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Screen VACPmt — Virginia Composite Payments and Extension (1120)

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Payments

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 1 and applies it equally to all quarters for purposes of calculating Form 760C. To change 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 for the purposes of calculating Page 1 of the return and Form 760C.
The first 4 fields in the
Date Paid
 column default to the respective quarters’ due dates, and the 5th payment date defaults to the 4th-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 last year’s application to the
Calculated Amount
 fields. Enter
X
 to have the application transfer amounts from
Calculated Amount
 to the
Amount Paid
 fields.
Paid with extension
Each time you print the extension (via the File > Print Extensions), the application does the following.
  • Calculates the extension payment amount and enters the amount in this field.
  • Prints this amount on Form 765, not on Form 770IP.
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 select
    Delete overrule
    .
  • To confirm 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 manually enter the amount.
  • If desired, you can set a user preference to mark fields for which you replaced the calculated amounts and to list all replaced 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. Enter
2
 to have the application calculate the extension at 90 percent of the current year liability. When option
2
 is selected, interest is assessed on the remaining 10 percent of the balance due.
Extended due date
If you've printed an extension by selecting
File
, then
Print Extensions
, or have entered an amount in the
Balance due on extension (Force)
field, the extended due date automatically appears here. 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 here, the application calculates the amount of total tax using the estimated payments and withholding entered, completes
Extended due date
, and places the amount in the
Payments
 section.

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