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Screen KYPmt - Kentucky Payments and Extension (1120)

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Payments - Income Tax Estimated Payments

Prior year overpayment
Enter any prior-year overpayment that was credited forward to the current year in this field. The application transfers the amount entered here to Page 1 of the return. The application also automatically treats the prior-year overpayment as a first-period payment for purposes of calculating Form 2220-K. Therefore, do not include this amount again in the
1st payment
 field.
Total, or / Specific payments if unequal or not timely: 1st - 5th payment
Enter the total of all estimates made in the
Total, or
 field. The application includes this amount on Page 1, Estimated payments, and applies it equally to all periods for the purposes of calculating Form 2220-K. To override the manner in which the application applies the total to all periods, enter the actual amounts of estimated tax in the
1st
through
5th payment
 fields. 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 1 of the return and Form 2220-K.
The first four fields in the
Date Paid
 column default to their respective periods’ due dates and 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 payments 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 are not overwritten when
Treat calculated amounts as paid
 is marked.
Paid with extension
Each time you print the extension (via the File then Print Extensions option), the application:
  • calculates the extension payment amount and enters it in this field, and
  • prints this amount on Forms 720 or 720S, not on Form 720SL
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.

Payments - Limited Liability Tax Estimated Payments

Prior year overpayment
Enter any prior-year overpayment that was credited forward to the current year in this field. The application transfers the amount entered here to Page 1 of the return. The application also automatically treats the prior-year overpayment as a first-period payment for purposes of calculating Form 2220-K. Therefore, do not include this amount again in the
1st payment
 field.
Total, or / Specific payments if unequal or not timely: 1st - 5th payment
Enter the total of all estimates made in the
Total, or
 field. The application includes this amount on Page 1, Estimated payments, and applies it equally to all periods for the purposes of calculating Form 2220-K. To override the manner in which the application applies the total to all periods, enter the actual amounts of estimated tax in the
1st
 through
5th payment
 fields. 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 1 of the return and Form 2220-K.
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 are not overwritten when
Treat calculated amounts as paid
 is marked.
Paid with extension
Use this section to complete Form 720SL and to extend the due date for filing the return. To print Form 720SL, choose File > Print Extensions.

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 Form 720SL. Enter
2
when there is zero tax due for return. When this option is selected, the application will not print Form 720SL since KY accepts the federal Form 7004.
Extended due date
If you have printed an extension by choosing File > 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.
Balance due on extension (Force)
If an amount is entered in these fields, 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 KY Payments section.

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