New (tax) year, new help!
Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
See also: 1040 New Jersey frequently asked questions
Overview
Use this screen to complete Form NJ-2210.
General Information
Use this section to enter information for the calculation of Form NJ-2210 penalties and late filing penalties and interest.
If the date entered in this field is later than the return due date, UltraTax CS automatically calculates the late filing penalty and the interest on the underpayment. If this field is blank, it defaults to the due date (original or extended) of the return. New Jersey may impose additional late filing and late payment penalties. These are not calculated by UltraTax CS.
UltraTax CS prints penalty and interest amounts, if applicable, on the New Jersey Balance Due / Refund Worksheet and in the margin of Forms NJ-1040 or NJ-1040NR next to the Amount you owe line. Late penalties must be separated out in this manner since the New Jersey Division of Taxation requires the Amount you owe to equal nothing other than the total tax minus total payments and credits, plus charitable contributions.
To suppress specific penalties, mark the appropriate field.
Underpayment of Estimated Tax
Use this section to enter information for the calculation of exceptions to penalties.
Enter the taxpayer’s prior year tax. The state is looking for the "Balance of tax after credit" line on the return. Do not reduce for property tax credit or earned income credit which are treated as payments to reduce tax on the Form 2210.
UltraTax CS uses this information to complete the Exception 1 line on Form NJ-2210. If no return was filed, leave this field blank. If the taxpayer’s tax liability for the prior year was zero, enter 0 (zero).
Enter the taxpayer’s prior year New Jersey gross income. UltraTax CS uses this information to complete the Exception 2 line on Form NJ-2210. If no return was filed, leave this field blank. If the taxpayer’s tax liability for the prior year was zero, enter 0 (zero) in this field. For Electronic Filing, exception 2 is not supported. If electronic filing is desired, it is recommended that this entry be cleared before creating the electronic file.
Enter the amount of withholding for the first three quarters of the year. The fourth quarter will automatically calculate as the total withholding and Schedule K-1 estimates less the amounts entered in these fields.
Annualized Income Installment Method
Use this section to enter information for the calculation of penalties.
Enter current year New Jersey annualized gross income for the applicable periods. UltraTax CS uses this information to complete the Exception 3 line on Form NJ-2210.
Enter actual current-year New Jersey taxable income for the applicable periods. UltraTax CS uses this information to complete the Exception 4 line on Form NJ-2210.
Enter actual current year credit for income taxes paid to other jurisdictions for the applicable periods. UltraTax CS uses this information to complete the Exception 4 line on Form NJ-2210.
Waiver of Underpayment Penalty
Use this section to request a waiver of penalty amounts.
UltraTax CS displays the amount entered in this field and the text "Waiver" on the Underpayment of Estimated Tax by Individuals form. UltraTax CS subtracts this amount from the penalty calculation and transfers the difference to the tax return. You must complete the Explanation of waiver request field for this field to be included in the form calculation.
Use the statement dialog to enter an explanation if the taxpayer is requesting a waiver of the underpayment penalty. An entry in this field is mandatory when a request to waive an amount is made.
2018 UltraTax CS
