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Screen KYTDPen - Tax District 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 late payment penalty and the late payment interest on the underpayment. If this box is blank, the application defaults to the due date of the return (original or extended). If the return is filed prior to the due date, enter the filing date in this box so that the application stops the calculation of underpayment penalty as of the early filing date.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The application prints the Single Tax District Late Filing Worksheet if this box is blank and late interest is due. The Single Tax District Late Filing Worksheet also prints if the
Failure to file
or
Failure to pay
 boxes 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 Single Tax District Late Filing Worksheet if this box is blank and the failure to file penalty is due. The Single Tax District Late Filing Worksheet also prints if the
Late interest
 or
Failure to pay
 boxes 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 Single Tax District Late Filing Worksheet if this box is blank and the failure to pay penalty is due. The Single Tax District Late Filing Worksheet also prints if the
Late interest
 or
Failure to file
 boxes are blank and late payment interest or a failure to file penalty exists.
note
The application prints the Single Tax District Late Filing Worksheet when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
checkboxes are all marked, the Single Tax District Late Filing Worksheet doesn'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, and then select Setup, then 1120 Corporation. In the Kentucky tab, select Tax Return. Select TD Late Filing Worksheet and select
Always if data
to force the application to always print the worksheet when it contains relevant data.
Underpayment of estimates penalty
Enter the amount of underpayment of estimates penalty to be included on Form OL-S/OL-D, Page 2. This amount would need to be manually calculated as there isn't a common estimate form to use with the OL-S/OL-D.

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