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Screen MOPmt - Missouri Payments and Extension (1120)

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Payments

Prior year overpayment (C Corp)
Enter any prior-year tax overpayment in this field. The application transfers the amount entered to Form MO-1120, Page 2, and automatically treats it as a first-quarter payment for purposes of calculating Form MO-2220. Do
not
 include this amount again in the
1st payment
 field.
Total, or (C Corp)
Enter the total of all estimates made for the tax year in the
Total, or (C Corp)
 field. The application transfers this amount to Form MO-1120, Page 1, and applies it equally to all quarters for purposes of computing Form MO-2220. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax in the
1st
through
5th payment
fields. Once amounts are entered in any of the individual payment fields, the application ignores the value in the
Total, or (C Corp)
 field for purposes of calculating Page 1 of the return and Form MO-2220.
note
Amounts entered in the
Amount Paid
 fields will not be overwritten when the
Treat calculated amounts
as paid (C Corp)
 field is marked.
Treat calculated amounts as paid (C Corp)
The application proformas the estimated payments calculated in the prior-year application to the
Calculated Amount
 fields. Enter
X
 to transfer, the application transfers the amounts from the
Calculated Amount
 fields to the
Amount Paid
 fields.
Specific payments if unequal or not timely: 1st - 5th payment
Normally, the sum of the amounts in the
Amount Paid
 fields should equal the amount that would have been entered in the
Total, or (C Corp)
 field. UltraTax/1120 ignores the
Total, or (C Corp)
 field if any amounts are entered in the
Amount Paid
 fields. Enter the payments in chronological order. The dates in the
Date Paid
 fields default to the due dates of the estimated payments. The default date for the fifth payment is the same as the due date of the fourth payment. If you enter a date for the fifth payment, that date must be later than the due date of the fourth payment; otherwise, the application considers it paid on the due date of the fourth payment. If payments were made on time, enter the dates as the fifteenth of the month, even if the actual due date was later because of a Saturday, Sunday, or holiday.
note
Enter the actual amount of the payment in the
Amount Paid
 field. Do not include the amount of the prior-year overpayment in the
1st payment
 field.
Print Form MO-1120V for payment not made with return (C Corp)
Mark this checkbox to print Form MO-1120V. Form MO-1120V is not required for payments made with a paper filed return. The application automatically prints Form MO-1120V when the return is being filed electronically.
Paid with extension
Each time you print the extension (via File and then Print Extensions), the application:
  • calculates the extension payment amount and enters it in this field, and
  • prints this amount on Form MO-1120 or MO-1120S.
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
Enter
1
 or leave this field blank to have the application calculate the extension at 100 percent of current year tax liability using Form MO-7004. Enter
2
 when zero tax is due for the return. When this option is selected, the application does not print Form MO-7004 because Missouri accepts the federal Form 7004. To print the extension, choose File and then Print Extensions.
Code
Result
1
The application uses 100 percent of current liability when calculating the extension.
2
Missouri Form MO-7004 is not generated and federal Form 7004 prints with the main return when filed.
Extended due date
If you have printed an extension by choosing File and then Print Extensions, or have entered an amount in either the
Balance due on extension (Force)
 or the
Tentative tax liability (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.
Tentative tax liability (Force)
Enter an amount, including
0
 (zero), if you want to override (force) the calculated amount on Form MO-7004 line 1. The application calculates the balance due on extension based on the amount entered in this field, less any payments.
Balance due on extension (Force)
If an amount is entered here, the application calculates the amount of total tax using the estimated payments, completes the
Extended due date
 field, and places the amount in the
Paid with extension
 field in the Payments section.

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