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Screen NJCPmt - New Jersey Composite Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior year overpayment in this box. The application transfers this amount to Form NJ-1080C, Page 1, and automatically treats the amount as a first quarter payment for purposes of calculating Form NJ-2210. Don't include this amount again in
1st
payment
.
Total, or: / 1st - 5th payment
Enter the total of all estimates made for the tax year in
Total, or
. The application transfers this amount to Form NJ-1080C, Page 1, and applies it equally to all quarters for purposes of calculating Form NJ-2210.
To override the way the total applies to all quarters, enter actual amounts of estimated tax in the
1st
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 1 of the composite return and Form NJ-2210.
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 payment in the boxes provided.
Treat calculated amounts as paid
The application proformas the estimated payments calculated in the prior year version of the application to the
Calculated amount
 boxes. Enter
X
 to transfer amounts from the
Calculated amount
 boxes to the
Amount paid
 boxes.
note
Amounts entered in the
Amount paid
 boxes aren't replaced when
Treat calculated amounts as paid
 is marked.
New Jersey tax withheld
Enter an amount in this box to report New Jersey tax withheld from wages of professional athletes. This amount prints on Page 1 of the composite return.
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 box, and
  • prints this amount on Form NJ-1080C, not on Form NJ-630.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this box. The new amount then shows 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 manually enter the amount.
  • 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

Use this section to enter information for the composite extension form and extend the due date of the composite return. To print Form NJ-630, select File, then Print Extensions. For a blank extension form, select Help, Tax Subject Index, then Web Form Instructions to link to Form NJ-630 from New Jersey’s website. The composite extension form produced isn't for handwritten use.
Calculate extension payment
Enter
1
 or leave this box blank to calculate the extension at 100 percent of the current year liability. Enter
2
 to calculate the extension at 80 percent of the current year liability. When you select this option, interest is assessed on the remaining 20 percent of the balance due. Enter
3
 when there's zero tax due for the composite return. When this option is selected, Form NJ-630 won't print since New Jersey accepts the federal extension. In addition, when this option is selected and no balance is due, the federal Form 7004 will print with the composite return when filed.
Extended due date
If you've printed a composite extension by selecting File, then Print Extensions, the extended due date automatically appears in this box. Otherwise, enter the date you need to use 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.
Balance due on extension (Force)
If there's an amount 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 NJ Composite Payments section.

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