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Screen KYLVPmt - Louisville Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior-year overpayment that was credited forward to the current year. 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 the Louisville Underpayment of Estimated Tax Penalty Worksheet. 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 includes this amount on Page 1, Estimated payments, and applies it equally to all periods for the purposes of calculating the Louisville Underpayment of Estimated Tax Penalty Worksheet. 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 the Louisville Underpayment of Estimated Tax Penalty Worksheet. The first four fields in the
Date
 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 have the application transfer amounts from the
Calculated Amount
 fields to the
Amount Paid
 fields.
note
Amounts entered in the
Amount Paid
 fields are not overwritten when the
Treat calculated amounts as paid
 field is marked.
Paid with extension
Each time you print the extension (via the File then Print Extensions), the application:
  • calculates the extension payment amount and enters it in this field, and
  • prints this amount on Form OL-3, not on Form OL-3E.
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
Enter
1
 or leave this field blank to have the application calculate the extension at 100 percent of the current year liability using Form OL-3E. Enter
2
 to have the application calculate the extension at 90 percent of the current year liability using Form OL-3E. When this option is selected, interest is assessed on the remaining 10 percent of the balance due. Enter
3
when there is zero tax due for return. When this option is selected, the application will not print Form OL-3E since KY accepts the federal Form 7004.
Extended due date
If the Extension utility was used, the extended due date automatically appears in this field. Otherwise, enter the date that is used as the extended due date in the calculation of late-filing penalties and interest and in the filing instructions.
Balance due on extension (Force)
If an amount is entered in this field, the application calculates the amount of total tax using the estimated payments and withholdings entered, completes the
Extended due date
 field, and places the amount entered in the payment due section.
Reason short year return extended
If the return is for a short year, enter the reason the short year return is being extended. The application transfers this information to Form OL-3E. Enter a code for the reason the short year return is extended or select one from the drop-down list.
Code
Reason
1
Change in tax year
2
Final return
3
Corporate merger
4
Corporate acquisition
5
Other
Other reason
Access the statement to enter the reason the short year return is being extended, if it is not due to a change in tax year, final return, corporate merger or acquisition.
Tax year will now end on
For a short year extension caused by a change in tax year or a corporate merger or acquisition, enter the tax year on which the future tax year will end.
Date of occurrence
For a short year extension caused by ceasing operations or by a corporate merger or acquisition, enter the date of the occurrence.
Company with whom merged or acquired
For a short year extension caused by a corporate merger or acquisition, enter the name, address, city, state, zip, and EIN of the company involved in the merger or acquisition.

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