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Screen MDPmt - Maryland Payments and Extension (1120)

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Payments

Prior year overpayment (C Corp)
Enter any prior year overpayment in this box. The application transfers the amount entered to Page 2 of the return and treats it as a first-quarter payment for purposes of calculating Form 500UP. Don't include this amount again in
1st payment
.
Total, or / 1st payment - 5th payment
Enter the total of all estimates made for the tax year in
Total, or
. The application transfers this amount to Page 2 and applies it equally to all quarters for purposes of calculating Form 500UP. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax in the
1st payment
through
5th payment
boxes. Once amounts are entered in any of the individual payment boxes, the application ignores the amount in
Total, or
 for purposes of calculating Page 2 of the return and Form 500UP. The first four boxes 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 the payment in the boxes provided.
note
In the case of an S Corporation that has income subject to federal corporate level income tax, payments made by the pass-through entity toward the tax liability on Form 500 should be entered in
Estimated tax paid
 in the Additional Payments (S Corp) section. All estimated payment amounts entered in
Total, or
 or the
Amount paid
 column of the
1st
 through
5th payment
 boxes transfer to Form 510, Page 2.
Treat calculated amounts as paid
The application proformas the estimated payments calculated in the prior year to the
Calculated Amount
 boxes. Enter
X
 in this box 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, Print Extensions), the application:
  • calculates the extension payment and enters it in this box, and
  • prints this amount on the main return, not on Form 500E or Form 510E
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this box. The application then displays the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the box and select Delete overrule.
  • To verify the accuracy of the overruled amount, right-click the box 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 boxes for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.

Extension

Extended due date
If the Extension tool was used, the extended due date automatically appears in this box. 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 box is blank, the application assumes that the return wasn't put on extension.
Tax liability (Force)
Enter an amount in this box, including 0 (zero), if you want to override (force) the calculated amount on Form 510E or Form 500E, line 1. The application calculates the balance due on extension based on the amount entered in this box, less any payments.
Balance due on extension (Force)
If an amount is entered in this box, the application calculates the amount of total tax using the estimated payments and withholding entered, completes
Extended due date
, and places the amount entered in the Payments section.

Additional Payments (S Corp)

Prior year overpayment
If the pass-through entity filed Form 500 in the previous year, and had an overpayment which was partially or completely applied to the next year’s estimated tax, enter that amount here.
Estimated tax paid
If any payments were made with regard to the amount of tax due on Form 500 by the pass-through entity, use this box to enter the estimated taxes paid including any amount paid on Form MW506NRS.
Paid with extension
If any extension payment was made to Maryland with regard to the amount due on Form 500, use this box to enter the amount paid.
note
The application doesn't calculate this box when printing an extension for the client.
Amount of overpayment applied to next year’s return
If an overpayment exists on Form 500 for the pass-through entity, use this box to enter the amount to be applied to next year’s Form 500 tax. The application will proforma this amount to
Prior year overpayment
 during the proforma of this client to next year.

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