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Screen SCPmt - South Carolina Payments and Extension (1120)

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Payments

Prior year overpayment
Use this field to enter any prior year overpayment credited to the current year. The application transfers the amount entered to Page 1 of the return and treats it as a first-quarter payment for purposes of calculating Form SC2220. Don't include this amount again in
1st
.
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 Page 1 and applies it equally to all quarters for purposes of calculating Form SC2220. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax in the
1st
 through
5th payment
 fields. Once amounts are entered in any of the individual payment fields, the application ignores the amount in
Total, or
 for purposes of calculating Page 1 of the return and Form SC2220.
The first four fields 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 fields provided.
Treat calculated amounts as paid
The application proformas the estimated payments calculated in the prior year to the
Calculated Amount
 column. Enter
X
 to have transfer amounts from the
Calculated Amount
 column to the
Amount Paid
 column.
note
Amounts entered in the
Amount Paid
 column aren't replaced when
Treat calculated amounts as paid
 is marked.
Tax withheld: 1st - 4th quarter
Enter the tax withheld in these fields, according to the quarter in which it was withheld. The sum of these fields prints on Form SC1120, Page 1, line 14(a), or on Form SC1120S, Page 1, line 8(a). Also, the amount entered as withheld for each quarter is included on Form SC2220, line 9, in the respective quarter, as well as on the Form SC2220 Worksheet.
Paid with extension: Income tax / License fee
Each time you print the extension (via
File
, then
Print Extensions
), the application:
  • calculates the extension payment, enters it in this field, and
  • prints this amount on Form SC1120 or SC1120S, not on Form SC1120-T.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. The application then shows 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 turns off 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 select 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 using Form SC1120-T. Enter
2
to have the application calculate the extension at 90 percent of the current-year liability using Form SC1120-T. When this option is selected, interest is assessed on the remaining 10 percent of the balance due. Enter
3
 to have the application calculate the extension at 100 percent of the current year liability using federal Form 7004.
note
The application also enters the due date in
Extended due date
.
Extended due date
If you've printed an extension by selecting
File
, then
Print Extensions
, the extended due date automatically appears in this field. Otherwise, enter the date to be used as the extended due date in the calculation of late-filing penalties and in the filing instructions. If this field is blank, it's assumed that the return wasn't put on extension.
Balance due on extension (Force): Income tax / License fee
If an amount is entered in either of these fields, the application calculates the amount of total taxes using the estimated payments entered, completes
Extended due date
, and enters the amounts in the
Payments
 section.

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