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Screen VTPenC - Vermont 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 calculates the late filing penalty, the late payment penalty, and the interest on the underpayment. If you leave this field blank, it defaults to the original due date of the return.
note
The filing date entered in the
Date return filed, if different from original due date
 field is also used to calculate any underpayment of estimated tax penalties as well as interest and penalty on late filings. So, if the return was filed prior to the due date, enter the filing date in this field so the application can stop the calculation of interest and penalties as of the early filing date. If blank, this field defaults to the original corporate return due date, and interest and penalties calculate up to that return due date.
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 the prior-year tax in this field. The application uses this amount to calculate underpayment of estimated tax penalty exceptions. If this field is blank, the application assumes this is a new corporation and calculates the underpayment penalty and interest on the current year tax. If the corporation had zero liability the previous year, enter
0
 in the field.
note
The underpayment of estimated tax penalty will calculate for a short-year client.
Suppress penalties on return: Underpayment of estimated tax
Enter
X
 to suppress the printing of the underpayment of estimated tax worksheet and the calculation of the underpayment penalty on the return. The application prints the underpayment of estimated tax worksheet if this field is blank and the underpayment penalty is due.
note
The application prints the underpayment of estimated tax worksheet whenever a penalty exists, even though this is inconsistent with the form’s instructions. If the
Underpayment of estimated tax
suppression field is marked, the worksheet will not print. To suppress the penalty, but print the form, enter
X
 in the
Underpayment of estimated tax
 field, choose Setup > 1120 Corporation. In the Vermont tab, click the Tax Return button. Highlight Underpayment of Estimated Tax Worksheet and click 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 VT Late Filing Interest and Penalty Worksheet prints if this field is blank and late interest is due. The VT Late Filing Interest and Penalty Worksheet will also print if the
Failure to file
or
Failure to pay
 fields 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 VT Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to file penalty is due. The VT Late Filing Interest and Penalty Worksheet will also print if the
Late interest
 or
Failure to pay
 fields 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 VT Late Filing Interest and Penalty Worksheet prints if this field is blank and the failure to pay penalty is due. The VT Late Filing Interest and Penalty Worksheet will also print if the
Late interest
 or
Failure to file
 fields are blank and late payment interest or a failure to file penalty exists.
note
The VT Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
,
Failure to file
, and
Failure to pay
 fields are all marked, the VT Late Filing Interest and Penalty Worksheet will not 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
fields, and then choose Setup > 1120 Corporation. In the Vermont tab, click the Tax Return button. Highlight Late Filing Wrk and click the
Always if data
 option to force the worksheet to always print when it contains relevant data.

Adjusted Seasonal Installment Method

Taxable income 2015 -
2024
: 3, 5, 8, 11 months
To calculate the adjusted seasonal installment method, enter the taxable income earned for the years indicated for the first 3, 5, 8, and 11 months, respectively.
Taxable income 2015 / … / Credits
To calculate the adjusted seasonal installment method, enter the taxable income earned for the years indicated for the first 4, 6, 9, and 12 months, respectively.

Annualized Income Installment Method

Annualized period elected for next year
Enter a code from the drop-down list. If no code is entered, the application defaults to Option
3
.
Code
Description
1
Annualized Income, Option 1 - First 2, 4, 7, 10 months
2
Annualized Income, Option 2 - First 3, 5, 8, 11 months
3
Annualized Income, Standard Option - First 3, 3, 6, 9 months
Taxable income / … / Credits
Enter annualized taxable amounts for the periods involved based on the option selected in the
Annualization period elected for next year
field. These amounts are transferred to the underpayment of estimated tax worksheet.

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