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Screen CTPenC - Connecticut Penalties and Interest (1120)
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General Information
Date return filed, if different from original due date of return
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 in the filing instructions inserts. Enter the date you want to appear in the filing instruction inserts, and 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 of the return (original or extended). For more information, see Client documents overview.
Prior year tax
Enter last year’s tax for C Corporations. The application uses this amount to calculate Form CT-1120I exceptions.
note
The application will calculate the Form CT-1120I penalty for a short-year client.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form CT-1120I and the calculation of the Form CT-1120I penalty on the return. The application prints Form CT-1120I and marks the Form CT-1120I field on Page 1 of the return if this field is blank and the underpayment penalty is due.note
The application prints Form CT-1120I whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the underpayment of estimated tax suppression field is marked, Form CT-1120I will not print. To suppress the penalty, but print the form, enter
X
in the Underpayment of estimated tax
field. Then go to Setup
and select 1120 Corporation
. On the Connecticut tab, select Tax Return
. Select Form CT-1120I 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 on return: Late interest
Enter
X
to suppress the late payment interest on the return. The application prints the Connecticut Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The Connecticut Late Filing Interest and Penalty Worksheet will also print if the Failure to file or failure to pay
field is blank and a failure to file or failure to pay penalty exists.Suppress penalties on return: Failure to file or failure to pay
Enter
X
to suppress the failure to file or failure to pay penalties on the return. The application prints the Connecticut Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file or failure to pay penalty is due. The Connecticut Late Filing Interest and Penalty Worksheet will also print if the Late interest
field is blank and late payment interest exists.note
The application prints the Connecticut Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
and Failure to file or failure to pay
fields are marked, the Connecticut Late Filing Interest and Penalty Worksheet will not print. To suppress the late interest and failure to pay penalties on the return, but print the worksheet, mark the Late interest
and Failure to file or failure to pay
fields. Then go to Setup
and select 1120 Corporation
. On the Connecticut tab, select Tax Return
. Select the CT Late Filing 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.Annualized Income Installment Method
Business income / Surtax / Tax credits
Amounts entered in these fields generate the annualized income calculation for Form CT-1120I.