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Screen WVPmtC - West Virginia Payments and Extension (1120)

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Payments

Prior year overpayment
Enter any prior year overpayment that was credited forward to the current year. The application transfers the entered amount to Page 2 of the return. The application also automatically treats the total prior year overpayment as a 1st-period payment for purposes of calculating Form CIT-120U. Therefore, don't include this amount in the
1st payment
 field.
Total, or / Specific payments if unequal or not timely: 1st - 5th payment
Enter the total of all corporate income tax estimates made in the applicable
Total, or
 field. The application includes this amount on Page 2 and applies it equally to all periods for purposes of computing Form CIT-120U. To override the way the application applies the total to all periods, enter the actual amounts of corporate income estimated tax in the
1st payment
 through
5th payment
 fields. Once you enter amounts in any of the individual payment fields, the application ignores the value in the
Total, or
 field for purposes of computing Page 2 of the return and Form CIT-120U.
The first 4 fields in the
Date Paid
 column default to the respective period’s due date, and the 5th payment date defaults to the 4th period date. If the payments weren't made on the estimate due dates, enter the actual dates of payment.
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 in the
Amount Paid
 fields aren't overwritten when
Treat calculated amounts as paid
 is marked.
Paid with extension
Each time you print the extension the application:
  • Calculates the extension payment amount and enters it in this field, and
  • Prints this amount on Form CIT-120, not on Form CIT-120EXT.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension. 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 enter it manually.
  • 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.
Reportable entities and withholding tax payments
Access the statement to enter amounts withheld on behalf of the corporation as reported to the corporation on Form NRW-2, K-1 or 1099. The application uses this information to complete Form CNF-120W and to complete Form CNF-120, Page 5, Schedule C.

Extension

Calculate extension
Enter
1
 or leave this field blank to have the application calculate the extension using federal Form 7004. If a balance is due with the extension, Form CIT-120EXT will also print. Additionally, a copy of federal Form 7004 will print with West Virginia Form CIT-120. Enter
2
 to have the application calculate the extension using a written extension request. When this option is selected, a written extension request will print. If a balance is due with the extension, Form CIT-120EXT will also print with the written request.
Reason for extension (Code 2)
Enter the reason for extending Form CIT-120EXT in the statement. To enter a reason for extension that applies for all West Virginia clients, select
Setup
,
1120 Corporation
, the
West Virginia
 tab, then
Extension
. If a reason for extension is entered in the WVPmtC screen, the reason for extension from the Extension window doesn't print. If a reason for extension isn't entered in the Extension window or the WVPmtC screen, the application prints the following standard line on all extensions for this application:
Additional time is requested to gather information to prepare a complete and accurate return
.
Extended due date
If you've printed an extension by selecting
File
,
Print Extensions
, or have entered an amount in either the
Balance due on extension (Force)
 field or the
Tentative corporate net income 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 wasn't put on extension.
Tentative corporate net income tax (Force)
Enter an amount, including
0
 (zero), if you want to override (force) the calculated amount on Form CIT-120EXT, line 1. The application calculates the balance due on extension based on the amount entered here, less any payments.
Balance due on extension (Force)
If you enter an amount in these fields, 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 applicable field of the Payments section.

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