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Screen IAPPmt - Iowa PTE Payments, Extensions, Penalties and Interest

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Payments

Total, or: / 1st-5th payment
Enter the total of all estimates made for the tax year in the
Total, or
 field. This amount is included on Form IA 1065. To override the way the total is applied to all quarters, enter the 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 purposes of calculating Form IA 1065.
Treat calculated amounts as amounts paid / Calculated Amount
If the return was completed using last year’s version of the application and estimates were calculated for the current year, the amounts proforma into the
Calculated Amount
 fields. If there hasn’t 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.
Paid with extension
Each time you print the extension (via
File
Print Extensions
), the application:
  • Calculates the extension payment amount and enters it in this field.
  • Prints this amount on the main return, not on the extension.
Alternatively, to overrule the calculated amount, you can enter the amount actually paid with the current-year extension in this field. The new amount then displays in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the field and select
    Delete overrule
    .
  • To confirm the accuracy of the overruled amount, right-click the field and select
    Acknowledge overruled data
    . The acknowledge functionality is then not available from the right-click menu. To restore the original amount later, you will need to enter it manually.
  • 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 payment
Enter a code from the following table. To print the extension, select
File
, then
Print Extensions
.
Code
Description
1
Use 100 percent of current-year liability (default)
2
Use 90 percent of current-year liability
note
The due date is also entered in the
Extended due date
 field and any payment due is entered in the
Paid with extension
 field.
Extended due date
If you printed an extension by selecting
File
, then
Print Extensions
, or entered data in the
Calculate extension payment
 field, the extended due date automatically appears in this field. When this field is completed and the
Date return filed
 field is blank, the date in this field is used to calculate penalties and interest. The extended due date is also reflected in the filing instructions.

Penalties and Interest

Date return filed
If the date entered is later than the return due date, the application automatically calculates the penalty for failure to pay or the penalty for failure to file, and the late payment interest. If this field is blank, the filing date defaults to the due date of the return. The interest and penalty amounts are printed on the IA 1065 Late Filing Interest and Penalty Worksheets.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The IA 1065 Late Filing Interest and Penalty Worksheets will print if this field is blank and late interest is due. The IA 1065 Late Filing Interest and Penalty Worksheets will also print 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 IA 1065 Late Filing Interest and Penalty Worksheets will print if this field is blank and the failure to file penalty is due. The IA 1065 Late Filing Interest and Penalty Worksheets will also print if the
Late interest
 or
Failure to pay
 fields are blank and late payment interest or a failure to pay penalty exists.
Suppress penalties on return: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. The IA 1065 Late Filing Interest and Penalty Worksheets will print if this field is blank and the failure to pay penalty is due. The IA 1065 Late Filing Interest and Penalty Worksheets will also print if the
Late interest
 or
Failure to file
 fields are blank and late payment interest or a failure to file penalty exists.
note
The IA 1065 Late Filing Interest and Penalty Worksheets will print when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes are all marked, the IA 1065 Late Filing Interest and Penalty Worksheets won’t print.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1065 Partnership
  • State: Iowa

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