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Screen NYCPmt - New York City Payments, Extension, Penalties and Interest (1065)
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Payments
Prior year overpayment
Enter any prior-year overpayment credited to the current year in this box. UltraTax CS transfers the amount entered to Page 2, and automatically treats it as a first-quarter payment for purposes of calculating Form NYC-221. Don't include this amount again in
1st payment
.Total, or: / 1st-5th payment
Enter the total of all estimates made for the current tax year in
Total, or
. UltraTax CS transfers this amount to Forms NYC-204 or NYC-204EZ, and NYC-EXT, and applies the amount equally to all quarters for calculating Form NYC-221.To override how UltraTax CS 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 Form NYC-221, Page 1; Form NYC-204, Page 2; or Form NYC-204EZ, Page 1 and Form NYC-EXT.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 were not made on the estimate due dates, enter the actual dates of payment in the boxes provided.Treat calculated amounts as amounts paid
If the return was completed using last years’ application and estimates were calculated for the current year, UltraTax CS proformas the amounts to 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:
- 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. The application 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 will 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.
Extension
Calculate extension
Enter a code from the following table or press F4 to see the fieldview list of available options. To print the extension, select File, then Print Extensions.
Code | Description |
|---|---|
1 | Use 100 percent of current year liability. This is the default option. |
2 | Use 90 percent of current year liability. |
3 | Use 100 percent of prior year liability. |
note
UltraTax CS also enters the due date in
Extended due date
. Leave Calculate extension
blank, and UltraTax CS will default to 100 percent of the current year liability.Extended due date
If an extension is printed by selecting File, then Print Extensions, the extended due date automatically appears in this box. UltraTax CS assumes that the extended due date of the return is the 15th day of the 10th month after the client year end. 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 also is reflected in the filing instructions.Estimated Unincorporated Business Tax liability (Force)
If you enter an amount here, UltraTax CS enters this amount on Form NYC-EXT as the Current Year Estimated Tax, enters
1
in Calculate extension
, and completes Extended due date
.Balance due on extension (Force)
If an amount is in this box, UltraTax CS displays this amount on the extension as balance due, completes
Extended due date
, and displays the amount in Paid with extension
.Penalties and Interest
Date return filed
If the date entered in this box is later than the return due date, the application automatically calculates the penalties for failure to pay and failure to file and the interest on the underpayment. If this box is blank, it defaults to the calculated due date of the return.
Prior year facts, current year rates
Enter the amount of tax that would have been calculated by applying the current year’s rates to facts shown on the return for the preceding taxable year. UltraTax CS uses this amount to calculate Exception 2 on Form NYC-221.
Income allocated to NYC in last 3 years
If an amount of income allocated to NYC in the last 3 years equals or exceeds $1 million, then
Exception 1 - Prior year’s tax
, and Exception 2 - Tax on prior year’s facts and law using
, can't be used to avoid the underpayment penalty.2024
ratesExceptions 3, 4, and 5
If amounts are in the
Exception 3 -
Annualized income
; Exception 4 -
3, 5 & 8 month average
; or Exception 5 -
Seasonal income
box,UltraTax CS uses the amounts to determine if an underpayment exception is met for each quarter.Underpayment of estimated tax
Enter
X
to suppress the printing of Form NYC-221 and the calculation of the Form NYC-221 penalty on the return. UltraTax CS prints Form NYC-221 and includes the underpayment penalty on Page 2 of the return if this box is blank and the underpayment penalty is due.note
To suppress the penalty, but print the form, enter
X
in Underpayment of estimated tax
, and select Setup, then 1065 Partnership. In the New York tab, select Tax Return. Highlight Form NYC-221 and select Always if data
to force UltraTax CS to always print the form when it contains relevant data.Late interest
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the NYC Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The NYC 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 failure to pay penalty exists.Failure to file
Enter
X
to suppress the failure to file penalty on the return. UltraTax CS prints the NYC Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The NYC Late Filing Interest and Penalty Worksheet also prints if the Late interest
or Failure to pay
boxes are blank and late payment interest or a failure to pay penalty exists.Failure to pay
Enter
X
to suppress the failure to pay penalty on the return. UltraTax CS prints the NYC Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The NYC 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
UltraTax CS prints the NYC Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
, Failure to file
, and Failure to pay
checkboxes are all marked, the NYC Late Filing Interest and Penalty Worksheet doesn't print.