Entered Rate Tables

To calculate Interest and/or Penalties:

Select the Entered option to calculate Interest and Penalties for an Entered Federal jurisdiction or a Custom Jurisdiction (a custom state or an entered jurisdiction other than Canada or United Kingdom). Because these custom jurisdictions do not have a rate table in TimeValue's TaxInterest, you can build your own rate table for the position and select the type of compounding (Daily, Monthly, Quarterly or Simple) for computing interest.

2.	Select check boxes for the area(s) you want to calculate.

3.	Use the Calendar feature to select dates to ensure entry of dates in the correct format (MM/DD/YYYY).

4.	Click Calculate Interest & Penalties. When the calculation is complete, the previous data entry page will appear with your interest and/or penalties amounts.

Interest Calculations

Daily calculates interest annually with daily compounding, using a year with 366 days. In order to use a year with 365 days (366 days for a leap year), add two days to the start date and one day to the end date. For example, to accrue for every day for two full years (1/1/2013 through 12/31/2014), input a start date of 12/30/2012 and an end date of 1/1/2015.

2.	Monthly calculates interest annually with monthly compounding, including accruing interest for any partial months.

Quarterly calculates interest annually with quarterly compounding based in a year with 366 days and the exact number of days in each quarter. Each quarter is required to be input in a separate line. If the entire period is input on one line, interest will be calculated annually with no compounding (same as Simple). User must add one day to the start date of the first quarter period. Each subsequent quarter will have an end date that is three months from the start date.

Simple calculates interest annually with no compounding calculated based on a year with 366 days. If you want to calculate interest annually with no compounding based on a year with 365 days (366 for leap years), add two days to the start date and one day to the end date. A leap year does not need an additional day on the end date.

Simple also calculates interest annually with annual compounding. Interest is calculated based in 366 days in a year. In order to calculate a year based in 366 days with compounding, each year is required to be entered in a separate line. User must add one day to the start date of the first annual period. Each subsequent year will have an end date 366 days from the start date.

Note: Positions with Entered rate tables have an asterisk (*) next to the start and end dates.

To build an entered rate table:

1.	Enter the start dates and end dates and applicable rate for the period. Only valid rates are accepted:

•	Rates are available in .25% increments from 1% up to 25%.

•	Rates are available in .50% increments from 25% up to 100%.

2.	Click Add Another Rate to continue building the rate table over time.

•	The start date is one day after the end date from the previous line and cannot be modified.

•	The rate table can have multiple rates.

•	The rates must be sequential.

Note:

•	To remove the last row from the rate table click the X. Only the last line in the rate table can be removed.

•	Refer to the Custom Rate Tables section for information about the Entered designation.

•	If using the import items template to import an Entered Rate Table, for templates from v5.2 and prior, change the tab sheet name from #UTP_CUSTOM# to #UTP_ENTERED#.