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Screen TNPmt - Tennessee Payments, Extension, Penalties and Interest (1065)
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Payments
Prior year overpayment
Enter any prior-year overpayment in this field. The application transfers the amount entered to Form FAE 170, Schedule E or Form FAE 174, Schedule E and treats it as a first-quarter payment for purposes of calculating the underpayment of estimates penalty. Do not include this amount again in the
1st payment
field.Total, or: / 1st-5th payment
Enter the total of all estimates made for the tax year in the
Total, or
field. UltraTax CS transfers this amount to Form FAE 170, Schedule E or Form FAE 174 Schedule E and applies it equally to all quarters for purposes of calculating the underpayment of estimates penalty. To override the way UltraTax CS applies the total, enter actual amounts of estimated tax for the 1st payment
through 5th payment
fields. When amounts exist in any of the individual payment fields, UltraTax CS ignores the value in the Total
field for purposes of calculating Form FAE 170, Schedule E or Form FAE 174, Schedule E and the underpayment of estimates penalty.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 year’s UltraTax CS and estimates were calculated for the current year, UltraTax CS application 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 to the Amount Paid
fields.Paid with extension
Each time you print the extension (via the File, 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 choose Delete overrule.
- To confirm the accuracy of the overruled amount, right-click the field and choose 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
1
or leave this field blank to have the application calculate the extension at 100 percent of the current year liability using Form FAE 173.Enter
2
to have UltraTax CS calculate the extension at 90 percent of the current year liability using Form FAE 173. When this option is selected, interest is assessed on the remaining 10 percent of the balance due.Enter
3
to have UltraTax CS calculate the extension at 100 percent of the prior year liability using Form FAE 173.note
UltraTax CS also enters the applicable due date in the
Extended due date
field. Leave the Calculate extension
field blank, and UltraTax CS will default to 100 percent of the current year liability.Extended due date
When you print an extension, the extension due date automatically appears in this field. When this field is completed and the
Date return filed
field is blank, UltraTax CS uses the date in this field to calculate penalties and interest. The extended due date also is reflected in the filing instructions.Estimated franchise tax liability (Force)
If you enter an amount, UltraTax CS enters this amount on Form 173 as franchise tax liability for year, enters
1
in the Calculate extension
field, and completes the Extended due date
field.Estimated excise tax liability (Force)
If you enter an amount, UltraTax CS enters this amount on Form 173 as excise tax liability for year, enters
1
in the Calculate extension
field, and completes the Extended due date
field.Balance due on extension (Force)
When an amount is entered in this field, UltraTax CS displays this amount on the extension as balance due, enters
1
in the Calculate extension
field, completes the Extended due date
field, and displays the amount in the Paid with extension
field.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 penalties for failure to pay, failure to file, and interest on the underpayment. When this field is blank, it defaults to the due date (original or extended) of the return.
Suppress penalties and interest: Underpayment of estimated tax
Enter
X
to suppress the printing of the TN Underpayment of Estimated Franchise, Excise Tax Penalty Worksheet; the TN Underpayment of Estimated Franchise, Excise Tax Interest Worksheet; and the calculation of the underpayment of estimated tax penalty and interest on the return. If this field is blank and the underpayment penalty and interest is due, the application prints the TN Underpayment of Estimated Franchise, Excise Tax Penalty Worksheet; the TN Underpayment of Estimated Franchise, Excise Tax Interest Worksheet; and includes the underpayment penalty and interest on Page 1 of the return.note
To suppress the penalty, but print the form, enter
X
in the Underpayment of estimated tax
field. Then go to Setup
and select 1065 Partnership
. On the Tennessee tab, select Tax Return
. Select the TN Underpayment of Estimated Franchise Excise Tax Penalty Worksheet and TN Underpayment of Estimated Franchise, Excise Tax Interest Worksheet from the list, then select the Always if data
option to force the application to always print the worksheet when it contains relevant data.Suppress penalties and interest: Late interest
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the TN Franchise Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The TN Franchise Late Filing Interest and Penalty Worksheet also prints 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 and interest: Failure to file
Enter
X
to suppress the failure to file penalty on the return. UltraTax CS prints the TN Franchise Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The TN Franchise Late Filing Interest and Penalty Worksheet also prints if the Late interest
or Failure to pay
fields are blank and late payment interest or a failure to pay penalty exists.Suppress penalties and interest: Failure to pay
Enter
X
to suppress the failure to pay penalty on the return. UltraTax CS prints the TN Franchise Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The TN Franchise Late Filing Interest and Penalty Worksheet also prints 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 TN Franchise 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 TN Late Filing Interest and Penalty Worksheet does not print.