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Screen KYLXPmt - Lexington Payments and Extension (1120)

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Payments - Lexington Urban

Prior year overpayment
Enter any prior-year overpayment that was credited forward to the current year in this field. The application transfers the amount entered here to Form 228, Page 1. The application also automatically treats the prior-year overpayment as a first-period payment for purposes of calculating the Underpayment of Estimated Tax Worksheet for Form 228. Therefore, 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 Form 228 in the
Total, or
 field. The application includes this amount on Page 1 of Form 228, Estimated payments, and applies it equally to all periods for the purposes of calculating the Underpayment of Estimated Tax Worksheet. To override the manner in which the application applies the total to all periods, enter the actual amounts of estimated tax in the
1st
 through
5th payment
 fields. 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 Form 228, Page 1 and the Underpayment of Estimated Tax Worksheet. The first four fields in the
Date
 column default to their respective periods’ due dates and the fifth payment date defaults to the fourth period date. If the payments were not made on the estimate due dates, enter the actual dates of payments 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 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 overwritten when the
Treat calculated amounts as paid
 field is marked.
Additional payments
Enter any additional payments made which were not part of the prior year overpayment applied and not included in the quarterly estimates entered above.
Paid with extension
Each time you print the extension (via File > Print Extensions), the application:
  • calculates the extension payment amount and enters it in this field, and
  • prints this amount on Form LX 228, not on Form LX 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 select
    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.

Payments - School Board

Prior year overpayment
Enter any prior-year overpayment that was credited forward to the current year. The application transfers the amount entered here to Form 228-S, Page 1.
Paid with extension
Each time you print the extension (via File then Print Extensions), the application:
  • calculates the extension payment amount and enters it in this field, and
  • prints this amount on Form LX 228S, not on Form LX 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 select
    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 - School Board

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 228 or Form 228-S. Enter
2
 when there is zero tax due for return. When this option is selected, the application will not print the Application for Extension since KY accepts the federal Form 7004.
Extended due date
If the Extension utility was used, the extended due date automatically appears in this field. Otherwise, enter the date that is used as the extended due date in the calculation of late-filing penalties and interest and in the filing instructions.
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 withholdings entered, completes the
Extended due date
 field, and places the amount entered in the payment due section.

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