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Screen MEPmt - Maine Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior year overpayment that's been credited to the current year. The amount entered is transferred to Form 1120ME, Page 2 and automatically treated as a 1st quarter payment for purposes of calculating Form 2220ME. Don't include this amount again in the
1st payment
 field.
Treat calculated amounts as paid
The estimated payments calculated in the prior year application proforma to the
Calculated Amount
 fields. Enter
X
 to transfer amounts from the
Calculated Amount
 fields to the
Amount Paid
 fields.
note
Amounts entered in
Amount Paid
 aren't overwritten when the
Treat calculated amounts as paid
 field is marked.
Total, or / 1st - 5th payment
Enter the total of all estimates made for the tax year in the
Total, or
 field. This amount is transferred to Form 1120ME, Page 2 and applied equally to all quarters for purposes of calculating Form 2220ME. To override the way the total is applied to all quarters, enter actual amounts of estimated tax in the
1st payment
 through
5th payment
 fields. Once amounts are entered in any of the individual payment fields, the value in the
Total, or
 field is ignored for purposes of calculating Form 1120ME, Page 2 and 2220ME. The 1st 4 fields in the Date Paid column default to the respective quarters’ due dates and the 5th payment date defaults to the 4th quarter date. If the payments weren't made on the estimate due dates, enter the actual dates of the payment in the fields provided.
Paid with extension
Each time you print the extension (via
File
,
Print Extensions
):
  • The extension payment amount is calculated and entered in this field, and
  • This amount prints on Form 1120ME, Page 2, not on Form 1120EXT-ME.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. The new amount is displayed 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 acknowledge functionality is then turned off 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 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 calculate the extension at 100 percent of the current year liability. Enter
2
 to 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.
note
The applicable due date is automatically in the
Extended due date
 field at this time.
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 return is treated as not having been put on extension.
Balance due on extension (Force)
If an amount is entered in this field, the amount of total tax is calculated using the estimated payments entered, the
Extended due date
 field is completed, and the amount is entered in the
Paid with extension
 field.

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