Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen CTPmtC - Connecticut Payments and Extension (1120)

Show all hidden content

Payments

Prior year overpayment
Enter any prior year overpayment. The application transfers the amount entered to Page 1 of the return and treats it as a first-quarter payment for purposes of calculating CT-1120I. Do not include this amount again in the
1st payment
 field.
Total, or / Specific payments if unequal or not timely: 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 Page 1 of the return and applies it equally to all quarters for purposes of calculating CT-1120I. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax for
1st payment
through
5th payment
. Once amounts are entered in any of the individual payment fields, the application ignores the value in the
Total, or
 field for purposes of calculating Page 1 of the return and Form CT-1120I. 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 were not 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 application to the
Calculated Amount
 fields. Enter
X
 to transfer amounts from the
Calculated Amount
 fields to the
Amount Paid
 fields.
note
Amounts entered in the
Amount Paid
 fields will not be overwritten when the
Treat calculated amounts as paid
 field is marked.
Paid with extension
Each time you print the extension (via File, Print Extensions):
  • calculates the extension payment, enters it in this field, and
  • prints this amount on Form CT-1120, not on Form CT-1120 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 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

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 ten percent of the balance due.
note
The application also enters the applicable due date in the
Extended due date
 field.
Reason for extension
Enter the reason for the extension that prints on Form CT-1120 EXT in the statement. To enter a reason for extension that applies for all clients in the application, go to
Setup
 and select
1120 Corporation
. On the Connecticut tab, select
Extension
. If a reason for extension is entered in this statement, the reason for extension from the Extension dialog does not print. If this statement and the
Reason for extension
 field in the Extension dialog are blank, the application prints the standard line Additional time is requested to gather information to prepare a complete and accurate return on all extensions for Connecticut.
Extended due date
If you have printed an extension by choosing File, then Print Extensions, have entered an amount in the
Tentative tax (Force)
field, the
Surtax (Force)
field, the
Balance due on extension (Force)
field, or enter a code in the
Calculate extension
 field, an extended due date appears in this field. Otherwise, enter the date that is 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 was not put on extension.
Tentative tax (Force)
Enter an amount, including
0
 (zero), if you want to override (force) the calculated amount on Form CT-1120 EXT, line 1. The application calculates the balance due on extension based on the amount entered in this field, less any payments.
Surtax (Force)
Enter an amount, including
0
 (zero), if you want to override (force) the calculated amount on Form CT-1120 EXT, line 2. The application calculates the balance due on extension based on the amount entered in this field, less any payments.
Balance due on extension (Force)
If an amount is entered in this field, the application completes the
Extended due date
 field and places the amount entered in the
Paid with extension
 field. The application calculates the amount of total tax using the estimated payments and withholding entered.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close