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Screen MJCFPmt - Michigan Cities Payments, Extension, Pen and Int (1065)

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Payments

Total, or / 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 Form CF-1065, Page 1. To override the way the application applies the total to all quarters, enter the actual amounts of estimated taxes in the
1st payment
 through
5th payment
fields. If you enter amounts in any of the individual payment fields, the application ignores the value in the
Total, or
field for purposes of calculating Form CF-1065, Page 1.
The first four fields in the
Date
 column default to the respective quarters’ due dates, and the fifth payment date defaults to the fourth-quarter 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 amounts paid: Calculated Amount
If the return was completed using last year’s application and estimates were calculated for the current year, the application proformas the amounts into the
Calculated Amount
fields. If there has not been data entry for estimate payments, enter
X
 in the
Treat calculated amounts as amounts paid
 field to move the calculated amounts into the
Amount Paid
fields.
Paid with extension
Each time you print the extension (via the File then Print Extensions option), the application :
  • calculates the extension payment amount and enters it in this field, and
  • prints this amount on the main return, not on the extension.
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

Extended due date
If you printed an extension by choosing File then Print Extensions, the extended due date automatically appears in this field. When this field is completed and the
Date return filed
 field is blank, the application uses the date in this field to calculate penalties and interest. The extended due date is also reflected in the filing instructions.
Estimated tax liability (Force)
If you enter an amount here, the application enters this amount on Form CF-7004 as Estimate of total tax liability and completes the
Extended due date
 field.
Balance due on extension (Force)
If you enter an amount here, the application displays this amount on the extension and enters the amount that you enter in the
Paid with extension
field.
note
The application also enters the applicable due date in the
Extended due date
 field.

Penalties and Interest

Date return filed
If the date entered here is later than the return due date, the application automatically calculates the late-filing interest. If this field is blank, it defaults to the due date of the return.
Prior year tax
Enter the prior year tax if a prior year return was filed for an entire 12-month period. If
0
 (zero) is entered in this field, the application uses zero as the tax for the prior year. If this field is blank, the application assumes this is a new partnership and calculates the underpayment penalty and interest on the current-year tax.
Suppress penalties on return: Late interest
Enter
X
 to suppress the late payment interest on the return. The application prints the Common Form Late Filing Interest and Penalty Worksheets if this field is blank and late interest is due. The Common Form Late Filing Interest and Penalty Worksheets also print if the
Failure to pay
 field is blank and a failure to pay penalty exists.
Suppress penalties on return: Failure to pay
Enter
X
 to suppress the failure to pay penalty on the return. The application prints the Common Form Late Filing Interest and Penalty Worksheets if this field is blank and the failure to pay penalty is due. The Common Form Late Filing Interest and Penalty Worksheets also print if the
Late interest
 field is blank and a late payment interest penalty exists.
note
The application prints the Common Form Late Filing Interest and Penalty Worksheets when penalties or interest exist. If the
Late interest
 and
Failure to pay
 checkboxes are both marked, the Common Form Late Filing Interest and Penalty Worksheets do not print.

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