Triva isn't available right now.
Check out the support page for our phone number and hours
Screen MNPenC - Minnesota Penalties and Interest (1120)
Show all hidden content
General Information
Date return filed, if different from original due date
If the date entered in this field is later than the return due date, the application automatically calculates the penalty for failure to pay, the penalty for failure to file, and late filing interest. 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 you want to appear on 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 original due date of the return.
Prior year tax
Enter the prior year’s tax liability. The amount entered here is used to determine an exception for Schedules EST, M15C, and M15NP. Enter
0
(zero) if a return was filed last year with zero tax liability. Leave this field blank if no tax return was filed last year; the prior-year tax exception will not be considered.note
Note: The application calculates the Schedules EST, M15C, and M15NP penalties for a short-year client.
Prior year is less than 12 months, if different from federal Screen Pen
Enter
X
if the prior tax year was less than 12 months. This field is used to determine the required tax payments. If this field is blank, the application defaults to the Prior year less than 12 months
field in federal Screen Pen.Large corporation (C Corp)
Enter
X
if the corporation or its predecessor had Minnesota taxable net income after apportionment of $1 million or more for any of the three tax years immediately preceding the current tax year.Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Schedules M15C, and M15NP and the calculation of the Schedules M15C, and M15NP penalty on the return. The application prints Schedules M15C, and M15NP if this field is blank and the underpayment penalty is due.note
The application prints Schedules M15C, and M15NP whenever a penalty exists. If the underpayment of estimated tax suppression checkbox is marked, Schedules M15C, and M15NP will not print. To suppress the penalty, but print the form, enter
X
in the Underpayment of estimated tax
field, choose Setup then 1120 Corporation. In the Minnesota tab, click the Tax Return button. Select MN Schedule M15C, and MN Schedule M15NP and select the Always if data
option to force the application to always print the forms when they contain relevant data.Suppress penalties on return: Late interest
Enter
X
to suppress the late payment interest on the return. The application prints the MN Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The MN 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 MN Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The MN 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 MN Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The MN 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 MN 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 MN Late Filing Interest and Penalty Worksheet will not 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 choose Setup then 1120 Corporation. In the Minnesota tab, select the Tax Return button. Select Late Filing Worksheet and choose the Always if data
option to force the application to always print the worksheet when it contains relevant data.Adjusted Seasonal Installment Method
Taxable income 2016 - 2019: 3 months / … / 11 months
To calculate the adjusted seasonal method, enter the taxable income earned for the years indicated for the first 3, 5, 8, and 11 months, respectively.
Taxable income 2016 - 2018: 4 months / … / 12 months
To calculate the adjusted seasonal method, enter the taxable income earned for the years indicated for the first 4, 6, 9, and 12 months, respectively.
Extraordinary items
To calculate the adjusted seasonal method, enter the current-year extraordinary items for the first 4, 6, 9, and 12 months, respectively.
AMT
To calculate the adjusted seasonal method, enter the current-year alternative minimum taxes owed for the first 4, 6, 9, and 12 months, respectively.
Other taxes
To calculate the adjusted seasonal method, enter the current-year other taxes owed for the first 4, 6, 9, and 12 months, respectively.
Credits
To calculate the adjusted seasonal method, enter the current-year credits to which the corporation is entitled for the first 4, 6, 9, and 12 months, respectively.
Annualized Income Installment Method
Annualized period elected for next year
Enter a value to calculate the annualized income installment method. Enter
1
if the C Corporation elected to use the annualization periods of the first two months for the first required installment, the first two months for the second required installment, the first six months for the third required installment, and the first nine months for the fourth required installment. Enter 2
if the C Corporation elected to use the annualization periods of the first two months for the first required installment, the first five months for the second required installment, the first eight months for the third required installment, and the first eleven months for the fourth required installment.Taxable income
Enter the taxable income earned for the four periods that correspond to the option chosen in the
Annualized period elected for next year
field.Extraordinary items
To calculate the annualized income installment method, enter the current-year extraordinary items for the four periods, respectively. These fields are available for C Corporations only.
AMT
To calculate the annualized income installment method, enter the current-year alternative minimum taxes owed for the four periods respectively. These fields are available for C Corporations only.
Other taxes
Enter the other taxes owed for the four periods that correspond to the option chosen in the
Annualized period elected for next year
field.Credits
Enter the credits to which the corporation is entitled for the four periods that correspond to the option chosen in the
Annualized period elected for next year
field.