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Screen COPmt - Colorado Payments and Extension (1120)
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Payments
Prior year overpayment
Use this field to enter any prior year overpayment that has been credited to the current year. The application treats this amount as a first-quarter payment for the purposes of calculating Form DR 205. Don't include this amount again in the 1st payment field.
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 112, Page 3 or Form 106, Page 2 and applies it equally to all quarters for the purposes of calculating Form DR 205. To override the way the application applies the total to all quarters, enter the actual amounts of estimated tax for 1st payment through 5th payment. Once you enter amounts in any of the individual payment fields, the application ignores the value in the Total, or field for the purposes of calculating Page 2 of the return and Form DR 205.
The first 4 fields in the Date Paid column default to the respective quarters’ due dates, and the 5th 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 given.
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 replaced when
Treat calculated amounts as paid
is marked.Paid with extension
Each time you print the extension (via
File
, then Print Extensions
), the application:- Calculates the extension payment and enters it in this field.
- For C Corporations, prints this amount on Form 112, not on Form DR 0158C.
- For S Corporations, prints this amount on Form 106, not on Form DR 0158N.
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 selectDelete overrule.
- To confirm the accuracy of the overruled amount, right-click the field and selectAcknowledge 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 you want, 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 payment
Enter
1
or leave this field blank to have the application calculate the extension at 100 percent of the current year liability using Form DR 0158C or Form DR 0158N. Enter 2
to have the application calculate the extension at 90 percent of the current year liability using Form DR 0158C or Form DR 0158N. When you select this option, interest is assessed on the remaining ten percent of the balance due.Extended due date
If you have printed an extension by choosing
File
, then Print Extensions
or have entered an amount in the Balance due on extension (Force) field, the extended due date automatically dispalys 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.Balance due on extension (Force)
If an amount is entered in this field, the application calculates the amount of total tax using the estimated payments and withholding entered, completes the Extended due date field, and enters the amount in the Payments section.