Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen ILPmt - Illinois Payments, Extension, Penalties and Interest (1065)

Show all hidden content

Payments

Total, or:
Enter the total of all estimates made for the tax year in
Total, or
. To override how UltraTax CS applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
through
5th payment
boxes. The first four boxes in the
Date
 column default to the respective quarter’s due dates. The fifth payment date defaults to the fourth quarter date. Enter the actual dates of payment in the boxes provided if they're not made on the estimated due dates.
Treat calculated amounts as amounts paid / Calculated Amount / 1st-5th payment
If last year’s 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 boxes in the
Calculated Amount
 column. If there hasn't been data entry for estimate payments, enter
X
 in
Treat calculated amounts as amounts paid
 to move the calculated amounts into either the
IL-516-B Amount Paid
 or
IL-516-I Amount Paid
 column.
Paid with extension
Each time you print the extension (via File, then Print Extensions), UltraTax CS:
  • calculates the extension payment amount and enters it in this box, 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 box. UltraTax CS then displays the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the box and select Delete overrule.
  • To confirm the accuracy of the overruled amount, right-click the box and select Acknowledge overruled data. UltraTax CS then turns off the acknowledge functionality from the right-click menu. To restore the original amount later, you'll need to enter it manually.
  • If desired, you can set a user preference to mark boxes for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.

Extension

Extended due date
If you have printed an extension by selecting File, then Print Extensions, the extended due date automatically appears in this box. When this box is completed and
Date return filed
 is blank, UltraTax CS uses the date in this box to calculate penalties and interest. The extended due date is also reflected in the filing instructions.
Balance due on extension (Force)
If you enter an amount in this box, UltraTax CS enters the amount on Form IL-1065-V, completes
Extended due date
, and enters the amount in
Paid with extension
.

Penalties and Interest

Date return filed
UltraTax CS calculates penalties and interest if the date entered in this box is later than the original due date of the return or the extended due date. If blank, this box defaults to the calculated due date of the return.
UltraTax CS prints penalty and interest amounts, on the IL Late Filing Interest and Penalty Worksheet, and at the bottom of Form IL-1065, Page 3, with the following identifying codes.
Code
Penalty
FTF
Failure to file
FTP
Failure to pay
INT
Interest due
TOT
Total amount due with penalties
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the IL Late Filing Interest and Penalty Worksheets if this box is blank and late interest is due. The IL Late Filing Interest and Penalty Worksheets also print if the
Late-filing penalty
 or
Late-payment penalty
 boxes are blank and a late-filing penalty or late-payment penalty exists.
Suppress penalties on return: Late-payment penalty
Enter
X
to suppress the late-payment penalty on the return. UltraTax CS prints the IL Late Filing Interest and Penalty Worksheets if this box is blank and the late-payment penalty is due. The IL Late Filing Interest and Penalty Worksheets also print if the
Late interest
 or
Late-filing penalty
 boxes are blank and late payment interest or a late-filing penalty exists.
Suppress penalties on return: Late-filing penalty
Enter
X
 to suppress the failure to file penalty on the return. UltraTax CS prints the IL Late Filing Interest and Penalty Worksheets if this box is blank and the late-filing penalty is due. The IL Late Filing Interest and Penalty Worksheets also print if the
Late interest
 or
Late-payment penalty
 boxes are blank and late payment interest or late-payment penalty exists.
note
UltraTax CS prints the IL Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
,
Late-payment penalty
, and
Late-filing penalty
 boxes are all marked, the IL Late Filing Interest and Penalty Worksheets don't print.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close