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Screen IACPmt - Iowa Composite Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any composite return prior-year overpayment in this field. The application transfers the amount entered to Form IA 1040C, line 15, and treats it as a payment for purposes of calculating penalties and interest. 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, or
 field. The application transfers this amount to Form IA 1040C, line 15, and uses it to calculate penalties and interest. To override the way the application uses the
Total, or
 field, enter actual amounts of estimated tax in the
1st payment
 through
5th payment
 fields. Once an amount is entered in any of the individual payment fields, the application ignores the value in the
Total, or
 field for purposes of calculating penalties and interest.
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
 fields to the
Amount
fields.
note
Amounts entered in the
Amount
 fields are not overwritten when the
Treat calculated amounts as paid
 field is marked.
Paid with extension
Each time you print the extension (via File then Print Extensions):
  • calculates the extension payment, enters it in this field, and
  • prints this amount on Form IA 1040C, not on IA 1040-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 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 composite extension payment
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 10 percent of the balance due.
Extended due date
If you have printed an extension by selecting
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)
If an amount is entered here, the application calculates the amount of total tax using the estimated payments and withholding entered, completes the
Extended due date
 field, and enters the amount in the
Paid with extension
 field.

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