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Screen ALFIPmt - Alabama Financial Institution Payments and Extension (1120)

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Payments

Paid with extension
Each time you print the extension, the application:
  • calculates the extension payment amount and enters it in this field
  • prints this amount on Form ET-1 not on Form BIT-V.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. The application then shows 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 confirm the accuracy of the overruled amount, right-click the field and select
    Acknowledge overruled data
    . The application 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 user preference to mark fields where you overruled the calculated amounts and to list all overruled amounts in the
    Diagnostics
     window.

Extension

Calculate extension
Alabama grants a three month or six month extension to file Form ET-1. The three or six month extension is not an extension of time to pay the tax due. A six month extension requires 100 percent of current year tax liability be paid by the original due date of the return. A three month extension requires 50 percent of tax liability be paid by the original due date of the return. The remaining 50 percent of tax liability is to be paid with the extended return. No late payment penalties will calculate on this amount, however, late interest will calculate.
Extended due date
If you have printed an extension, the extended due date automatically appears in this field. Otherwise, enter the date to be used as the extended due date in the calculation of late-filing penalties and in the filing instructions. If this field is blank, you assume the return was not put on extension.
Balance due on extension (Force)
If an amount is entered in this field, the application calculates the amount of total tax using the estimated payments entered, completes the
Extended due date
 field, and enters the amount in the
Payment
 section.

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