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Screen NMPen - New Mexico 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 penalty for the failure to file / failure to pay and the interest on the underpayment are automatically calculated. 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 either Form 41287 or the New Mexico Underpayment of Estimated Tax Worksheet and the calculation of the Form 41287 or the New Mexico Underpayment of Estimated Tax Worksheet penalty on the return. Form 41287 or the New Mexico Underpayment of Estimated Tax Worksheet prints and Form 41287 checkbox on Page 2 of the C Corporation return is marked if this field is blank and the underpayment penalty is due.
note
Note:Form 41287 or the New Mexico Underpayment of Estimated Tax Worksheet prints 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 41287 and the New Mexico Underpayment of Estimated Tax Worksheet do not print. To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
 field, choose Setup and then 1120 Corporation. In the New Mexico tab, choose the Tax Return button. Select Form 41287 and the New Mexico Underpayment of Estimated Tax Worksheet and choose the
Always if data
 option to force the worksheet to always print when it contains relevant data.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The New Mexico Late Filing Interest and Penalty Worksheet prints if this field is blank and late interest is due. The New Mexico Late Filing Interest and Penalty Worksheet also prints if the
Failure to file / pay
 field is blank and a failure to file / pay penalty exists.
Suppress penalties on return: Failure to file and pay
Enter
X
 to suppress the failure to file / pay penalty on the return. The New Mexico Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to file / pay penalty is due. The New Mexico Late Filing Interest and Penalty Worksheet also prints if the
Late interest
 field is blank and late payment interest exists.
note
Note: The New Mexico Late Filing Interest and Penalty Worksheet prints when penalties or interest exist. If the
Late interest
 and
Failure to file / pay
 checkboxes are both marked, the New Mexico Late Filing Interest and Penalty Worksheet does not print. To suppress the late interest, and failure to file / pay penalties on the return, but print the worksheet, mark the
Late interest
 and
Failure to file / to pay
checkboxes, and then choose Setup and then 1120 Corporation. In the New Mexico tab, choose the Tax Return button. Select Late Filing Wrk and choose the
Always if data
 option to force the worksheet to always print when it contains relevant data.

Exception 2 Information

Prior year tax
Enter last year’s tax. The New Mexico Underpayment of Estimated Tax Worksheet uses this amount to calculate. A
0
(zero) is considered to be the tax for the prior year. If this field is blank, it is assumed this is a new corporation and calculates the underpayment penalty based on the current-year gross tax.
note
The application calculates the penalty for a short-year client.
Prior year less than 12 months, if different from federal Screen Pen
Enter
X
 if the preceding tax year was shorter than 12 months. This information is used to calculate the New Mexico Underpayment of Estimated Tax Worksheet. Exception 2 on this worksheet can be used only if the prior year was a full 12 months or a 52/53 week filer.
Prior year tax return filed
Enter
1
 if the prior year tax return has been filed or
2
 if it has not been filed. Exception 2 on the New Mexico Underpayment of Estimated Tax Worksheet can be used only if a corporate return was filed for the prior year.

Exception 3 Information

Tax from year immediately preceding previous year
Enter the tax from the year immediately preceding the previous tax year.
Year immediately preceding the previous tax year less than 12 months
Enter
X
 if the year immediately preceding the previous tax year was shorter than 12 months. This information is used to calculate the New Mexico Underpayment of Estimated Tax Worksheet. Exception 3 on this worksheet can be used only if the prior year was a full 12 months.
Prior year tax return filed
Enter
1
 if the prior year’s tax return has been filed or
2
 if it has not been filed. Exception 3 on the New Mexico Underpayment of Estimated Tax Worksheet can be used only if the preceding year’s tax return has
not
 been filed.
Prior year extended due date
Enter the prior year’s extended due date. Exception 3 on the New Mexico Underpayment of Estimated Tax Worksheet can be used only if the extended due date for the prior year return has not occurred at the time the first estimated installment is due.

Exception 4 Information

Taxable income
Enter each quarter’s taxable income if meeting Exception 4 conditions for annualizing income.
Income tax (Force)
Enter each quarter’s income tax to force a tax different from that calculated based on the
Taxable Income
 amounts entered.
FEIN
Enter the FEIN that was used when estimated tax payments were submitted, if different from the corporation’s FEIN.

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