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Screen NJAltPen - New Jersey Alternative Income Tax Penalties and Interest (1120)
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Overview
Date return filed, if different from original due date
If the date entered in this box is later than the return due date, UltraTax CS 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 income
Enter the income from last year here. UltraTax CS uses this amount to calculate Form PTE-160, exception 1.
note
The PTE-160 penalty calculates for a short-year client.
Prior year tax
Enter the tax amount from last year’s form. This amount transfers to Form PTE-160.
Suppress penalties on Form PTE-100: Underpayment of estimated tax
Enter
X
to suppress the printing of Form PTE-160 and the calculation of the Form PTE-160 penalty on the return. Form PTE-160 prints if this box is blank and the underpayment penalty is due.note
UltraTax CS prints Form PTE-160 whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the
Underpayment of estimated tax
suppression box is marked, Form PTE-160 doesn't print. To suppress the penalty, but print the form, enter X
in Underpayment of estimated tax
, select Setup, then 1120 Corporation. In the New Jersey tab, select Tax Return
. Select Form PTE-160 and select Always if data
to force the form to always print when it contains relevant data.Suppress penalties on Form PTE-100: Late interest
Enter
X
to suppress the late payment interest on the return. The Late Filing Interest and Penalty Worksheet prints if this box is blank and late interest is due. The 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 PTE-100: Failure to file
Enter
X
to suppress the failure to file penalty on the return. The Late Filing Interest and Penalty Worksheet prints if this box is blank and the failure to file penalty is due. The 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 PTE-100: Failure to pay
Enter
X
to suppress the failure to pay penalty on the return. The Late Filing Interest and Penalty Worksheet prints if this box is blank and the failure to pay penalty is due. The 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
The Late Filing Interest and Penalty Worksheet prints when penalties or interest exist. If the
Late interest
, Failure to file
, and Failure to pay
boxes are all marked, the 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
boxes, and then select Setup, then 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
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.