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Screen OJCINPmt - Cincinnati Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior-year overpayment. The amount transfers to Page 1 of the return. 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 the tax year in the
Total, or
 field. The application transfers this amount to Page 1 and applies the amount equally to all quarters. To override the way the application applies the total to all quarters, enter the actual amount of estimated tax in the
1st payment
 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 interest and penalties.
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
 column to the
Amount Paid
 column.
note
Amounts entered in the
Amount Paid
 column are not overwritten when the
Treat calculated amounts as paid
 field is marked.
Paid with extension
Each time you print the extension (via File then Print Extensions), the application:
  • calculates the extension payment and enters it in this field, and
  • prints this amount on the City of Cincinnati Business Tax Return, Page 1.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. The new amount is then displayed 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

Calculate extension
Enter
1
 or leave this field blank to calculate the extension utilizing federal Form 7004. When this option is selected, the Cincinnati Extension Request Form will not print since Cincinnati accepts the federal extension when federal Form 7004 is attached to the Cincinnati return when filed. In addition, when this option is selected, the
Extended due date
 field is updated to the last day of the month following the extended federal due date, and the application prints federal Form 7004 with the Cincinnati return. Enter
2
 to calculate the extension utilizing the Cincinnati Extension Request Form. When this option is selected, the Cincinnati Extension Request Form is printed, and the application updates the
Extended due date
 field to six months beyond the original due date of the return.
note
  • The applicable due date is entered in the
    Extended due date
     field whenever a selection is made in this field.
  • If
    File
     then
    Print Extensions
     is used to print the extension, the amount due is automatically shown in the
    Paid with extension
     field in the Payments section.
Extension signature
Enter
1
or leave this field blank to print the officer title in the signature area on the Cincinnati Extension Request Form. Enter
2
 to print the preparer title in the signature area on the Cincinnati Extension Request Form.
note
To select this option globally for all clients, select
Setup
,
1120 Corporation
 then
Ohio Cities
 tab. Select
Extension
 and enter a selection in the
Extension signature
field. If either option is selected in the Extension statement, the application automatically displays the appropriate officer or preparer title on the Cincinnati Extension Request Form unless a different selection is made in Screen OJCinPmt for a specific client.
Extended due date
If you have printed an extension by selecting
File
 then
Print Extensions
, or have entered an amount in either 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 was not put on extension.
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 withholding entered, completes the
Extended due date
 field, and places the amount entered in the Payments section.

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