Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen ILEst - Illinois Estimates (1040)

Show all hidden content

Overview

Use this screen to complete portions of Form IL-1040, Page 2 and Form IL-1040-ES. If information transferred from UltraTax/1040 does not require additional data or coding, UltraTax/1040-IL shows it on the forms only, not in the input screen.
State payments are entered in federal St Pmt Screen, so that amounts transfer to federal Schedule A. If you enter payments for this state in more than one of the units provided in federal St Pmt Screen, be sure to use the same fields for each unit. For example, if you use the
Enter total, or
 field in one unit, you need to use the
Enter total, or
 field for all units that pertain to Illinois. Similarly, if you use the
1st
 through
5th
 fields, enter the amounts in the
1st
 through
5th
 fields for all units used for Illinois. Also, the Illinois Department of Revenue requires the preparer's phone number instead of the taxpayer's phone number on the estimate vouchers.

Overpayment Application

Application of overpayment
These code options are the same as those in UltraTax/1040. They instruct UltraTax CS how to apply any current-year overpayment. Your decision affects what is printed on Page 2 of the return and the calculation of next year's estimated tax payments.
New clients and converted clients may benefit from global options. See Setup, 1040 Individual, and then Illinois tab, select the New Client Options button and enter the code or codes with which newly created and converted client returns calculate. These input screen fields transfer the global choice to newly created and converted clients. The transferred codes may be changed in these fields if necessary without being overwritten by the global choice made in the New Client Options dialog. These fields are proforma'd from year to year; therefore, only newly created and converted clients are affected by global options.

Estimates - Calculated

To have UltraTax CS calculate next year's estimated tax liability and required payments, enter
2
 through
8
 in the
Application of overpayment
 field, or make an entry in the
Estimates - declaration for
field, or make an entry in both.
Use the ILBank Screen (in the General folder), to authorize electronic funds withdrawal for any or all estimates when return is filed electronically. Note that once the electronic return is transmitted, an electronic funds withdrawal request cannot be added, modified or cancelled via UltraTax CS.
Estimates - declaration for
These codes are the same as those in UltraTax/1040. They tell UltraTax CS which method to use to determine the amount of next year's estimated tax. If you enter
2
 through
8
 in the
Application of overpayment
 field, UltraTax CS defaults to option 1 in the
Estimates - declaration for
field. If you leave both of these fields blank, UltraTax CS
does not
 generate estimate vouchers or estimate filing instruction information.
Amounts for code 5 or 9
If you enter code
5
 in the
Estimates - declaration for
field, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied, if applicable, and print on the vouchers.
If you enter code
9
 in the
Estimates - declaration for
field, enter the desired quarterly payments in these fields. These amounts are only adjusted by codes 7 or 8 that are entered in the
Application of overpayment
 field.
Estimates paid
If you enter code
1
,
2
,
3
,
6
, or
8
 in the
Estimates - declaration for
field, enter the amount already paid for each quarter in the
Estimates paid
 field. These amounts and the overpayment applied subtracts from the calculated quarterly gross estimated tax liability to determine the net voucher amounts.
To indicate an estimate already paid when using code 5 or 9, enter the amount in the column
Estimates paid
 only.
note
To print the paid amounts on the Estimate filing instructions, select Setup, 1040 Individual, Other Return Options, and then Client Documents and mark
Print Paid next to payments indicated as paid on the Est Screen
.
Options for code 8
If you enter code
8,
 Use tax from Tax Projection Worksheet, in the
Estimates - declaration for
field, choose an option in this field to customize the tax used to calculate next year's estimates. UltraTax CS automatically adjusts the projected tax liability based on the option you choose. To produce a specific refund amount, enter that amount in the
Amount of refund desired
 field.
Number of vouchers desired
The number of estimate vouchers defaults to
4
. Enter a code to specify fewer than four vouchers. The overpayment and amounts already paid toward next year's estimates are applied to each voucher based on the overpayment code and the quarter in which the amounts were paid.
Amount to round up each estimate
This field allows you to enter rounding specifications for the estimated payments. The estimated payments can be rounded up to any amount. For example, if you want to round up each estimated payment to the nearest $10, enter
10
. If you leave this field blank, UltraTax CS automatically rounds each estimated payment up to the nearest dollar.
Treat 4th quarter estimate as due on 12/31/
Use this field to indicate in the filing instructions that the fourth quarter estimate is due by 12/31. A global default is available for all new clients for all state returns. To select this option, choose Setup, 1040 Individual, Federal tab, and then New Client Options button and enter
X
 in the
Treat the 4th quarter state estimate as due on December 31st
 field.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close