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Screen MNPmt - Minnesota Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior-year overpayment in this field. The application transfers the amount entered to Page 1 of the return, and automatically treats it as a first-quarter payment for purposes of calculating Schedules EST, M15C, and M15NP. Do not include this amount again in the
1st payment
 or
Total, or
 fields.
Total, or
Enter the total of all estimates made for the tax year in the respective
Total, or
 field. The application transfers this amount to Page 1 and applies it equally to all quarters for purposes of calculating Schedules EST, M15C, and M15NP.
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 transfer amounts from the
Calculated Amount
 fields to the
Amount Paid
 fields.
note
Amounts entered in the
Amount Paid
 fields will not be overwritten when
Treat calculated amounts as paid
 is marked.
Specific payments if unequal or not timely: 1st payment / … / 5th payment
To override the way the application applies the total to all quarters, enter actual amounts of estimated tax for
1st payment
 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 Schedules EST, M15C, and M15NP.
The first four fields in the
Date Paid
 column default to the respective quarters’ due dates, and the fifth payment date defaults to the fourth-quarter date. If the payments were not made on the estimate due dates, enter the actual dates of payment in the fields provided.
Paid with extension
Each time you print the extension (via File then Print Extensions), the application:
  • calculates the extension payment amount and enters it in this field, and
  • prints this amount on the main return.
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 choose 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 payment
Enter
1
 or leave this field blank to have the application calculate the extension at 100 percent of the current year liability. Enter
2
 to have the application calculate the extension at 90 percent of the current year liability. When this option is selected, interest is assessed on the remaining ten percent of the balance due.
Extended due date
If you have printed an extension by choosing 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 application assumes that the return was not put on extension.
Balance due on extension (Force)
If you enter an amount in this field, the application calculates the amount of total tax using the estimated payments and withholding amount entered, completes the
Extended due date
field, and places the amount that was entered in the Payments section.

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