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Screen KSPmt - Kansas Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior-year overpayment in this box. The application transfers the amount entered to Form K-120, Page 4, Form K-120S, Page 1, or Form K-130, Page 3 and automatically treats it as a first-quarter payment to calculate Form K-220 or K-230. Don't include this amount again in
1st payment
.
Total, or / 1st - 5th payments
Enter the total of all estimates made for the tax year in
Total, or
. The application transfers this amount to Form K-120, Page 4, Form K-120S, Page 1, or Form K-130, Page 3 and applies it equally to all quarters to calculate Form K-220 or K-230. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax for the 1st payment through the 5th payment. Once amounts are entered in any of the individual payment boxes, the application ignores the number in
Total, or
 to calculate Form K-120, Page 4; Form K-120S, Page 1; Form K-130, Page 3; Form K-220; and Form K-230.
The first four boxes 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 weren't made on the estimated due dates, enter the actual dates of payment in the boxes provided.
Treat calculated amounts as paid
The application proformas the estimated payments calculated in last year’s application to the
Calculated Amount
 boxes. Enter
X
 in this box to have the application transfer amounts from the
Calculated Amount
 boxes to the
Amount Paid
 boxes.
note
Amounts entered in the
Amount Paid
 boxes aren't replaced 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 box, and
  • prints this amount on the main return, not on the extension.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this box. The application then displays the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the box and select Delete overrule.
  • To verify the accuracy of the overruled amount, right-click the box and select Acknowledge overruled data. The application then turns off the acknowledge functionality from the right-click menu. To restore the original amount later, you'll need to enter it manually.
  • You can set a user preference to select boxes for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.

Extension

Calculate extension payment (C Corp and Privilege Tax)
Enter
1
 or leave this box blank to calculate the extension at 100 percent of the current-year liability using Form K-120V or K-130V. Enter
2
to have the application calculate the extension at 90 percent of the current-year liability using Form K-120V or K-130V. When this is selected, interest is assessed on the remaining 10 percent of the balance due.
note
If the federal extension, Form 7004, wasn't filed, Kansas requires a written explanation attached with the completed return when filed to receive a six-month extension. Enter the reason for extension in the statement in the KSPmt screen. The application uses this information to complete the written application for extension.
Reason for extension
In the statement, enter an explanation for filing a written application for extension. The written application for extension is filed when the federal return isn't extended but a Kansas extension is requested. The written application for extension is attached to the return when filed.
Extension contact
Enter
1
 or leave this box blank to print the officer name on the extension Form K-120V or Form K-130V. Enter
2
 to have the application print the preparer name.
note
To select this option globally for all clients, select Setup, 1120 Corporation, Kansas tab, select Extensions, and enter
1
 or
2
 in
Extension contact
 or select from the dropdown list. If this option is selected, the application automatically displays the contact name on the extension voucher.
Extended due date
If you've printed an extension by selecting File, then Print Extensions, the extended due date automatically appears in this box. 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 box is blank, it is assumed that the return wasn't put on extension.
Balance due on extension (C Corp and Privilege Tax / Force)
If an amount is entered in this box, the application calculates the amount of total tax using the estimated payments entered, completes
Extended due date
 , and enters the amount in
Paid with extension
.

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