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Screen NYPmtS - New York Payments and Extension (1120)

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Payments

Prior year overpayment
In this field, enter any prior year overpayment. The amount entered in this field transfers to the return and treats it as a first quarter payment for purposes of calculating Form CT-222. Don’t include this amount again in the
1st payment
 field.
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 are not overwritten when
Treat calculated amounts as paid
 is marked.
1st - 5th payments
Enter the estimates made for the tax year in the
Amount Paid
 column. These amounts transfer to the Composition of prepayments section of the return and Form CT-222. 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, not on Form CT-5.4.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current year extension in this field. The new amount is displayed in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the field and select
    Delete overrule
    .
  • To verify the accuracy of the overruled amount, right-click the field and select 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 select fields for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.
note
If the
Date Paid
field is blank, the payment date defaults to the due date of the extension.
Next year 1st quarter estimate paid on extension
If the total tax is over $1,000, each time you print the extension (via File then Print Extensions), the application:
  • calculates the 1st quarter estimate amount and enters it in this field, and
  • prints this amount on the main return, not on Forms CT-5.4.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current year extension in this field. The new amount is displayed in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the field and select
    Delete overrule
    .
  • To verify the accuracy of the overruled amount, right-click the field and select 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 select 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 calculate the extension at 100 percent of the current year liability. Enter
2
 to calculate the extension at 90 percent of the current year liability. If this option is selected, interest is assessed on the remaining ten percent of the balance due. Enter
3
 to calculate the extension at 100 percent of prior-year liability.
note
The application also enters the applicable due date in the
Extended due date
 field.
Extended due date
If you have printed an extension by selecting File then Print Extensions or have entered an amount in the
Balance due on extension (Force)
 or
Franchise tax (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.
Franchise tax (Force)
Enter an amount in this field, including
0
 (zero), if you want to override (force) the calculated amount on Form CT-5.4, 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 in this field, 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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