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Screen OKPmt - Oklahoma Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior year overpayment that was credited to the current year. The application automatically treats this amount as a first quarter payment for purposes of calculating Form OW-8-P. 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. The application transfers this amount to Page 1 of the return and applies it equally to all quarters for purposes of calculating Form OW-8-P. To override the way the application applies the total to all quarters, enter the actual amounts of estimated tax for
1st
through
5th payments
. 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 Page 1 of the return and Form OW-8-P.
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 due 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 are not overwritten when the
Treat calculated amounts as paid
 field is marked.
Paid with extension: Income tax / Franchise tax
Each time you print the extension (via File and then Print Extensions), the application:
  • calculates the extension payment amount and enters it in this field, and
  • prints this amount on Page 1 of the return, not on Form 504-C.
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 will 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.

Extension

Calculate extension
Enter
1
 or leave this field blank to have the application calculate the extension at 100 percent of the current year liability. Enter
2
to have the application calculate the extension at 90 percent of the current year liability. When this option is selected, interest is assessed on the remaining ten percent of the balance due. Enter
3
 when there is zero tax due for the return. When this option is selected, the application will not print Form 504-C since Oklahoma accepts the federal Form 7004.
Reason for extension
Enter the reason for the extension that prints on Form 504-C in the statement. To enter a reason for extension that applies for all clients in the application, choose Setup, 1120 Corporation, and then Oklahoma tab, and then choose the Extension button. Choose Custom and enter the reason for extension. If a reason for extension is entered in the OKEst Screen, the
Reason
 field of the Extension dialog does not print.
If the
Reason
field is blank in the Extension dialog and in the OKEst Screen, the application prints the standard text Additional time is requested to gather information to prepare a complete and accurate return on the extension.
Extended due date
If you have printed an extension by choosing File and then Print Extensions or have entered an amount in either the
Balance due on extension (Force)
fields or the
Total income tax liability (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.
Total income tax liability (Force)
Enter an amount in this field, including
0
 (zero), if you want to override (force) the calculated amount on Form 504-C, 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): Income tax / Franchise tax
If an amount is entered in this field, the application calculates the amount of total tax using the estimated payments and withholding that are entered, marks the
Calculate extension
field, completes the
Extended due date
field, and places the amount that was entered in the OK Payments section.

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