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Screen ILPmtS - Illinois Payments and Extension (1120)

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Payments

Prior year overpayments
Enter the prior-year corporate return overpayment in this field from Form IL-1120-ST. The application transfers this amount to Page 3 of the return and treats it as a first-quarter payment for the purposes of calculating Form IL-2220. Don’t include this amount again in the Specific payments fields.
Total, or
Enter the total of all estimate payments 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 the purposes of calculating Form IL-2220. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax paid in the 1st payment through 5th payment fields. Once the amounts are entered in any of the individual payment fields, the application ignores the number in the Total, or field when calculating Page 1 of the return and Form IL-2220.
The first 4 fields in the
Date paid
 column default to the respective quarters’ due dates and the 5th payment date defaults to the fourth-quarter date.
Date paid
 for extensions defaults to the extension due date and is only used on the IL-2220. If the payments were not made on the estimate or extension due dates, enter the actual dates of payment in the fields given.
Treat calculated amounts as paid
The application proformas the prepayments 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 won’t be replaced when
Treat calculated amounts as paid
 is marked.
Paid with extension
Date paid for extensions defaults to the extension due date and is only used on the IL-2220. If the extension payment was not made on the extension due date, enter the actual date of payment in the field provided.
Each time you print the extension (via
File
, then
Print Extensions
), the application:
  • calculates the extension payment amount and enters it in this field,
  • prints this amount on Form IL-1120-ST-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 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
    . 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

Use this section to complete Form IL-1120-ST-V for the extension payments and to extend the due date of the return. To print the extension, select
File
, then
Print Extensions
.
Extended due date
If you have printed an extension by selecting
File
, then
Print Extensions
, the extended due date 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, it is assumed that 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 prepayments entered, completes the Extended due date field, and enters the amount in the Payments section.

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