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Screen ARPmt - Arkansas Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior-year overpayment. The application transfers the amount entered here to Page 1 of the return and automatically treats it as a first-quarter payment for purposes of calculating Form AR2220. Don't include this amount again in the
1st payment
 field.
Total, or
Enter the total of all estimates made for the tax year in the
Total, or
 field. The application transfers this amount to Page 1 and applies it equally to all quarters for purposes of calculating Form AR2220. To override the way the entered applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
 through
5th payment
 fields. Once amounts are entered in any of the individual payment fields, the application ignores the value in the
Total, or
 field for purposes of calculating Page 1 of the return and Form AR2220.
The first four fields in the
Date Paid
 column default to the respective quarters’ due dates and the fifth payment date defaults to the fourth-quarter date. If the payments were not made on the estimate due dates, enter the actual dates of payment in the fields provided.
Treat calculated amounts as paid
The application proformas the estimated payments calculated in the prior year application to the
Calculated Amount
 fields. Enter X to transfer amounts from the
Calculated Amount
 fields to the
Amount Paid
 fields.
note
Amounts entered in the
Amount Paid
 fields aren't overwritten when you mark the
Treat calculated amounts as paid
 field.
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 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. The application 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 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 for which you overruled the calculated amounts and to list all overruled amounts in the
    Diagnostics
     window.

Extension

Calculate extension
Enter
1
 or leave this field blank to have the application calculate the extension using federal Form 7004. Enter
2
 to calculate a 180-day extension using Form AR1155 or enter
3
 to calculate a 60 day extension using Form AR1155.
note
The application also enters the applicable due date in the
Extended due date
field.
Approved extension to be returned to
Enter
1
or leave this field blank to have the approved extension returned to the preparer. Enter
2
to have the approved extension returned to the taxpayer.
Extended due date
If you have printed an extension by choosing File > Print Extensions, the extended due date automatically appears in this field. Otherwise, enter the date that is 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, the application assumes that the return is 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
Paid with extension
 field.

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