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Screen MACPmt - Massachusetts Composite 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 the return and treats it as a first-quarter payment to calculate Form M-2210. Do
not
 include this amount again in
1
st payment
.
Total, or / 1st - 5th payment
Enter the total of all estimates made for the tax year in
Total, or
. The application transfers this amount to the return and applies it equally to all quarters to calculate Form M-2210. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
 through
5
th payment
 boxes. Once amounts are entered in any of the individual payment boxes, the application ignores the value in
Total, or
 to calculate the return and Form M-2210.
The first four boxes in the
Date Paid
 column default to the respective quarter 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 payments in the boxes provided.
Treat calculated amounts as paid
The application proformas the estimated payments calculated in the prior-year application to the
Calculated Amount
 boxes. Enter
X
 to transfer amounts from the
Calculated Amount
 boxes to the corresponding
Amount Paid
 boxes.
note
Amounts entered in the
Amount Paid
 boxes won't be overwritten when
Treat calculated amounts as paid
 is marked.
Paid with extension
Each time you print the extension (via File, then Print Extensions), the application does the following:
  • calculates the extension payment amount and enters the amount in this box, and
  • prints this amount on Form MA NRCR, not on Form M-4868.
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 choose Delete overrule.
  • To confirm the accuracy of the overruled amount, right-click the box and choose 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 manually enter the amount.
  • You can set a user preference to mark boxes for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.

Extension

Calculate extension
The application calculates Form M-4868 based on 100 percent of the tax liability if this box is blank. Massachusetts grants extensions based on 80 percent of the amount due; however, Massachusetts assesses interest over the extension period on the remaining 20 percent. If
2
is entered in this box, the application calculates Form M-4868 based on 80 percent of the tax liability.
Extended due date
If you've printed an extension by choosing File, then Print Extensions, or have entered an amount in
Balance due on extension (Force)
 or
Total tax you expect to owe (Force)
, the extended due date automatically appears in this box. 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 box is blank, the application assumes that the return wasn't put on extension.
Total tax you expect to owe (Force)
Enter an amount, including
0
 (zero), if you want to override (force) the calculated amount on Form M-4868, line 1. The application calculates the balance due on extension based on the amount entered here, less any payments.
Balance due on extension (Force)
If you enter an amount in this box, the application calculates the total tax using the estimated payments entered, completes
Extended due date
, and places the amount entered in this box in the Payments section.

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