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Screen MTEst - Montana Estimates (1040)

Overview

Use this screen to complete Form 2, Page 3, and Forms IT, ESA, and EST-I. If information transferred from UltraTax/1040 doesn’t require additional data or coding, UltraTax/1040-MT shows it on the form only, not in the input screen.

Overpayment Application

Use this section to apply any current year overpayment to next year's estimated tax payment.
These codes are the same as those in UltraTax/1040. They instruct UltraTax CS on how to apply any current-year overpayment. Your decision affects what is printed on Page 1 of the return as well as the way in which next year's estimated tax payments are calculated.
New clients and converted clients may benefit from global options. Choose Setup, 1040 Individual, and then Montana tab, select the New Client Options button, and enter the code or codes with which the 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 replaced by the global choice made in the New Client Options window. 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
9
 in the
Application of overpayment
 field, or make an entry in the
Estimates - declaration for
field.
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
9
 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 coupons or filing instruction information.
These fields serve two purposes: specifying the estimate amounts for each quarter, or entering any estimate payments already made toward the next year.
  • If you enter code
    5
     in the
    Estimates - declaration for
    field, enter the quarterly payments in these fields. These amounts are adjusted by the overpayment applied, if 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.
  • If you enter code
    1
    ,
    2
    ,
    3
    ,
    6
    , or
    8
     in the
    Estimates - declaration for
    field, enter the amount paid with each estimated tax voucher. These amounts and the overpayment applied subtract from the calculated quarterly gross estimated tax liability to determine the net voucher amounts.
Enter any estimate payments already made toward the next year. These amounts and the applied overpayment subtract from the calculated quarterly gross estimated tax liability to determine the net voucher amounts.
If you enter the 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.
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.
This field allows you to 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.
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 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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