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.

Question

Why is there a balance due on the Tax Projection Worksheet when calculating estimates using the Tax Projection Worksheet liability amounts?

Answer

Estimated taxes do not include the Health Care: Individual Responsibility penalty. The IRS assesses and collects this penalty in the same manner as an assessable penalty under subchapter B of chapter 68 which is not considered a return-related penalty. By default, UltraTax CS does not include any individual responsibility penalty amounts in the estimated liability if you use code 8 - Use liability from Tax Projection Worksheet in the Form 1040-ES – 2017 declaration field on Screen Est in the Payments folder.

To include the individual responsibility penalty in next year’s estimated taxes using the Tax Projection Worksheet, select code C - Desired refund (enter amount) in the Additional coding for code #8 fieldview on Screen Est in the Payments folder. Then, enter the amount of the individual responsibility penalty in the Amount of refund desired field.

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