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Screen NJCPen - New Jersey Composite 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 composite return due date, the application calculates the penalties for failure to pay and for failure to file, and the interest on the underpayment. If this box is blank, the date 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).
Prior year tax
Enter the tax amount from last year’s form. This amount transfers to Form NJ-2210.
note
The 2210 penalty calculates for a short-year client.
Prior year income
Enter the income from last year here. The application uses this amount to calculate Form NJ-2210, exception 1.
Suppress penalties on Form NJ-1080C: Underpayment of estimated tax
Enter
X
 to suppress the printing of Form NJ-2210 and the calculation of the Form NJ-2210 penalty on the return. Form NJ-2210 prints if this box is blank and the underpayment penalty is due.
note
The application prints Form NJ-2210 whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the underpayment of estimated tax suppression checkbox is marked, Form NJ-2210 doesn't print. To suppress the penalty, but print the form, enter
X
 in
Underpayment of estimated tax
, select Setup, 1120 Corporation. In the New Jersey tab, select
Tax Return
. Select Form NJ-2210 and select
Always if data
 to force the form to always print when it contains relevant data.
Suppress penalties on Form NJ-1080C: Late interest
Enter
X
 to suppress the late payment interest on the return. The Composite Late Filing Interest and Penalty Worksheet prints if this box is blank and late interest is due. The Composite Late Filing Interest and Penalty 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 Form NJ-1080C: Failure to file
Enter
X
 to suppress the failure to file penalty on the return. The Composite Late Filing Interest and Penalty Worksheet prints if this box is blank and the failure to file penalty is due. The Composite Late Filing Interest and Penalty 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 Form NJ-1080C: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. The Composite Late Filing Interest and Penalty Worksheet prints if this box is blank and the failure to pay penalty is due. The Composite Late Filing Interest and Penalty 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
Note: The Composite Late Filing Interest and Penalty Worksheet prints when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 checkboxes are all marked, the Composite Late Filing Interest and Penalty 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, 1120 Corporation. In the New Jersey tab, select
Tax Return
. Select Late Filing Wrk and select
Always if data
 to force the worksheet to always print when it contains relevant data.

Annualized Income Installment Method

Annualized income
If the annualized income installment method is used for the taxpayer, enter the amounts for each quarter as manually calculated in the three annualized income boxes.

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