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Screen GAPmt - Georgia Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior year overpayment. The application transfers the amount entered to Page 1 of the return and automatically treats the amount as first-quarter payment for purposes of calculating the Penalties and Interest Worksheet. Do not include this amount again in the
1st payment
field.
Total, or / 1st - 5th payment
Enter the total of all estimates made for the tax year in the
Total
 field. The application transfers this amount to Page 1 of the return and applies it equally to all quarters for purposes of calculating the Penalties and Interest Worksheet. To override the way the application applies the total to all quarters, use the
1st payment
 through
5th payment
 fields to enter actual amounts of estimated tax. Once the amounts are entered in any of the individual payment fields, the application ignores the value in the
Total
 field for purposes of calculating both Page 1 of the return and the Penalties and Interest Worksheet.
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 have the application transfer amounts from the
Calculated Amount
 column to the
Amount Paid
column.
note
Amounts entered in the
Amount Paid
column are not overwritten when
Treat calculated amounts as paid
 is marked.
Paid with extension: Income tax / Net worth tax
Each time you print the extension (via File then Print Extensions), the application:
  • calculates the extension payment amount and enters the amount in this field, and
  • prints this amount on Form 600S or Form 600 not on Form IT 560 C.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. The new amount then displays 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 manually enter the amount.
  • 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.
Payments allocated to this return, if consolidated member
Enter the amount of tax payments that are to be allocated specifically to this parent or subsidiary separate return. Any remaining balance is allocated to the consolidated return. The amounts entered here are reflected on the Georgia payment transfer schedule.
Payments allocated to consolidated return, if consolidated member
Enter the amount of tax payments for this separate return only, which are to be allocated specifically to the consolidated return. The amounts entered here are reflected on the Georgia payment transfer schedule.

Extension

Calculate extension
Enter
1
 or leave this field blank to calculate the extension at 100 percent of the current year liability using federal Form 7004. Federal Form 7004 will print with the return in lieu of Form IT-303.
Enter
2
to calculate the extension at 90 percent of the current year liability using federal Form 7004. When this option is selected, interest is assessed on the remaining ten percent of the balance due. Federal Form 7004 will print in lieu of Form IT-303.
Enter
3
 to calculate the extension at 100 percent of the current year liability using Form IT-303.
Enter
4
to calculate the extension at 90 percent of the current year liability using Form IT-303. When this option is selected, interest is assessed on the remaining ten percent of the balance due.
Extended due date
If you have printed an extension by choosing File then Print Extensions or have entered an amount in the
Balance due on extension (Force)
 field, the extended due date automatically appears in this field. Otherwise, enter the date to be used as the extended due date when calculating the 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): Income tax / Net worth tax
If an amount is entered in this field, the application calculates the amount of total tax using the estimated payments and withholding entered, completes the
Extended due date
 field, and places the amount entered in the GA Payments section.

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