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Screen NMPmt - New Mexico Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior year overpayment. The amount entered transfers to Form CIT-1, Page 2 or Form S-Corp. Do not include this amount again in the
Total, or
field.
Total, or / Specific payments if unequal or not timely: 1st - 5th payment
Enter the total of all estimates made for the tax year in the
Total, or
field. this amount transfers to Form CIT-1, Page 2 and Form S-Corp and applies it equally to all quarters for purposes of calculating the NM Underpayment of Estimated Tax Worksheet. To override the way the total applies to all quarters, enter actual amounts of estimated tax for the
1st payment
 through
5th payment
 fields. Once amounts are entered in any of the individual payment fields, the value in the
Total, or
field is ignored for the purpose of calculating Form CIT-1, Page 2, Form S-Corp and the NM Underpayment of Estimated Tax Worksheet.
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.
Treat calculated amounts as paid
The estimated payments calculated in the prior-year application will proforma to the fields in the
Calculated Amount
 column. Enter
X
 to transfer amounts from the
Calculated Amount
 column to the
Amount Paid
 column.
note
Amounts entered in the
Amount Paid
 column are not overwritten when the
Treat calculated amounts as paid
 field is marked.

Extension

Calculate extension
Enter
1
 or leave this field blank to calculate the extension at 100 percent of the current year liability using Form RPD-41096. Enter
2
 when using federal Form 7004. When this option is selected, Form RDP-41096 will not print since NM accepts the federal Form 7004.
Extension signature
Enter
1
 or leave the field blank to print the officer name and title in the signature area on Form RPD-41096. Enter
2
 to print the preparer name and title in the signature area on Form RDP-41096.
note
To select this option globally for all clients, choose Setup, 1120 Corporation, New Mexico tab, and then Extension button, and select the applicable option for Extension Signature. If this option is marked in the Extension dialog, the officer’s name and title or preparer’s name and title automatically display on the extension form.
Reason for extension
Enter the reason for the extension that prints on Form RPD-41096 in the statement. To enter a reason for extension that applies for all clients, choose Setup, 1120 Corporation, New Mexico tab, and then Extension button. If you enter a reason for extension in the NMPmt Screen, the reason for the extension from the Extension dialog does not print.
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, it is assumed that the return was not put on extension.
Balance due on extension (Force)
If an amount is entered here, the amount of total tax calculates using the estimated payments and withholding entered, completes the
Extended due date
 field, and enters the amount in the
Paid with extension
 field in the Payments section.

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