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Screen NEPmt - Nebraska Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior-year overpayment in this field. The application transfers the amount entered to Form 1120N or Form 1120-SN and treats it as a first-quarter payment for the purposes of calculating Form 2220N, Corporation Underpayment of Estimated Tax. Don't include this amount again in the
1st payment
 field.
Total, or / 1st - 5th payment
Enter the total of all estimated payments made for the tax year in the
Total, or
field. The application transfers this amount to Form 1120N or Form 1120-SN and applies it equally to all quarters for the purposes of calculating Form 2220N. To change the way the application applies the total to all quarters, enter actual amounts of estimated tax paid in the
1st payment
 through
5th payment
 fields. Once amounts are entered in any of the individual payment fields, the application ignores the amount in the
Total, or
 field.
The 1st 4 fields in the
Date Paid
 column default to the respective quarters’ due dates, and the
5th payment: Date paid
 field defaults to the 4th-quarter due date. If the payments weren't made on the estimated due dates, enter the actual dates of payment in the
Date Paid
 fields.
Treat calculated amounts as paid (C Corp)
The application proformas the estimated payments calculated in the prior year to the
Calculated Amount
 fields. Enter X to have the application transfer the amounts from the
Calculated Amount
 fields to the
Amount Paid
 fields.
note
Amounts entered in the
Amount Paid
 fields won’t be replaced when
Treat calculated amounts as paid (C Corp)
 is marked.
Paid with extension
Each time you print the extension, the application:
  • Calculates the extension payment amount and enters it in this field
  • Prints this amount on Form 1120N or 1120SN, not on Form 7004N.
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 verify the accuracy of the overruled amount, right-click the field and select
    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.
  • You can also 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 a seven-month extension using Form 7004N. Enter 2  to have the application calculate the additional extension beyond the previously extended federal due date. Enter 3 when there is zero tax due for return. When this option is selected, and no tax is due, the application won’t print Form 7004N since Nebraska accepts the federal Form 7004. When this option is selected, federal Form 7004 prints with the Nebraska return when filed.
Extension signature
Enter 1 or leave this field blank to print the officer title in the signature area on Form 7004N. Enter 2 to have the application print the preparer title in the signature area on Form 7004N.
note
To select this option globally for all clients, select
Setup
 then
1120 Corporation
. In the
Nebraska
 tab, select
Extension
 and enter 1 or 2 in the
Extension signature
field. If a selection is made in this field and the
Extension signature
 field is blank on the NEPmt screen, the application will default to this global selection.
Extended due date
If you print an extension, make a selection in the
Calculate extension
field, or enter an amount in the
Tentative income tax liability for taxable period before applicable credits (Force)
 field or
Balance due on extension field (Force)
, the extended due date shows in this field. Otherwise, enter the date to use as the extended due date in the calculation of late-filing penalties and in the filing instructions. If this field is blank, then the return wasn't put on extension.
Tentative income tax liability for taxable period before applicable credits (Force)
Enter an amount, including 0, if you want to override (force) the calculated amount on Form 7004N, line 1. The application calculates the balance due on the extension based on the amount entered here, less any payments.
Balance due on extension (Force)
Enter an amount, including 0, if you want to override (force) the calculated amount on Form 7004N, line 11.

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