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Screen IAEst - Iowa Estimates (1040)

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Overview

Use this screen to complete Form 96-048, and Step 6 of Form IA 1040.
State payments are entered in the federal St Pmt Screen, State and City Payments, so that amounts transfer to federal Schedule A. If payment is entered for Iowa in more than one of the four sections provided in the federal St Pmt Screen, be sure to use the same fields for each section. For example, if the
Total
 field is used in one section, use the
Total
 field for all sections that pertain to Iowa. Similarly, if the
1st-5th payment
 fields are used, enter the amounts in the payment fields for all sections used for Iowa.

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 prints on 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 Iowa tab and select the New Client Options button. 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.
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 the next year's estimated tax.
If you enter codes
2
 through
8
 in the
Application of overpayment
 field, UltraTax CS defaults to option
1
 in the
Estimates - declaration for
field. If both of these fields are blank, UltraTax CS
does not
 generate estimate vouchers or filing instruction information.
New clients and converted clients may benefit from global options. See Setup, 1040 Individual, and then Iowa tab and select the New Client Options button. 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.
Amounts for code 5 or 9
Enter the estimate amounts for each quarter.
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 not adjusted by the overpayment applied.
Amounts for estimates paid
Enter any estimate payments already made toward . If you enter code
1
,
2
,
6
, or
8
 in the
Estimates - declaration for
field, enter the amount paid with each estimated tax voucher. These amounts and the overpayment applied subtracts from the calculated quarterly gross estimated tax liability to determine the net voucher amounts.
Tax projection 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 less 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 the entering of rounding specifications for the estimated payments. The estimated payments can be rounded up to the nearest factor indicated.
For example, if you want to round up each estimated payment to the nearest $10, enter
10
. If this field in blank, UltraTax CS automatically rounds each estimated payment up to the next dollar.
New clients and converted clients may benefit from global options. See Setup, 1040 Individual, and then Iowa tab and select the New Client Options button. Enter the rounding amount with which newly created and converted client returns calculate. The input screen field transfers the global amount to newly created and converted clients. The transferred amount may be changed in this field if necessary without being overwritten by the global choice made in the New Client Options dialog. This field is proforma'd from year to year; therefore, only newly created and converted clients are affected by global options.
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 4 th quarter state estimate as due on December 31 st
 field.

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