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Screen VAExt - Virginia Extension and Payments (1040)

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Overview

Use this screen to calculate an extension payment for Form 760IP and enter additional information required for withholdings on Schedule INC/CG. A copy of Form 760IP is printed with the main return when the extension was printed with a balance due through the extension print tool.
note
Virginia allows an automatic 6-month extension to file returns. If no balance due is expected, there is no form to file. An extension payment is required to avoid interest and penalties when tax is owed.
There are 3 ways to make an extension payment:
  • Via electronic funds withdrawal
    • Extra data entry is needed on the VABank screen to enable the electronic payment. The payment amount should be entered in
      Balance due on extension (Force)
      . Go to
      Print Extension
       under
      File
       and select
      Create electronic file
      , then send the electronic payment via CS Connect.
  • Via electronic funds transfer ('EFT') for payments greater than $1,500
    • The payment amount should be entered in
      Balance due on extension (Force)
      . Then select
      Print Extension
       under
      File
       and select paper.
  • Via check
    • The payment amount should be entered in
      Balance due on extension (Force).
       Then select
      Print Extension
       under
      File
       and select paper.
    • If the payment amount exceeds $1,500 the filing instructions will default to pay via EFT - go to the VALetter screen and select
      Opt out from EFT and pay by check
      .

General Information

Calculate extension
Enter
X
 to calculate the amount due on Form 760IP. UltraTax CS also enters the due date in the
Extended due date
 field.
Extended due date
If an extension is printed, or an entry is made in the
Calculate extension
 field, the extended due date shows in this field. Otherwise, the date entered in this field is used as the extended due date in the filing instructions and when calculating late filing penalties.
Extension payment actually made; reportable on main return
Each time you print the extension, UltraTax CS:
  • calculates the extension payment amount and enters it in this field
  • prints this amount on the main return, not on the extension.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. UltraTax CS then displays the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the field and select
    Delete overrule
    .
  • To verify the accuracy of the overruled amount, right-click the field and select
    Acknowledge overruled data
    . UltraTax CS then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to enter it manually.
  • If desired, you can set a preference to mark fields for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.
Estimate of tax liability (Force)
If you enter an amount in this field, UltraTax CS enters
X
 in the
Calculate extension
 field, completes the
Extended due date
 field and uses the amount entered as the tax liability on the extension.
Balance due on extension (Force)
When an amount is entered in this field, UltraTax CS calculates the amount of total tax using the estimated payments and withholding entered, marks the
Calculate extension
 field, completes the
Extended due date
 field, and transfers the amount that you enter in the
Extension payment actually made; reportable on main return
 field.
Additional payment
Enter the payment amount and the date of the payment. The amount paid is included as a payment on the return. When the date paid is after the original due date, the amount is not included as a payment in the calculation of an extension. The payment reduces the balance due for late interest and penalty calculations as of the date paid.

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