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Screen TNPmt - Tennessee Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior year overpayment in this field. The application transfers the amount entered to Page 1 of the return and treats it as a first quarter payment for purposes of calculating the Tennessee Underpayment of Estimated Tax Worksheet. Do not include this amount again in the
1st payment
 field.
Total, or / 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 Form FAE 170 or FAE 174, Schedule E and applies it equally to all quarters for purposes of calculating the underpayment of estimates penalty. To override the way the application applies the total to all quarters, enter actual amounts of estimated tax paid in the
1st payment
through
5th payment
 fields. Once the amounts are entered in any of the individual payment fields, the application ignores the value in the
Total, or
 field for purposes of calculating Schedule E of the return and the underpayment of estimates penalty.
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 were not 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 application 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 are not overwritten when
Treat calculated amounts as paid
 is marked.
Paid with extension
Each time you print the extension (via File and then Print Extensions), the application:
  • calculates the extension payment, enters it in this field, and
  • prints this amount on Form FAE 170 or FAE 174, Schedule E.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. The application then displays the new amount in black.
note
  • To delete the overruled amount and restore the original calculated amount, right-click the field and choose 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 payment
Enter
1
 or leave this field blank to have the application calculate the extension payment at 100 percent of the current year liability. Enter
2
to calculate the extension payment 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
 to calculate the extension payment at 100 percent of the prior year liability.
Extended due date
If you have printed an extension by choosing File and then Print Extensions, or have entered an amount in either the
Balance due on extension (Force)
field, the
Estimated franchise tax (Force)
 or the
Estimated excise tax (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.
Estimated franchise tax (Force)
Enter an amount, including
0
 (zero), if you want to override (force) the calculated amount on Form 173, line 1. The application calculates the balance due on extension based on the amount entered in this field, less any payments.
Estimated excise tax (Force)
Enter an amount, including
0
 (zero), if you want to override (force) the calculated amount on Form 173, line 2. The application calculates the balance due on extension based on the amount entered in this field, less any payments.
Balance due on extension (Force)
If an amount is entered, 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
Paid with extension
 field.

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