st payment
 through
5th payment
fields. If you enter amounts in any of the individual payment fields, the value in the
Total, or
field is ignored for the purposes of calculating Form IT-CR.
The first four fields in the
Date
 column default to the respective quarters’ due dates and the fifth payment date defaults to the fourth-quarter date. If the payments were not made by the estimate due dates, enter the actual dates of payment in the fields provided.
Treat calculated amounts as amounts paid
If the return was completed using last year’s version of UltraTax CS and estimates were calculated for the current year, UltraTax CS proformas the amounts into the
Calculated Amount
 fields. If there has not been data entry for estimate payments, enter
X
 in the
Treat calculated amounts as amounts paid
 field to move the calculated amounts into the
Amount Paid
 fields.
Amount paid with extension
Each time you print the extension, 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.

Extension

Calculate extension
If you leave this field blank and run the extension utility, UltraTax CS automatically selects the extension form to be used. If the federal return is extended and there is no balance due on the state return, Form IT-303 will not print because Georgia accepts the federal Form 7004. If the federal return is extended and there is a balance due on the state return, Form IT-303 will print. If the federal return is not extended, Form IT-303 will print. Enter
1
to force federal Form 7004 to print and not print Form IT-303. Enter
2
to force Form IT-303 to print. To print the extension, choose File, then Print Extensions.
note
UltraTax CS also enters the applicable due date in the
Extended due date
 field.
Reason for extension
Enter the reason for the extension that prints with Composite Form IT-303. If you want to enter a reason for extension that applies for all Georgia partnership returns, go to Setup and select
1065 Partnership
. One the Georgia tab, select
Extension
. If you enter a reason for extension in this field, the reason for extension from the Extension dialog does not print. If you leave this field and the
Reason
field in the Extension dialog blank, the default line Additional time is requested to gather information to prepare a complete and accurate return prints on all extensions for this state.
Extended due date
If you have printed an extension, the extended due date automatically appears in this field. The extended due date is also reflected in the filing instructions.
Balance due on extension (Force)
If you enter an amount, UltraTax CS enters this amount on Form IT 560C, completes the
Extended due date
 field, and displays the amount in the
Amount paid with extension
 field.

Penalties and Interest

Date return filed
UltraTax CS calculates penalties and interest if the date entered is later than the original due date of the return or the extended due date, if applicable. If blank, this field defaults to the calculated due date of the return.
Annualized income method
Enter the income amount of each applicable quarter to calculate Form IT-CR UET Underpayment of Estimated Tax by Composite Filers using the Exception 2 method.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The GA Composite Late Filing Interest and Penalty Worksheet prints if this field is blank and late interest is due. The GA Composite Late Filing Interest and Penalty Worksheet also prints if the
Failure to file
 or
Failure to pay
 fields are blank and a failure to file or failure to pay penalty exists.
Suppress penalties on return: Failure to file
Enter
X
 to suppress the failure to file penalty on the return. The GA Composite Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to file penalty is due. The GA Composite Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to pay
 fields are blank and late payment interest or a failure to pay penalty exist.
Suppress penalties on return: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. The GA Composite Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to pay penalty is due. The GA Composite Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 or
Failure to file
 fields are blank and late payment interest or a failure to file penalty exists.
note
The GA Composite Late Filing Interest and Penalty Worksheet prints when penalties or interest exist. If the
Late interest, Failure to file
 and
Failure to pay
checkboxes are all marked, the GA Composite Late Filing Interest and Penalty Worksheet will not print.

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