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Screen OKPen - Oklahoma 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 field is later than the return due date, the application automatically calculates the delinquency penalties and interest on Page 1 of the return. If this field is blank, it defaults to the due date of the return.
If the return was filed prior to the due date, enter the filing date in this field to prevent the application from calculating the underpayment penalty as of the early filing date.
note
Use this field to customize the date due in the filing instructions or filing instruction inserts. In this field, enter the date you want to appear in the filing instructions or filing instruction inserts, and then insert the variable [date filed f/t] in place of the variable due date [due date ASAP f/t] in the filing instructions or filing instruction inserts. If the field is blank, the date defaults to the due date of the return (original or extended).
Prior year tax
Enter the amount of last year’s tax. The application uses this amount to calculate Form OW-8-P.
note
The application calculates the OW-8-P penalty for a short-year client.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form OW-8-P and the calculation of the Form OW-8-P penalty on the return. The application prints Form OW-8-P if this field is blank and the underpayment penalty is due.note
The application prints Form OW-8-P whenever a penalty exists. If the
Suppress penalties on return: Underpayment of estimated tax
checkbox is marked, Form OW-8-P does 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 Oklahoma tab, choose the Tax Return button. Select OK Form OW-8-P and choose the Always if data
option to force the application to always print the form when it contains relevant data.Suppress penalties on return: Late interest
Enter
X
to suppress the late payment interest on the return. The application prints the OK Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The OK Late Filing Interest and Penalty Worksheet also prints if the Failure to pay
field is blank and 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 OK Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The OK Late Filing Interest and Penalty Worksheet also prints if the Late interest
field is blank and late payment interest exists.note
The application prints the OK Late Filing Interest and Penalty Worksheet when a penalty or interest exists. If the
Suppress penalties on return:
Late interest
and Failure to pay
checkboxes are both marked, the OK Late Filing Interest and Penalty Worksheet does not print. To suppress the late interest and failure to pay penalty on the return, but print the worksheet, mark the Late interest
and Failure to pay
checkboxes, and then choose Setup and then 1120 Corporation. In the Oklahoma tab, choose the Tax Return button. Select OK Late Filing Worksheet and choose the Always if data
option to force the application to always print the worksheet when it contains relevant data.Annualized Income Installment Method
Taxable income
To have the application calculate Form OW-8-P-SUP-C, enter the taxable income earned for each of the four periods.
Credits
To have the application calculate Form OW-8-P-SUP-C, enter the current-year credits to which the corporation is entitled for each of the four periods.