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Screens

Screen OJTOLPmt - Toledo Payments and Extension (1120)

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Overview

Use this screen to enter information for prior year payments and to extend the due date of the return.

Payments

Prior year overpayment
Enter any prior-year overpayment. The amount transfers to Page 1 of the return. Do not include this amount again in the
1st payment
 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 Page 1 and Form TOL 2210 and applies it equally to all quarters To override the way the application applies the total to all quarters, enter the actual amount of estimated tax for the
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 interest and penalties.
Treat calculated amounts as paid
The estimated payments calculated in the prior year application proforma to the
Calculated Amount
 fields. Enter
X
 to transfer amounts from the
Calculated Amount
 column to the
Amount Paid
 column.
note
Amounts entered in the
Amount Paid
 column will not be overwritten when
Treat calculated amounts as paid
 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 the amount in this field, and
  • prints this amount on the City of Toledo Business Return, Page 1.
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 select
    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 manually enter the amount.
  • 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 calculate the extension utilizing federal Form 7004. When this option is selected, the Toledo Application for Extension will not print since Toledo accepts the federal extension when federal Form 7004 is attached to the Toledo return when filed. In addition, when this option is selected, the
Extended due date
 field is updated to the last day of the month following the extended federal due date, and the application prints federal Form 7004 with the Toledo return. Enter
2
 to calculate the extension utilizing the Toledo Application for Extension. When this option is selected, the Toledo Application for Extension is printed, and the application and updates the
Extended due date
 field to 6 months beyond the original due date of the return.
note
  • The application enters the applicable due date in the
    Extended due date
     field whenever a selection is made in this field.
  • If File then Print Extensions is used to print the extension and a selection is entered in the
    Calculate extension
    field, the application automatically shows the amount due in the
    Paid with extension
     field in the Payments section.
Reason for extension
Enter the reason for extending the City of Toledo Business Return in the statement. To enter a reason for extension that applies for all city clients, select
Setup
,
1120 Corporation
 then
Ohio Cities
 tab, and then select the
Extension
 button. If a reason for extension is entered in Screen OJTOLPmt, the reason for extension from the Extension dialog does not print. If a reason for extension is not entered under the Extension statement or in Screen OJTOLPmt, the standard line is printed on all extensions for this state application: Additional time is requested to gather information to prepare a complete and accurate return.
Extension signature
Enter
1
or leave this field blank to print the officer title in the signature area on the Toledo Application for Extension. Enter
2
 to print the preparer title in the signature area on the Toledo Application for Extension.
note
To select an option globally for all clients, select
Setup
,
1120 Corporation
 then
Ohio Cities
 tab. Select the Extension button and enter a selection in the
Extension signature
 field. If either option is selected in the Extension dialog, the application automatically displays the appropriate officer or preparer title on the extension form unless a different selection is made in Screen OJTOLPmt for a specific client.
Extended due date
If you have printed an extension by choosing File then Print Extensions, or have entered an amount in either 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.
Tentative tax (Force)
Enter an amount, including
0
 (zero), if you want to override (force) the calculated amount on the Toledo Application for Extension, 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, the application calculates the amount of total tax using the estimated payments entered, completes the
Extended due date
 field and places the amount entered in the Payments section.

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