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Screen IAPmt - Iowa Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior year overpayment that was credited forward to this year. The application transfers the amount entered here to Page 2 of the return. The application also automatically treats the prior year overpayment as a current first-period payment for purposes of calculating Form IA 2220. Therefore, do not include this amount again in the
1st payment
 field.
Total, or / 1st - 5th payment
Enter the total of all estimates made in the
Total, or
 field. The application transfers this amount to Form IA 1120, Page 2 and Form IA 1120F, Page 2 and applies it equally to all periods for purposes of calculating Form IA 2220.
To override the way the application applies the total to all periods, enter the 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 for purposes of calculating Page 2 of the return and Form IA 2220.
The first four fields in the
Date
 column default to the respective period’s due date; the fifth payment date defaults to the fourth period date. If the payments were not made on the estimate due dates, enter the actual dates of each 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
 fields to the
Amount
fields.
note
Amounts entered in the
Amount
fields are not overwritten when
Treat calculated amounts as paid
 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 1120 or Form IA 1120F, not on Form IA 1120V or Form F.
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 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 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 choosing File > 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 entered, completes the
Extended due date
 field, and enters the amount in the
Paid with extension
 field.

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