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Screen KYTDPmt - Tax District Payments, Penalties and Interest (1065)
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Overpayment Application
Application of current year overpayment
These code options instruct UltraTax CS how to apply any current-year overpayment. The code entered affects what is printed on Form OL-S/OL-D and the calculation of next year’s estimated tax payments. To enter the application of current-year overpayment one time for all new clients, select Setup, 1065 Partnership, Kentucky tab, and select New Client Options. The overpayment options are listed in the following table.
Code | Result |
|---|---|
1 | Refund 100 percent of overpayment (default). This refunds the entire overpayment. |
7 | Apply 100 percent to next year; no refund. This applies the overpayment to each estimate in full until the overpayment is exhausted or until all estimated payments are made. The excess isn't refunded. |
8 | Apply amount specified below. This applies the portion of the overpayment shown in Amount for code #8 to next year’s estimates. |
Payments
Prior year overpayment
Enter the amount of any prior year overpayment. UltraTax CS transfers this amount to Form OL-S/OL-D, Page 2, line 12.
Estimated tax payments
Enter the total of all estimates made for the tax year. UltraTax CS transfers this amount to Form OL-S/OL-D, Page 2, line 12.
Amount paid with extension
Enter the total amount paid with extension. UltraTax CS transfers this amount to Form OL-S/OL-D, Page 2, line 12.
Extension
Extended due date
If an extension is printed by selecting File, then Print Extensions, the extended due date automatically appears in this box. Otherwise, enter the date that is to be used as the extended due date in the filing instructions.
Additional Fees
Additional fees due
Enter the amount of any additional fees due. UltraTax CS transfers this amount to Form OL-S/OL-D, Page 2, line 16.
Penalties and Interest
Date return filed
Enter the date return filed that is to be used as the due date in the filing instructions. If blank, this box defaults to the calculated due date of the return.
Suppress penalties and interest: Late interest
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the Tax District Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The Tax District Late Filing Interest and Penalty Worksheet also prints if Failure to file
or Failure to pay
are blank and a failure to file or failure to pay penalty exists.Suppress penalties and interest: Failure to file
Enter
X
to suppress the failure to file penalty on the return. UltraTax CS prints the Tax District Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The Tax District Late Filing Interest and Penalty Worksheet also prints if Late interest
or Failure to pay
are blank and late payment interest or a failure to pay penalty exists.Suppress penalties and interest: Failure to pay
Enter
X
to suppress the failure to pay penalty on the return. UltraTax CS prints the Tax District Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The Tax District Late Filing Interest and Penalty Worksheet also prints if Late interest
or Failure to file
are blank and late payment interest or a failure to file penalty exists.