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Screen KSPen - Kansas Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date
If the date entered in this box is later than the return due date, the application automatically calculates the penalty for failure to file or pay, the interest on the underpayment, and the penalty for underpayment of estimated tax. If this box is blank, the application defaults to the original due date of the return.
note
Use this box to customize the date due in the filing instruction 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 box is blank, the date defaults to the due date of the return (original or extended). For additional information, see Client documents overview.
Prior year tax
Enter last year’s tax; the application uses this amount to calculate Form K-220 or Form K-230 exceptions.
note
Note: The application calculates the K-220 or K-230 penalty for a short-year client.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form K-220 or Form K-230 and the calculation of the Form K-220 or Form K-230 penalty on the return. The application prints Form K-220 or Form K-230 if this box is blank and the underpayment penalty is due.
note
The application prints Form K-220 or Form K-230 whenever a penalty exists, even though this is inconsistent with the form’s instructions. If
Underpayment of estimated tax
 is marked, Form K-220 or Form K-230 doesn't print. To suppress the penalty, but never the form, enter
X
 in
Underpayment of estimated tax
, select Setup, then 1120 Corporation. In the Kansas tab, select Tax Return. Select Form K-220 or Form K-230 and select
Always if data
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 KS Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The KS Late Filing Interest and Penalty Worksheet also prints if
Failure to file or pay
is blank and a failure to file or pay penalty exists.
note
The application prints the KS Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
or
Failure to file or pay
 is both marked, the KS Late Filing Interest and Penalty Worksheet doesn't print. To suppress the late interest and failure to file or pay penalty on the return, but print the worksheet, select the
Late interest
and
Failure to file or pay
boxes, and then select Setup, then 1120 Corporation. In the Kansas tab, select Tax Return. Select KS Late Filing Interest and Penalty Worksheet and select
Always if data
to force the application to always print the worksheet when it contains relevant data.
Suppress penalties on return: Failure to file or pay
Enter
X
to suppress the failure to file or pay penalty on the return. The application prints the KS Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file or pay penalty is due. The KS Late Filing Interest and Penalty Worksheet also prints if
Late interest
is blank and late payment interest exists.
note
The application prints the KS Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
or
Failure to file or pay
is both marked, the KS Late Filing Interest and Penalty Worksheet doesn't print. To suppress the late interest and failure to file or pay penalty on the return, but print the worksheet, select the
Late interest
and
Failure to file or pay
boxes, and then select Setup, then 1120 Corporation. In the Kansas tab, select Tax Return. Select KS Late Filing Interest and Penalty Worksheet and select
Always if data
to force the application to always print the worksheet when it contains relevant data.

Annualized Income Installment Method

Tax on annualized income
If the client uses the annualized income installment method, the amounts for each quarter will need to be manually calculated and entered in these boxes.

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