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Screen SCCPmt - South Carolina Composite Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior year overpayment credited to the current year. The application transfers this amount to Page 1 of the return.
Total, or / 1st - 5th payment
Enter the total of all estimates made for the tax year in
Total, or
. The application transfers this amount to Page 1. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax in the
1st
through
5th
 fields. Once amounts are entered in any of the individual payment fields, the application ignores the value in
Total, or
 for purposes of calculating Page 1 of the return.
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 weren't 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 to the
Calculated Amount
 column. Enter
X
 to have the application transfer amounts from the
Calculated Amount
 column to the
Amount Paid
 column.
note
Amounts entered in the
Amount Paid
 column aren't replaced when
Treat calculated amounts as paid
 is marked.
Paid with extension
Each time you print the extension (via
File
, then
Print Extension
):
  • calculates the extension payment, enters it in this field, and
  • prints this amount on
    Form SC1040
    , not on
    Form SC4868
    .
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. The application then shows 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 verify the accuracy of the overruled amount, right-click the field and select
    Acknowledge overruled data
    . The application then turns off 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 using
Form SC4868
. Enter
2
 to have the application calculate the extension at 90 percent of the current-year liability using
Form SC4868
. When selected, interest is assessed on the remaining 10 percent of the balance due.
note
The application also enters the due date in
Extended due date
.
Extended due date
If the
Extension
 tool is used, or if
1
 or
2
 is entered in
Calculate extension
, the extended due date automatically appears in this field. Otherwise, enter the date to be used as the extended due date in the calculation of late-filing penalties and in the filing instructions. If this field is blank, the application assumes that the return wasn't put on extension.
Balance due on extension (Force)
If an amount is entered in this field, the application calculates the amount of composite tax using the estimated payments that were entered. When an amount is entered in this field, the application completes
Extended due date
, and places the amounts in
Paid with extension
.

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