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Screen KYLVEst - Louisville Estimates (1040)

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Overview

Use this screen to calculate estimates for the Louisville Metro Income Tax Return and the Louisville Estimated Tax Payments Worksheet.
Enter state payments in the federal
St Pmt
 screen so the amounts transfer to federal Schedule A. If you enter payments for this state in more than one of the units provided in the
St Pmt
 screen, be sure to use the same fields for each unit. For example, if you use
Total
 in one unit, use
Total
 for all units that pertain to Kentucky. Similarly, if you use the
1st-5th payment
 fields, enter amounts in the payment fields for all units used for Louisville.

Overpayment Application

Use this section to apply any
2023
 overpayment to
2024
's estimated tax payment.
Application of
2023
 overpayment
These code options are the same as those in UltraTax/1040. They instruct UltraTax CS how to apply any
2023
 overpayment. Your decision affects what's printed on the return and the calculation of
2024
's estimated tax payments.
New clients and converted clients may benefit from global options. Go to
Setup
,
1040 Individual
, then
Kentucky
 tab. Select
New Client Options
 and enter the code, or codes with which newly created and converted client returns calculate. These fields transfer the global choice to newly created and converted clients. The transferred codes may be changed in these fields if necessary, without being replaced by the global choice made in the
Setup
 screen. These fields are proforma'd from year to year; therefore, only newly created and converted clients are affected by global options.

Estimates - Calculated

To calculate the estimated tax liability and required payments for
2023
, enter
2
 through
8
 in
Application of
2023
 or make an entry in
Estimates - declaration for
2024
.
Estimates - declaration for
2024
These codes are the same as those in UltraTax/1040. They tell UltraTax CS which method to use to determine the amount of
2024
's estimated tax.
If you enter
2
 through
8
 in
Application of
2023
 overpayment
, UltraTax CS defaults to option
1
 in
Estimates - declaration for
2024
. If both of these fields are blank, UltraTax CS doesn't generate estimate coupons or filing instruction information.
Amounts for code 5, 9, or
2024
 estimates paid
These fields serve two purposes: specifying the estimate amounts for each quarter, or entering any estimate payments already made toward
2023
.
If you enter code
5
 in
Estimates - declaration for
2024
, enter the quarterly payments in these fields. These amounts are adjusted by the overpayment applied and print on the vouchers.
If you enter code
9
 in
Estimates - declaration for
2024
, enter the quarterly payments in these fields. These amounts aren't adjusted by the overpayment applied.
If you enter code
1
,
2
,
3
, or
6
 in
Estimates - declaration for
2024
, 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.
Number of vouchers desired next year
The number of estimate coupons defaults to
4
. Enter a code to specify fewer than four coupons. The overpayment and amounts paid toward
2024
's estimates are applied to each coupon based on the overpayment code, and the quarter in which the amounts were paid.
Amount to round up each estimate
This field lets you enter rounding specifications for the estimated payments. The estimated payments can be rounded up to the nearest factor indicated. For example, to round up each estimated payment to the nearest $10, enter
10
. If this field is blank, UltraTax CS automatically rounds each estimated payment up to the next dollar.
Treat 4th quarter estimate as due on December 31st,
2024
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. Select
Setup
,
1040 Individual
,
Federal
 tab,
New Client Options
, and mark the
Treat the 4th quarter state estimate as due on December 31st
 checkbox.

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