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Screen CTPmtS - Connecticut Payments and Extension (1120)

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Payments

Total, or / Specific payments if unequal or not timely: 1st - 5th payment
Enter the total of all estimates made for the tax year in the
Total, or
field. The application transfers this amount to Form CT-1065/CT-1120SI, Page 2. If you wish to override how the application applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
 through
5th payment
 fields. If you enter amounts in any of the individual payment fields, the application ignores the value in the
Total, or
field for purposes of calculating Form CT-1065/CT-1120SI, Page 2.
Treat calculated amounts as amounts paid
If the return was completed using last year’s application and estimates were calculated for the current year, the application proformas the amounts into the
Calculated Amount
fields. If no data has been entered for estimate payments, enter
X
 in the
Treat calculated amounts as
amounts paid
 field to move the calculated amounts to the
Amount Paid
fields.
Paid with extension
Each time you print the extension (via File > Print Extensions):
  • calculates the extension payment, enters it in this field, and
  • prints this amount on Form CT-1120SI, not on Form CT-1120SI EXT.
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 choose Delete overrule.
  • To confirm the accuracy of the overruled amount, right-click the field and choose 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 at 100 percent of the current year liability. Enter
2
 to have the application calculate the extension at 90 percent of the current year liability. When this option is selected, interest is assessed on the remaining ten percent of the balance due.
note
The application also enters the applicable due date in the
Extended due date
 field.
Reason for extension
Enter the reason for the extension that prints on Form CT-1120SI EXT in the statement. To enter a reason for extension that applies for all clients in the application, go to
Setup
 and select
1120 Corporation
. On the Connecticut tab, select
Extension
. If a reason for extension is entered in this statement, the reason for extension from the Extension dialog does not print. If this statement and the
Reason for extension
 field in the Extension dialog are blank, the application prints the standard text, Additional time is requested to gather information to prepare a complete and accurate return on all extensions for Connecticut.
Extended due date
If you have printed an extension by choosing File, then Print Extensions, have entered an amount in the
Balance due on extension (Force)
field, or a code is entered in the
Calculate extension
 field, an extended due date 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 was not put on extension.
Balance due on extension (Force)
If an amount is entered in this field, the application completes the
Extended due date
 field and places the amount entered in the
Paid with extension
field.

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