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Screen NJCPmt - New Jersey Composite Payments, Extension, Pen and Int (1065)
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Payments
Total, or / Specific payments if unequal or not timely: 1st - 5th payment
Enter the total of all estimates made for the tax year in
Total, or
. UltraTax CS transfers this amount to Form NJ-1080C, Page 1. To override the way UltraTax CS applies the total to all quarters, enter individual payment amounts in the 1st payment
through 5th payment
boxes. If you enter amounts in any of the individual payment boxes, UltraTax CS ignores the value in Total, or
for purposes of calculating Form NJ-1080C, Page 1.Treat calculated amounts as amounts paid / Calculated Amount
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 Treat calculated amounts as amounts paid
to move the calculated amounts into the Amount Paid
boxes.Paid with extension
Each time you print the extension (via File, then Print Extensions), UltraTax CS does the following:
- 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 manually enter the amount.
- If desired, you can set a user preference to select boxes for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.
Extension
Calculate extension
If you leave this box blank and run the extension utility, UltraTax CS automatically selects the extension form to be used.
If the federal return is extended, Form NJ-630-V won't print because New Jersey accepts the federal Form 7004. If the federal Form 7004 isn't extended, Form NJ-630-V will print.
Enter
1
to have UltraTax CS calculate the extension at 100 percent of the current year liability using Form NJ-630-V. Enter 2
to have UltraTax CS calculate the extension at 80 percent of the current year liability using Form NJ-630-V. Enter 3
to use federal Form 7004 and not print Form NJ-630-V. 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 entered data in
Calculate extension
, 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 here, UltraTax CS enters this amount on Form NJ-630-V, 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 here is later than the original due date of the return or the extended due date. If this box is blank, UltraTax CS defaults to the calculated due date of the return.
UltraTax CS prints penalty and interest amounts on Form NJ-1080C, Page 1, with the following identifying codes.
Code | Penalty |
|---|---|
FTF | Failure to file |
FTP | Failure to pay |
INT | Late interest |
TOT | Total amount due including penalties and interest |
Prior year tax
Enter the prior year tax if a prior year return was filed for an entire 12-month period. A
0
(zero) is considered to be the tax for the prior year. 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.Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form NJ-2210 and the calculation of the Form NJ-2210 penalty on the return. If this box is blank and an underpayment penalty is due, UltraTax CS prints Form NJ-2210 and selects the Form NJ-2210 checkbox on Form NJ-1080-C.note
To suppress the penalty, but print the form, enter
X
in Underpayment of estimated tax
, select Setup, 1065 Partnership, New Jersey tab, and select Tax Return. Highlight Form NJ-2210 and selectAlways if data
to force UltraTax CS to always print the form when it contains relevant data.Suppress penalties on return: Late interest
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the New Jersey Composite Late Filing Interest and Penalty Worksheets if this box is blank and late interest is due. The New Jersey Composite Late Filing Interest and Penalty Worksheets also print if the
Failure to file
or Failure to pay
boxes 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 New Jersey Composite Late Filing Interest and Penalty Worksheets if this box is blank and a failure to file penalty is due. The New Jersey Composite Late Filing Interest and Penalty Worksheets also print if the
Late interest
or Failure to pay
boxes are blank and a late interest or 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 New Jersey Composite Late Filing Interest and Penalty Worksheets if this box is blank and the failure to pay penalty is due. The New Jersey Composite Late Filing Interest and Penalty Worksheets also print if the
Late interest
or Failure to file
boxes are blank and a late interest or failure to file penalty exists.note
UltraTax CS prints the New Jersey Composite Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
, Failure to file
, and Failure to pay
boxes are all selected, the New Jersey Composite Late Filing Interest and Penalty Worksheets don't print.