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Screen MAUPmt - Massachusetts Unitary Payments and Extension (1120)
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Overview
Use this screen to complete Form 355U; Schedule CG, Combined Reporting Allocation Schedule; and Schedule U-IC, Member’s Individual Credits; for unitary members filing Form 355U. To use this screen, you'll need to mark the
Principal reporting corporation
checkbox in the Massachusetts tab of the Client Properties window in the principal reporting corporation client only.This screen is a multiple-unit input screen. The first unit of the input screen is always for the principal reporting corporation responsible for filing the unitary return for the group. A separate unit of the unitary input screens should be added for each affiliated corporation. For each affiliate, a unique unit number is assigned to the input screens in the Unitary folder.
The application lets you share Massachusetts Combined Return information from the affiliate returns to the principal reporting corporation’s return for members of a unitary group. For each affiliate to share data with the principal reporting corporation filing Form 355U for the unitary group, you'll need to enter the principal reporting corporation EIN in the Massachusetts tab of the Client Properties window. Don't mark the
Principal reporting corporation
checkbox. You'll need to print preview each affiliate’s return to store combined return information for data sharing.Payments by the Principal Reporting Corporation
Prior year overpayment
Enter any prior-year overpayment in this box. The application transfers the amount entered to Page 1 of the return and treats it as a first-quarter payment to calculate Form M-2220. 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-2220. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax in the 1
st payment
through 5
th payment
boxes. Once amounts are entered in any of the individual payment boxes, the application ignores the amount in Total, or
to calculate the return and Form M-2220.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 estimate due dates, enter the actual dates of payments. 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 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 does the following:
- calculates the extension payment amount and enters the amount in this box, and
- prints this amount on Schedule CG, not on Form 355-7004.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this box. The application then shows 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 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.
Additional Payments Made Separately by Individual Members
Overpayment / 1st - 4th payment / Paid with extension
Enter the amount, if any, of additional payments made separately by individual members using this member’s EIN. These amounts are used to complete Schedule CG, Part 4, lines 2 through 7 and are combined with the payments made by the principal reporting corporation explicitly for the combined report. For the principal reporting corporation, if these boxes are blank, the application defaults to the amounts in the MAPmt screen.
note
- For members with the same tax year ending as the combined group, enter actual payments made.
- For members with a tax year ending different than the combined group, enter only the portion of additional payments made that are allocated to the excise shown on the combined report.
- Enter payments made, by the principal reporting corporation, explicitly for the combined report in this input screen, in the Payments by the Principal Reporting Corporation section. Estimates made explicitly for the combined report are used to calculate Schedule CG, Part 3.
Extension
Extended due date
If you've printed an extension by selecting File, then Print Extensions, or have entered an amount in
Balance due on extension (Force)
, the extended due date automatically appears in this box. Otherwise, enter the date to use as the extended due date to calculate late-filing penalties and to include in the filing instructions. If this box is blank, the application assumes that the return wasn't extended.note
The extension period for combined report filers is seven months instead of six months. See Directive 11-5, Seven-Month Extension for Combined Reporting Filers, for additional information.
Balance due on extension (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 places the amount entered in this box in the Payments section.