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Screen OJRITPmt - RITA 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. This amount transfers to Page 1 and applies equally to all quarters for purposes of calculating interest and penalties. To override the way the application applies the total to all quarters, enter the actual amount of estimated tax for the
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 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
Treat calculated amounts as paid
 is marked with
X
.
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 field, and
  • prints this amount on Form 27, 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 manually enter the amount.
  • 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 Form 20-EXT. When this option is selected, the application updates the
Extended due date
 field to 6 months beyond the original due date of the return. Enter
2
 to have the application calculate the extension utilizing federal Form 7004. When this option is selected, the application prints federal Form 7004 and updates the
Extended due date
 field to one month beyond the extended federal due date.
note
  • The application enters the applicable due date in the
    Extended due date
     field whenever a selection is made in this field.
  • If File > Print Extensions is used to print the extension and a selection is entered in the
    Calculate extension
    field, the application automatically shows the amount due in the
    Paid with extension
     field in the Payments section.
Print officer name and title on extension
Enter
X
 to print the officer name and title in the signature area on the RITA Form 20-EXT. If this field is left blank, the application will not enter the officer name and title on Form 20-EXT unless the global option is selected to print the officer title on the extension under
Setup
,
1120 Corporation
 then
Ohio Cities
 tab in the
Extension signature
 field.
note
To select an option globally for all clients, select
Setup
,
1120 Corporation
 then
Ohio Cities
 tab. Select the Extension button and enter a selection in the
Extension signature
 field. If either option is selected in the Extension dialog, the application automatically displays either the officer information or preparer information on Form 20-EXT as appropriate.
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 entered, completes the
Extended due date
 field, and places the amount entered in this field in the Payments section. Enter this information for all RITA cities to file on the extension.

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