Triva isn't available right now.
Check out the support page for our phone number and hours
Screen MSPmt - Mississippi Payments, Extension, Penalty and Int (1065)
Show all hidden content
Payments
Prior year overpayment
Enter any prior year overpayment. The application transfers the amount to Form 84-105 and automatically treats it as a first-quarter payment for purposes of calculating Form 80-320. Do not include this amount again in the
1st payment
field.Total, or: 1st payment - 5th payment
Enter the total of all estimates made for the tax year in the
Total, or
field. The application transfers this amount to Forms 84-105 and applies it equally to all quarters for purposes of calculating Form 80-320. To override the way UltraTax CS applies the total to all quarters, enter the actual amounts of estimated taxes in the 1st payment
through 5th payment
fields. Once amounts are entered in any of the individual payment fields, UltraTax CS ignores the value in the Total, or
field for purposes of calculating Forms 84-105 and 80-320.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 on the estimate due dates, enter the actual dates of payment in the fields provided.Treat calculated amounts as amounts paid / Calculated Amount
If the return was completed using last years’ application 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.Paid with extension
Each time you print the extension (via the File then Print Extensions), 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. The application 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. The application 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
Use this section to prompt UltraTax CS to calculate the extension form and extend the due date of the return. Form 83-180 is calculated by choosing File then Print Extensions. To obtain a blank extension form, choose Help, Tax Subject Index, then Web Form Instructions to link to Form 83-180 from the Mississippi website. The extension form produced by the application is not approved for handwritten use.
Extended due date
If the Extension utility is used, an extended due date automatically appears. Otherwise, enter the date to be used as the extended due date in the calculation of late-filing penalties and in the filing instructions. If this field is blank, it is assumed that the return is not put on extension.
Balance due on extension (Force)
If you enter an amount here, UltraTax CS calculates the amount of tentative income tax using the estimated payments and withholding entered, completes the
Extended due date
field, and enters the amount in Form MS 84-105, Page 1, line 11.Penalties and Interest
Date return filed
If the date entered in this field is later than the return due date, UltraTax CS automatically calculates the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment. If this field is blank, it defaults to the due date (original or extended) of the return. This field is also used to calculate any underpayment penalty on Form 80-320. If the return was filed prior to the due date, enter the filing date in this field so the application can stop the calculation of underpayment penalty as of the early filing date.
Prior year tax
Enter the prior-year tax as reported on the prior year’s composite return. UltraTax CS uses this information to calculate Form 80-320.
Farming and fishing income exception
Enter
X
if the partnership business is primarily from farming or fishing and meets the exception to estimate penalties. Form 80-320 is produced, but no penalty is calculated.Explanation of filing requirements met after due date
Enter a reason the partnership meets the requirement for an exception to the penalty in the statement. Form 80-320 is produced, but no penalty is calculated.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form 80-320 and the calculation of the Form 80-320 penalty on the return. UltraTax CS prints Form 80-320 and includes the underpayment penalty on Page 1 of the return if this field is blank and the underpayment penalty is due. The Form 80-320 also prints if the Late interest
or Failure to file
or Failure to pay
fields are blank, and late payment interest or a failure to file or failure to pay penalty exists.note
UltraTax CS prints the Form 80-320 when underpayment of estimated tax or penalties or interest exist. If the
Suppress penalties on return: Underpayment of estimate tax, Late interest
, Failure to file
, and Failure to pay
checkboxes are all marked, the Form 80-320 and MS Late Filing Interest and Penalty Worksheets do not print.Suppress penalties on return: Late interest
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the MS Late Filing Interest and Penalty Worksheets and Form 80-320 if this field is blank and late interest is due. The MS Late Filing Interest and Penalty Worksheets and Form 80-320 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. UltraTax CS prints the MS Late Filing Interest and Penalty Worksheets and Form 80-320 if this field is blank and the failure to file penalty is due. The MS Late Filing Interest and Penalty Worksheets and Form 80-320 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. UltraTax CS prints the MS Late Filing Interest and Penalty Worksheets and Form 80-320 if this field is blank and the failure to pay penalty is due. The MS Late Filing Interest and Penalty Worksheets and Form 80-320 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
UltraTax CS prints the MS Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Suppress penalties on return: Underpayment of estimated tax, Late interest
, Failure to file
, and Failure to pay
checkboxes are all marked, the Form 80-320 and MS Late Filing Interest and Penalty Worksheets do not print.