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Screen NCPmt - North Carolina Payments and Extension (1120)

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Payments

Prior year overpayment (C Corp)
Enter any prior-year overpayment in this field. The amount you enter transfers to Page 2 of the return and automatically treats it as a 1st quarter payment to calculate Form CD-429B. Don't include this amount again in the
1st payment
 field.
Treat calculated amounts as paid
The estimated payments calculated in the prior year application proforma 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 won't be overwritten when
Treat calculated amounts as paid
 is marked.
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. This amount transfers to Page 2 and applies it equally to all quarters to calculate Form CD-429B. 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 to calculate Page 2 of the return and Form CD-429B.
The 1st 4 fields in the
Date
 column default to the respective quarters’ due dates and the 5th payment date defaults to the 4th quarter date. If the payments weren't made on the estimate due dates, enter the actual dates of payment in the fields provided.
For an S Corporation this amount transfers to Schedule B, line 22b only, and doesn't affect Schedule K.
Franchise / Income tax extension payment
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 CD-401S and CD-405 and not on Form CD-419.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. The new amount then displays 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 se;ect
    Acknowledge overruled data
    . The application then disables 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 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 10 percent of the balance due. Enter
3
 when there is 0 tax due for return. When this option is selected, and no tax is due, the application won't print Form CD-419 since North Carolina accepts the federal Form 7004. When this option is selected, federal Form 7004 prints with the North Carolina return when filed.
Extended due date
If you have printed an extension by selecting
File
, then
Print Extensions
, or have entered an amount in the
Balance due on extension (Force)
 field, the extended due date automatically appears in this field. Otherwise, enter the date to be used as the extended due date when calculating the late filing penalties and in the filing instructions. If this field is blank, the application assumes that the return wasn't put on extension.
Total tax due (Force): Franchise / Income tax
Enter an amount, including
0
, if you want to override (force) the calculated amount on Form CD-419. The application calculates the balance due on extension based on the amount entered in this field, less any payments.
Balance due on extension (Force): Franchise / Income tax
If an amount is entered in this field, the application calculates the amount of total tax using the estimated payments entered, completes the
Extended due date
 field, and enters the amount in the Payments section.

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