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Screen VAPmt - Virginia Withholding, Payments, Extension, Pen and Int (1065)
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Payments
Amount paid with extension
Each time you print the extension (via
File
, 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. 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 selectDelete overrule.
- To confirm the accuracy of the overruled amount, right-click the field and selectAcknowledge overruled data. UltraTax CS then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you'll need to enter it manually.
- You can set a user preference to mark fields for which you overruled the transferred amounts and to list all overruled amounts in the Diagnostics window.
Overpayment Application
Application of current year overpayment
The code options available in this field instruct UltraTax CS how to apply any current year overpayment for Form 502. To enter UltraTax CS of current year overpayment one time for all new clients, select
Setup
, 1065 Partnership
, the Virginia
tab, then New Client Options
. The overpayment options are listed in the fieldview and in the following table.Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default option. |
2 | Apply 100 percent of the overpayment to next year. |
5 | Apply the portion of the overpayment shown in the Amount for code #5 field to next year’s return; refund excess. |
Extension
Calculate extension payment
To calculate 502W, enter a code from the following table, or use F4 to display the fieldview list of available options. To print the extension, select
File
, then Print Extensions
. If the extension is printed and no code is entered in this field, the application assumes that the extension is based on 100 percent of the current year tax liability.Code | Description |
|---|---|
1 | Use 100 percent of current-year liability. This is the default option. |
2 | Use 90 percent of current-year liability. |
note
UltraTax CS also enters the applicable due date in the
Extended due date
field.Extended due date
If you've printed an extension by selecting
File
, then Print Extensions
or entered data in the Calculate extension payment
field, the extended due date automatically displays in this field. The extended due date is also reflected in the filing instructions.Balance due on extension (Force)
If you enter an amount in this field, UltraTax CS completes the
Extended due date
field, enters 1
in the Calculate extension payment
field, and enters the amount that you enter in the Amount paid with extension
field.Penalties and Interest
Date return filed
UltraTax CS calculates penalties and interest if the date entered in this field is later than the original due date of the return or the extended due date, if applicable. If blank, this field defaults to the calculated due date of the return.
Suppress penalties and interest: Late interest
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the VA Late Filing Interest and Penalty Worksheets if this field is blank and late interest is due. The VA Late Filing Interest and Penalty Worksheets also print if the Failure to file withholding tax
, Failure to file Form 502
, or Extension penalty
fields are blank and a failure to file withholding tax, failure to file Form 502, or extension penalty exists.Suppress penalties and interest: Failure to file withholding tax
Enter
X
to suppress the failure to file withholding tax penalty on the return. UltraTax CS prints the VA Late Filing Interest and Penalty Worksheets if this field is blank and the failure to file withholding tax penalty is due. The VA Late Filing Interest and Penalty Worksheets also print if the Late interest
, Failure to file Form 502
, or Extension penalty
fields are blank and late payment interest, a failure to file Form 502, or extension penalty exists.Suppress penalties and interest: Failure to file Form 502
Enter
X
to suppress the failure to file Form 502 penalty on the return. UltraTax CS prints the VA Late Filing Interest and Penalty Worksheets if this field is blank and the failure to file Form 502 penalty is due. The VA Late Filing Interest and Penalty Worksheets also print if the Late interest
, Failure to file withholding tax
, or Extension penalty
fields are blank and late payment interest, a failure to file withholding tax, or extension penalty exists.Suppress penalties and interest: Extension penalty
Enter
X
to suppress the extension penalty on the return. UltraTax CS prints the VA Late Filing Interest and Penalty Worksheets if this field is blank and the failure to file penalty is due. The VA Late Filing Interest and Penalty Worksheets also print if the Late interest
, Failure to file withholding tax
, or Failure to file Form 502
fields are blank and late payment interest, a failure to file withholding tax, or failure to file Form 502 penalty exists.note
UltraTax CS prints the VA Late Filing Interest and Penalty Worksheets when penalties or interest exists. If the
Late interest
, Failure to file withholding tax
, Failure to file Form 502
, and Extension penalty
checkboxes are all marked, the VA Late Filing Interest and Penalty Worksheet won't print.