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Screen NJPmt - New Jersey Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior year overpayment in this box. This amount transfers to Page 1 of the return and is automatically treated as a first quarter payment for purposes of calculating Forms CBT-160-A and CBT-160-B. Don't include this amount again in
1st payment
.
Prior year installment payment
Enter the installment payment made on the prior year’s return in this box, if the corporation was qualified and elected to pay at least 50 percent of the current year tax on their prior year return.
note
If an amount is entered, the application doesn't calculate the Forms CBT-160-A and CBT-160-B penalty.
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
 boxesto the
Amount paid
 boxes.
note
Amounts entered in the
Amount paid
 boxes aren't replaced when
Treat calculated amounts as paid
 is marked.
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 Page 1 of the return and applies it equally to all quarters for purposes of calculating Forms CBT-160-A and CBT-160-B.
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 amount in
Total, or
 for purposes of calculating Page 1 of the return, Forms CBT-160-A and CBT-160-B.
The first four boxes 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 weren't made on the estimate due dates, enter the actual dates of payment in the boxes provided.
Paid with extension
Each time you print the extension (via the File, then Print Extensions), the application:
  • calculates the extension payment amount and enters it in this box, and
  • prints this amount on Form CBT-100 or Form CBT-100S, not on Form CBT-200-TC or CBT-200-TS.
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.

Extension

Use this section to enter information for the extension form and extend the due date of the return. New Jersey mandates all corporate payments for years beginning on and after January 1, 2016, to be paid electronically, and Form CBT-200-T is therefore produced by the application only as a nonsubmittable worksheet. To view Form CBT-200-T, select Help, Tax Subject Index, then Web Form Instructions to link to Form CBT-200-T from New Jersey’s website.
Calculate extension
Enter
1
 or leave this box blank to calculate the extension at 100 percent of the current year liability using Form CBT-200-T. Enter
2
 to calculate the extension at 90 percent of the current year liability using Form CBT-200-T. When this option is selected, interest is assessed on the remaining 10 percent of the balance due. Enter
3
 to calculate the extension at 100 percent of the current year tax rates applied to prior year facts using Form CBT-200-T. When this option is selected, the application uses the amount entered in
Tax on prior year’s income using current year’s rates
 in calculating Form CBT-200-T.
Tax on prior year’s income using current year’s rates, for option 3
Enter the result of applying the current year tax rates to prior year facts only if
3
 was selected in
Calculate extension
. The application uses this amount in calculating the FormCBT-200-T extension.
Extended due date
If you've printed an extension by selecting File, Print Extensions, or have entered an amount in
Balance due on extension (Force)
or
Tentative total tax (Force)
, the extended due date automatically appears in this box. Otherwise, enter the date that is to be used as the extended due date in the calculation of late-filing penalties and in the filing instructions. If this box is blank, the application assumes that the return wasn't put on extension.
Total tax and fee due (Force)
Enter an amount in this box, including
0
 (zero), to override (force) the calculated amount on Form CBT-100-TC/CBT-100-TS, line 6 - Total tax and fee due. The balance due on extension calculates based on the amount entered in this box, less any payments.
Balance due on extension (Force)
If there's an amount in this box, the amount of total tax calculates using the estimated payments and withholding entered, completes
Extended due date
, and places the amount entered in
Paid with extension
.

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