Screen MIFIPmt - Michigan Financial Institution Payments and Extension (1120)

Payments

Enter any prior year overpayment in this box. The application transfers the amount entered to Form 4908, Page 2. The application also automatically treats the total prior year overpayment as a first-period payment for purposes of calculating Form 4899. Therefore, don't include this amount in
1st payment
.
Enter the total of all estimates made for the tax year in
Total, or
. The application transfers this amount to Form 4908, Page 2 and applies it equally to all quarters to calculate Form 4899. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax in the
1st
through
5th payment
boxes. Once amounts are entered in any of the individual payment boxes, the application ignores the number in
Total, or
to calculate the return.
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 in the boxes provided.
The application proformas the estimated payments calculated in the prior year application to the
Calculated Amount
boxes. Enter
X
in this box to have the application transfer amounts from the
Calculated amount
boxes to the
Amount Paid
boxes.
Each time you print the extension (via File, then Print Extensions), the application:
  • calculates the extension payment amount and enters it in this box, and
  • prints this amount on Form 4908, not on Form 4.
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.

Extension

If you've printed an extension by selecting File, then Print Extensions, or have entered an amount in either
Balance due on extension (Force)
or
Tentative annual tax (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 was not put on extension.
Enter an amount in this box, including
0
(zero), if you want to override (force) the calculated amount on Form 4. The application calculates the balance due on extension based on the amount entered in this box, less any payments.
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 enters the amount in
Paid with extension
.
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