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Screen VTPmtC - Vermont Payments and Extension (1120)

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Refer to: 1120 Vermont frequently asked questions

Payments

Prior year overpayment
Enter any prior-year overpayment that was credited to the current year. The application treats this amount as a first-quarter payment to calculate interest and penalties on the underpayment of estimated tax worksheet. Do not include this amount again in the
1st
payment field.
Total, or / 1st payment- 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 2 of the return and applies it equally to all quarters to calculate interest and penalties on the underpayment of estimated tax worksheet. To override the way the application applies the total to all quarters, enter actual amounts 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 to calculate Page 2 of the return and to calculate interest and penalties on the underpayment of estimated tax worksheet.
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
 column. Enter
X
 to transfer amounts from the
Calculated Amount
 column to the
Amount Paid
 column.
note
Amounts entered in the
Amount Paid
 column will not be 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 amount and enters it in this field, and
  • prints this amount on Page 3 of Form CO-411.
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 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

Use this section to complete the extension Form BA-403 and to extend the due date for filing the return. To print Form BA-403, select File then Print Extensions. If a blank extension form is desired, use Help,  Tax Subject Index then Web Form Instructions to link to Form BA-403 from Vermont’s website. The extension form produced is not approved for handwritten use.
Calculate extension
Enter
1
 or leave this field blank to calculate the extension at 100 percent of the current year liability using Form BA-403. Enter
2
 when zero tax is due with the return. When this option is selected, the application does not print Form BA-403 because Vermont accepts the federal Form 7004.
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 or the
Estimated tax liability (Force)
 field, 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 is assumed that the return was not put on extension.
Estimated tax liability (Force)
Enter an amount in this field, including
0
 (zero), if you want to override (force) the calculated amount on Form BA-403, line 1. 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 here, the application calculates the amount of total income tax using the estimated payments you have entered, completes the
Extended due date
 field, and places the appropriate amount in the
Paid with extension
field in the Payments section.

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