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Screen SCPmt - South Carolina Payments, Extension, Penalties and Interest (1065)

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Payments

Withholding from nonresident sale of real estate or SC Withholding from Form 1099MISC
Use this field to enter any withholding from nonresident sale of real estate or withholding from Form 1099MISC.
Non-composite partner income tax withheld specially allocate
To specially allocate the income tax withheld for non-composite partners different from the calculated amount, select the
Ptr Alloc
 button. This amount will appear on Form SC1065 K-1 for each non-composite filer
Amount paid with extension
Each time you print the extension (via File then Print Extensions option), 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. UltraTax CS then displays the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the field and select
    Delete overrule
    .
  • To verify the accuracy of the overruled amount, right-click the field and select
    Acknowledge overruled data
    . UltraTax CS 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

Calculate extension
Enter
3
 when zero tax is due for the return. When this option is selected, UltraTax CS will print federal Form 7004 instead of Form SC8736 because South Carolina accepts the federal Form 7004. Federal Form 7004 will also print with Form SC1065. If you select federal Form 7004 and there is a balance due or the federal return is not extended, the 7004 and extension filing instruction won’t print. Enter
1
 to have UltraTax CS calculate the extension at 100 percent of the current year liability using Form SC8736. Enter
2
 to have UltraTax CS calculate the extension at 90 percent of the current year liability using Form SC8736. To print the extension, select File then Print Extensions.
note
UltraTax CS also enters the applicable due date in the
Extended due date
 field.
Extended due date
If an extension was printed by selecting File then Print Extensions, or there is data entered in the
Calculate extension
 field, the extended due date automatically appears here. When this field is completed and the
Date return filed
 field is blank, UltraTax CS uses this date to calculate penalties and interest. The extended due date is reflected in the filing instructions.
Tentative total state tax (Force)
If you enter an amount here, UltraTax CS enters the amount on Form SC8736 as Tentative total state tax, enters
1
in the
Calculate extension
 field, and completes the
Extended due date
 field.
Balance due on extension (Force)
If an amount is entered here, UltraTax CS displays the amount on Form SC8736 as balance due, marks the
Calculate extension
 field, completes the
Extended due date
 field, and displays the amount in the
Amount paid with extension
field.

Penalties and Interest

Date return filed
If the date entered here is later than the due date of the return, UltraTax CS automatically calculates the penalties for failure to file and failure to pay, as well as any late filing interest. If this field is blank, it defaults to the due date of the return including extension. UltraTax CS prints interest and penalty amounts, if applicable, on the bottom of Form SC1065 with the following identifying codes:
Code
Description
FTF
Failure to file
FTP
Failure to pay
INT
Interest due
TOT
Total amount due including penalty and interest
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. UltraTax CS prints the SC Late Filing Interest and Penalty Worksheets if this field is blank and late interest is due. The SC Late Filing Interest and Penalty Worksheets 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 SC Late Filing Interest and Penalty Worksheets if this field is blank and the failure to file penalty is due. The SC Late Filing Interest and Penalty Worksheets also print if the
Late interest
 or
Failure to pay
 fields are blank and a late payment 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 SC Late Filing Interest and Penalty Worksheets if this field is blank and a failure to pay penalty is due. The SC Late Filing Interest and Penalty Worksheets also print if the
Late interest
 or
Failure to file
 fields are blank and a late payment interest or failure to file penalty exists.
note
UltraTax CS prints the SC Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes are all marked, the SC Late Filing Interest and Penalty Worksheets don’t print.

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