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Screen MTPen - Montana Penalties and Interest (1120)

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General Information

Date return filed, if different from original due date
If the date entered here is later than the return due date, the application automatically calculates the late filing penalty, the late payment penalty, 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 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 field is blank, the date defaults to the due date of the return (original or extended).
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form CIT-UT or the MT Underpayment Penalty Worksheet and the calculation of the Form CIT-UT penalty on the return. The application prints Form CIT-UT or the MT Underpayment Penalty Worksheet if this field is blank and the underpayment penalty is due.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The application prints the MT Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The MT 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 MT Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The MT 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 MT Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The MT 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 MT 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 MT Late Filing Interest and Penalty Worksheet will not print. To suppress the late interest, failure to file penalty and failure to pay penalty on the return, but print the worksheet, mark the
Late interest
,
Failure to file
 and
Failure to pay
 checkboxes, and then choose Setup and then 1120 Corporation. In the Montana tab, select the Tax Return button. Select MT Late Filing Worksheet and choose the
Always if data
 option to force the application to always print the worksheet when it contains relevant data.
Suppress penalties on return: Composite failure to file (S Corp)
Enter
X
 to suppress the composite income tax return late filing penalty on Form PTE, Page 2.

Adjusted Seasonal Installment Method (C Corp)

Taxable income: 3rd / 2nd / 1st preceding year / Current year
To have the application 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: 3rd / 2nd / 1st preceding year
To have the application calculate the adjusted seasonal method, enter the taxable income earned for the years indicated for the first 4, 6, 9, and 12 months, respectively.

Annualized Income Installment Method (C Corp)

Annualized period elected for next year
Enter a code from the following table, or select one from the drop-down list. If no code is entered, the application defaults to option 3, the lower of options 1 or 2.
Code
Result
1
Option 1 - Annualization is based on quarterly periods of (3, 3, 6, 9).
2
Option 2 - Annualization is based on quarterly periods of (3, 5, 8, 11).
3
Option 3 - Annualization for each quarter is calculated based on the lower of option 1 or option 2.
Option 1: Taxable income
Enter annualized taxable income for the three periods involved in the option 1 calculation whenever option 1 or 3 is selected in the
Annualized period elected for next year
field. These amounts are transferred to Form CIT-UT.
Option 1: Credits
Enter the tax credits applicable to the three periods involved in the option 1 calculation whenever option 1 or 3 is selected in the
Annualized period elected for next year
field.
Option 2: Taxable income
Enter annualized taxable income for the four periods involved in the option 2 calculations whenever option 2 or 3 is selected in the
Annualized period elected for next year
field. These amounts are transferred to Form CIT-UT.
Option 2: Credits
Enter the tax credits applicable to the four periods involved in the option 2 calculations whenever option 2 or 3 is selected in the
Annualized period elected for next year
field.

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