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Screen AKPen - Alaska Penalties and Interest (1120)
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General Information
Date return filed, if different from federal Screen Pen
If the date entered in this field is later than the return due date, the application calculates the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment. If this field is blank, it defaults to the original due date of the return.
note
Use this field to customize the date due on the filing instruction inserts. Enter the date to appear on the filing instruction inserts. Then insert the variable
[date filed f/t]
in place of the variable [due date ASAP f/t]
in the filing instruction inserts. If this field is blank, the date defaults to the due date (original or extended) of the return. Date tax due paid
If the date entered in this field is later than the payment due date, the application automatically calculates the late-payment penalty. If this field is blank, it defaults to the payment due date.
Prior year tax
Enter last year’s tax for C Corporations. Enter last year’s passive income tax for S Corporations. The application uses this amount to calculate Form 6220 exceptions. If this field is blank, the application assumes this is a new corporation or a corporation with zero liability for the previous year and calculates the underpayment penalty and interest on the current-year tax.
note
The application will calculate the underpayment of estimated tax penalty for a short-year client.
Large corporation (C Corp)
Enter X if the corporation had federal taxable income of $1 million or more for any of the 3 tax years immediately preceding the current tax year. This field applies to C Corporations only.
Suppress penalties on return: Underpayment of estimated tax
Enter X to suppress the printing of Form 6220 and the calculation of the Form 6220 penalty on the return. The application prints Form 6220 if this field is blank and the underpayment penalty is due.
note
The application prints Form 6220 whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the
Underpayment of estimated tax
suppression checkbox is marked, Form 6220 will not print. To suppress the penalty, but print the form, enter X in the Underpayment of estimated tax
field. Select Setup
, then 1120 Corporation
. In the Alaska
tab, select Tax Return
. Select AK Form 6220 and select the Always if data
option to force the application 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. The application prints the AK Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The Late Filing Interest and Penalty Worksheet will 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. The application prints the Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The Late Filing Interest and Penalty Worksheet will also print if the
Late interest
or Failure to pay
fields are blank and late payment interest or a failure to pay penalty exists.Suppress penalties on return: Failure to pay
Enter X to suppress the failure to pay penalty on the return. The application prints the Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The Late Filing Interest and Penalty Worksheet will also print if the
Late interest
or Failure to file
fields are blank and late payment interest or a failure to file penalty exists.note
The application prints the 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 Late Filing Interest and Penalty Worksheet won't print. To suppress the late interest, failure to file penalty, and failure to pay penalties on the return, but print the worksheet, mark the Late interest
, Failure to file
, and Failure to pay
checkboxes. Setup
, then 1120 Corporation
. In the Alaska
tab, select Tax Return
. Select AK Late Filing Worksheet
and select the Always if data
option to force the application to always print the worksheet when it contains relevant data.Annualized Income Installment Method
Required installments: Periods 1 - 4
To use the annualized method, enter the required installments for each period. These amounts transfer to Form 6220.