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Screen MTPmt - Montana Payments and Extension (1120)

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Payments

Prior overpayment
Enter any prior year overpayment that has been credited to the current year. The application automatically treats this amount as a first-quarter payment for purposes of calculating interest and penalties. Do not include this amount again in the
1st payment
 field.
Total, or / Specific payments if unequal or not timely: 1st - 5th payments
Enter the total of all estimates made for the tax year in the
Total, or
field. The application transfers this amount to Form CIT, Page 4, or Form PTE, Page 2, and applies it equally to all quarters for purposes of calculating interest and penalties. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax for
1st payment
 through
5th payment
. 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 Form CIT, Page 4, or Form PTE, Page 2, and interest and penalties.
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.
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 have the application 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 the
Treat calculated amounts as paid
 field is marked.
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 Form CIT, Page 4 or Form PTE, Page 2.
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 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.
Tax withheld from pass-through entities
Enter the amount of tax withheld from pass-through entities reported on Schedule K-1. The application prints this amount on Form CIT, Page 3 or Form PTE, Page 2.
Other payments (C Corp)
Enter a description and amount for any other payments, excluding estimates, submitted in this statement. The application prints this amount on Form CIT, Page 4.

Extension

Extended due date
If you have printed an extension by choosing File and 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 an amount is entered, the application calculates the amount of total tax using the estimated payments entered, completes the
Extended due date
 field, and enters the amount in the
Paid with extension
 field.

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