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Screen MECPmt - Maine Composite Payments, Ext, Pen and Int (1065)
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Payments
Prior year overpayment
Enter any prior year overpayment in this box. UltraTax CS transfers the amount entered to Form 1040ME and automatically treats it as a first quarter payment for purposes of computing Form 2210ME. Don't include this payment again in
1st payment
.Treat calculated amounts as paid
If the return was completed using last year’s application and estimates were calculated for the current year, UltraTax CS proformas the amounts into the
Calculated Amount
boxes. If there hasn't been data entry for estimate payments, enter X
in the Treat calculated amounts as paid
boxes to move the calculated amounts into the Amount Paid
boxes.Total or / Specific payments if unequal or not timely: 1st - 5th payment
Enter the total of all estimated payments made for the tax year in
Total, or
. UltraTax CS transfers this amount to Form 1040ME and the amount is applied equally to all quarters for purposes of calculating Form 2210ME. If you wish to override how the application applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
through 5th payment
boxes. If amounts are entered in any of the individual payment boxes, UltraTax CS ignores the value in Total, or
for the purposes of calculating Forms 1040ME and 2210ME. 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. If the payments weren't made on the estimate due dates, enter the actual dates of payment in the boxes provided.Paid with extension
Each time you print the extension (via File, then Print Extensions), the application:
- 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
Calculate extension payment
If you leave this box blank, or enter option
1,
and run the extension utility, UltraTax CS automatically calculates the extension, Form 1040EXT-ME, based on 100 percent of the current-year tax liability. Enter 2
to calculate the extension based on 90 percent of the current year tax liability. To print the extension, select File, then Print Extensions.Extended due date
If you've printed an extension by selecting File, then Print Extensions, or selected option
1
or 2
in Calculate extension payment
, 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 for Form 1040EXT-ME.Balance due on extension (Force)
If an amount is entered in this box, UltraTax CS displays this amount on the extension as balance due, defaults to option
1
in Calculate extension
payment
, completes Extended due date
, and displays 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 this box is blank, the date defaults to the calculated due date of the return. UltraTax CS prints penalty and interest amounts on Form 1040ME, Page 3, with the following identifying codes.
Code | Penalty |
|---|---|
FTF | Failure to file |
FTP | Failure to pay |
INT | Interest due |
Prior year tax
Enter the prior-year tax if a prior-year return was filed for an entire 12-month period. If this box is blank, UltraTax CS assumes this is a new partnership and calculates the underpayment penalty and interest on the current-year tax.
Annualized income method: Maine credits
If Maine credits weren't incurred ratably throughout the year, enter the amounts here for each period. If data is entered in any of the
Maine credits
boxes, and there is no data entry in the Maine income
boxes, UltraTax CS won't complete Form 2210ME, Page 2.Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form 2210ME and the calculation of the Form 2210ME penalty on the return. UltraTax CS prints Form 2210ME and displays the underpayment penalty on Form 1040ME, Page 3 of the return if this box is blank and the underpayment penalty is due.Suppress penalties on return: Late interest
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the ME Composite Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The ME Composite Late Filing Interest and Penalty Worksheet also prints if the Failure to file
or Failure to pay
boxes are blank and a failure to file or a failure to pay penalty exists.Suppress penalties on return: Failure to file
Enter
X
to suppress the failure to file penalty on the return. UltraTax CS prints the ME Composite Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The ME Composite Late Filing Interest and Penalty Worksheet also prints if the Late interest
or Failure to pay
boxes are blank and a 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. UltraTax CS prints the ME Composite Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The ME Composite Late Filing Interest and Penalty Worksheet also prints if the Late interest
or Failure to file
boxes are blank and late payment interest or a failure to file penalty exists.note
If penalties and interest exist, the ME Composite Late Filing Interest and Penalty Worksheet prints. If the
Late interest
, Failure to file
, and Failure to pay
checkboxes are all marked, the ME Composite Late Filing Interest and Penalty Worksheet doesn't print.