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Screen UTPen - Utah 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 application calculates the penalty for failure to pay and the interest on the underpayment. 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).
Prior year tax
Enter last year’s tax for C Corporations. Enter last year’s built-in and other gains tax for S Corporations. The application uses this amount to calculate UT Underpayment of Estimated Tax Penalty Worksheet exceptions.
note
The application will calculate the 2220 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. The application uses this information to calculate UT Underpayment of Estimated Tax Penalty Worksheet.Suppress penalties on return: Underpayment of estimated tax
Enter
X
to suppress the printing of Form 2220 and the calculation of the Form 2220 penalty on the return. The application prints Form 2220 if this field is blank and the underpayment penalty is due.note
The application prints Form 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 2220 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 Utah tab, choose the Tax Return button. Select Form 2220 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 UT Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The UT Late Filing Interest and Penalty Worksheet also prints if the Failure to file
, or Failure to pay
, or Extension penalty
fields are blank and a failure to file, failure to pay or extension 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 UT Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The UT Late Filing Interest and Penalty Worksheet also prints if the Late interest
, Failure to pay
, or Extension penalty
fields are blank and late payment interest, a failure to pay or extension 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 UT Late Filing Interest and Penalty Worksheet if this field is blank and the failure to pay penalty is due. The UT Late Filing Interest and Penalty Worksheet also prints if the Late interest
, Failure to file
, or Extension penalty
fields are blank and late payment interest, a failure to file, or extension penalty exists.note
For extended returns filed within the extension period, the application calculates an extension underpayment penalty instead of the failure to pay penalty.
Suppress penalties on return: Extension penalty
Enter
X
to suppress the extension penalty on the return. The application prints the UT Late Filing Interest and Penalty Worksheet if this field is blank and the extension penalty is due. The UT Late Filing Interest and Penalty Worksheet also prints if the Late interest
, Failure to file
, or Failure to pay
fields are blank and late payment interest or a failure to file penalty exists.note
- The extension penalty calculates for returns filed during the extension period.
- The application prints the UT Late Filing Interest and Penalty Worksheet when penalties or interest exist. If theLate interest,Failure to file,Failure to pay, andExtension penaltycheckboxes are all marked, the UT Late Filing Interest and Penalty Worksheet does not print. To suppress the late interest, failure to file penalty, failure to pay, and extension penalties on the return but print the worksheet, mark theLate interest,Failure to file,Failure to pay, andExtension penaltycheckboxes, and then choose Setup and then 1120 Corporation. In the Utah tab, choose the Tax Return button. Select Late Filing Wrk and choose theAlways if dataoption to force the application to always print the worksheet when it contains relevant data.
Adjusted Seasonal Installment Method
Annualized period elected for next year
Enter a value to have the application calculate the annualized income installment method. Enter
1
if the corporation elected to use the annualization periods of the first two months for the first required installment, the first four months for the second required installment, the first seven months for the third required installment, and the first ten months for the fourth required installment. Enter 2
if the corporation elected to use the annualization periods of the first three months for the first required installment, the first five months for the second required installment, the first eight months for the third required installment, and the first eleven months for the fourth required installment. Enter 3
if the corporation used the annualization periods of the first three months for the first required installment, the first three months for the second required installment, the first six months for the third required installment, and the first nine months for the fourth required installment.Taxable income: 3 / 5 / 8 / 11 months
To have the application calculate the adjusted seasonal method, enter the taxable income earned for the years indicated for the first 3 months, 5 months, 8 months, and 11 months, respectively.
Taxable income: 4 / 6 / 9 / 12 months
To have the application calculate the adjusted seasonal method, enter the taxable income earned for the years indicated for the first 4 months, 6 months, 9 months, and 12 months, respectively.
Extraordinary items
To have the application calculate the adjusted seasonal method, enter the current-year extraordinary items for the first 4 months, 6 months, 9 months, and 12 months, respectively.
Other taxes
To have the application calculate the adjusted seasonal method, enter the current-year other taxes owed for the first 4 months, 6 months, 9 months, and 12 months, respectively.
Credits
To have the application calculate the adjusted seasonal method, enter the current-year credits to which the corporation is entitled for the first 4 months, 6 months, 9 months, and 12 months, respectively.
note
If you enter an override on the UT Underpayment of Estimated Tax Penalty Worksheet, Page 1, the application does not reflect the override in the penalty calculations on the underpayment worksheet. Also, the application does not include any override entered on the underpayment worksheet in the penalty calculation or in the amount of penalty transferred to Page 2 of the underpayment worksheet.
Annualized Income Installment Method
Taxable income
Enter the taxable income earned for the four periods that correspond to the option chosen in the
Annualized period elected for next year
field.Extraordinary items
Enter the extraordinary items for the four periods that correspond to the option chosen in the
Annualized period elected for next year
field.Other taxes
Enter the other taxes owed for the four periods that correspond to the option chosen in the
Annualized period elected for next year
field.Credits
Enter the credits to which the corporation is entitled for the four periods that correspond to the option chosen in the
Annualized period elected for next year
field.