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Screen KYLLCEst - Kentucky Single Member LLC - Estimates (1040)

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Overview

Use this screen to complete LLC Form 720-ES and Kentucky LLC Estimated Tax Worksheet.

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 the next year's estimated tax.
If you enter
2
 through
8
 in
Application of
2023
 overpayment
 in the Overpayment Application section, UltraTax CS defaults to option
1
 in
Estimates - declaration for
2024
. If you leave both of these fields blank, UltraTax CS
does not
 generate estimate vouchers or estimate 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
2024
.
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
, or
3
 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
2024
 vouchers desired
The number of estimate vouchers defaults to
3
. Enter a code to specify fewer than three vouchers. The overpayment and amounts already paid toward next year's estimates apply 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 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 you leave this field blank, UltraTax CS automatically rounds each estimated payment up to the next dollar.

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