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Screen RIPen - Rhode Island 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 return due date, the application calculates the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment. If this box is blank, it defaults to the due date (original or extended) of the return.
note
Use this box to customize the date due in the filing instructions or filing instruction inserts. In this box, enter the date 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 box is blank, the date defaults to the due date of the return (original or extended).
Prior year taxable income
Enter the taxable income from last year in this box. This amount is used to calculate the Form RI-2220 exception.
note
Note: The application will calculate the 2220 penalty for a short-year client.
Prior year credits (C Corp)
Enter the prior-year credits for this box. This amount is used to calculate the Form RI-2220 exception.
Prior year recapture of credits and jobs growth tax (C Corp)
Enter the sum of prior-year recapture of credits and prior-year jobs growth tax in this box. This amount is used to calculate the Form RI-2220 exception.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form RI-2220 and the calculation of the Form RI-2220 penalty on the return. The application prints Form RI-2220 if this box is blank and the underpayment penalty is due.
note
The application prints Form RI-2220 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 RI-2220 won't print. To suppress the penalty, but print the form, enter
X
in
Underpayment of estimated tax
, then select Setup, then 1120 Corporation. In the Rhode Island tab, select Tax Return. Select RI Form RI-2220 and select
Always if data
 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 RI Late Filing Interest and Penalty Worksheet if this box is blank and late interest is due. The RI Late Filing Interest and Penalty Worksheet will also print 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 return: Failure to file
Enter
X
to suppress the failure to file penalty on the return. The application prints the RI Late Filing Interest and Penalty Worksheet if this box is blank and the failure to file penalty is due. The RI Late Filing Interest and Penalty Worksheet will also print 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 return: Failure to pay
Enter
X
to suppress the failure to pay penalty on the return. The application prints the RI Late Filing Interest and Penalty Worksheet if this box is blank and the failure to pay penalty is due. The RI Late Filing Interest and Penalty Worksheet will also print if the
Late interest
 or
Failure to file
 boxes are blank and late payment interest or a failure to file penalty exists.
note
The application prints the RI 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 RI Late Filing Interest and Penalty Worksheet won't 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, then select Setup, then 1120 Corporation. In the Rhode Island tab, select Tax Return. Select RI Late Filing Worksheet and select
Always if data
 to force the application to always print the worksheet when it contains relevant data.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1120 Corporation
  • State: Rhode Island

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