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Screen INPmt - Indiana Payments and Extension (1120)

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Payments

Prior year overpayment (C Corp)
Enter any overpayment that was credited to the current year. This amount transfers to Page 2 of the return and automatically treats it as a first-quarter payment for purposes of calculating Form IT-2220, and Schedule FIT-2220. Do not include this amount again in the
1st payment
 field.
From tax year ending, if not prior year end date
Enter the tax year-end attributable to the overpayment entered in the
Prior year overpayment (C Corp)
 field. If this field is left blank and there is an amount in the
Prior year overpayment
(C Corp)
 field, the application defaults to the current year-end less one year.
Total, or / 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 Page 2 and applies it equally to all quarters. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax for
1st payment
 through
5th payment
. Once amounts are entered in any of the individual payment fields, the application ignores the value in the
Total, or
 field.
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 won’t be overwritten when
Treat calculated amounts as paid
 is marked.
Paid with extension
Each time you print the extension (via File then Print Extensions), the application:
  • calculates the extension payment amount and enters it in this field, and
  • prints this amount on Page 2 of the return, not on Form IT-6 or IT-6WTH Extension payment.
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 select fields for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.

Extension

Calculate extension payment
Enter
1
 or leave this field blank to have the application calculate the extension at 100 percent of the current year liability using federal Form 7004. When this option is selected, a copy of federal Form 7004 prints with Indiana Forms IT-20, FIT-20 or IT-20S. Enter
2
to have the application 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 10 percent of the balance due and a copy of federal Form 7004 prints with Indiana Forms IT-20, FIT-20, or IT-20S. Enter
3
 to have the application calculate the extension at 100 percent of the current year liability using a written extension request. Enter
4
to have the application calculate the extension at 90 percent of the current year liability using a written extension request. When this option is selected, interest is assessed on the remaining 10 percent of the balance due.
Extended due date
If you have printed an extension by selecting
File
 then
Print Extensions
, 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, it is assumed that the return was not put on extension.
Tentative tax (Force)
Enter an amount in this field, including
0
 (zero), if you want to override (force) the calculated amount on the written extension request. The application calculates the balance due on extension based on the amount entered in this field, less any payments.
Balance due on extension (Force)
If an amount is entered, 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 IN Payments section.
Withholding credit from pass-through entities
If withholding tax, or composite tax was paid on behalf of the corporation, use the statement attached to this field to enter the required data.
Pass-through entity tax paid by another pass-through entity
If pass-through entity tax, also referred to as PTET credit, was paid on behalf of the corporation, use the statement attached to this field to enter the required data.

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