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Screen ORCPmt - Oregon Composite Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior-year overpayment in this field. The application treats this amount as an estimated tax payment, but it doesn't distribute it among separate shareholders. Don't include this amount in Shareholder Information.
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 Form OR-OC, not on Form OR-OC-V Ext.
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 select
    Acknowledge overruled data
    . The application then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you'll need to enter it manually.
  • 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 10 percent of the balance due.
Extended due date
If you've printed an extension by selecting
File
, 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 use as the extended due date in the calculation of late-filing penalties and in the filing instructions. If this field is blank, it's assumed that the return isn't put on extension.
Balance due on extension (Force)
If amounts are entered in these fields, the application calculates the amount of total tax using the estimated payments that have been entered, completes the
Extended due date
 field, and places the amounts that are entered in the Payments section in the
Paid with extension
 fields, provided that no amounts exist there already.

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