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Screen PAFIPmt - Pennsylvania Bank and Trust Company Payments and Extension (1120)

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Payments

Paid with extension
Each time you print the extension (via File then Print Extensions), the application:
  • calculates the bank and trust shares tax extension payment, enters it here, and
  • prints this amount on RCT-132B.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension here. The application then displays the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the box and select
    Delete overrule
    .
  • To confirm the accuracy of the overruled amount, right-click the box 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.
  • 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.

Overpayment Application

Application of current year overpayment
The options available in this list instruct the application how to apply any current year overpayment. The overpayment options are listed in the list and in the following table.
Code
Result
1
Refund 100 percent of the overpayment. This is the default option.
2
Apply 100 percent of overpayment to next year’s estimates; no refund.
3
Apply amount specified below. This option applies the portion of the overpayment shown in
Overpayment to be applied (Code 3)
 to next year’s return, and refunds any excess.
note
New clients and converted clients may benefit from Pennsylvania’s new client options. Select Setup, 1120 Corporation, the Pennsylvania tab, then select New Client Options and enter the code in
Overpayment application
. The selection there transfers to the state input screen for newly created and converted clients and is used to calculate the overpayment application. The transferred code may be changed in this field if necessary and isn't overwritten by the selection in the New Client Options window.
Overpayment to be applied (Code 3)
Use this field in conjunction with code
3
 in
Application of current year overpayment
. The application uses this as the amount of any current year overpayment to be applied to next year’s estimates and refunds any excess.

Extension

Extension signature
Enter
1
 or leave this blank to have the application print the officer name on the extension. Enter
2
 to have the application print the preparer name.
note
To select this option globally for all clients, select Setup, 1120 Corporation, then the Pennsylvania tab. Select Extension and then select a code from
Extension signature
. If a code is selected, the application displays the officer or preparer title on the extension form.
Extended due date
If you've printed an extension by selecting File then Print Extensions or have entered an amount in
Balance due on extension (Force)
, the extended due date automatically appears here. Otherwise, enter the date to be used as the extended due date. If this is blank, the application assumes that the return wasn't put on extension.
Balance due on extension (Force)
If amounts are entered here, the application uses the payment amounts on the extension, completes
Extended due date
, and places the amounts entered in the
Paid with extension
 boxes.

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