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Screen SCEst - South Carolina Estimates (1040)
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Overview
Use this screen to complete Form SC1040ES, Individual Declaration of Estimated Tax and the South Carolina Estimated Tax Payments Worksheet. If information transferred from UltraTax/1040 doesn't require additional data or coding, UltraTax/1040-SC shows it on the form only, not in the input screen.
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 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 1 unit, use the Enter total, or
field for all units that pertain to South Carolina. Similarly, if you use the 1st - 5th payment
fields, enter amounts in the payment fields for all units used for South Carolina.Overpayment Application
Use this section to apply any overpayment to 's estimated tax payment.
Application of overpayment
These code options are the same as those in UltraTax/1040. They instruct UltraTax CS on how to apply any overpayment. Your choice of code affects what prints on the return and the calculation of 's estimated tax payments.
The overpayment options are available in the dropdown and in the table that follows.
note
New clients and converted clients may benefit from global options. See
Setup
, 1040 Individual
, then the South Carolina 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 overwritten 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.Code |
Result |
|---|---|
1 |
Refund 100 percent of the overpayment. This is the default option. |
2 |
Apply 100 percent of the overpayment to 's estimate; refund excess. This option applies the overpayment to each estimate in full until the overpayment is exhausted or all estimated payments are made, in which case the excess is refunded. |
3 |
Apply to 's first estimate; refund excess. |
4 |
Apply equally to all estimates; refund excess. This option divides the total overpayment by the number of payments desired, applies this amount to each estimate, and refunds any excess overpayment. |
5 |
Apply the portion of the overpayment shown in the Amount for code #5 or #8 field to the estimates until the amount is exhausted or all payments are made, in which case the excess is refunded. |
6 |
Apply to 's 1st and 2nd estimates; refund excess. |
7 |
Apply 100 percent of 's overpayment to 's estimates; provide no refund. |
8 |
Apply amount specified below to . |
Estimates - Calculated
To calculate the estimated tax liability and required payments for , 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 '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 both of these fields are blank, UltraTax CS doesn't generate estimate vouchers or the filing instruction information.The options for the
Estimates - declaration for
field are available in the dropdown and in the table that follows.Code |
Result |
|---|---|
1 |
Use the income tax liability. This is the default if you entered option 2 , 3 , 4 , 5 , 6 , 7 , or 8 in the Application of overpayment field.note
If 's tax is less than the minimum filing requirements, the vouchers don't print. |
2 |
Use the income tax liability plus the adjustment in the Amount for code 2 field. If you select this option, also enter an adjustment to the tax liability in the Amount for code 2 field. If the adjustment represents a decrease, enter a negative amount. |
3 |
Use the income tax liability even if the total liability falls below the minimum amount required to make estimated payments. |
4 |
Print vouchers with amount fields blank. If you select this option, UltraTax CS prints estimate vouchers with the amount fields blank. |
5 |
Use amounts entered below. If you select this option, also enter amounts in the Amounts for code 5 or 9 or Amounts for estimates paid fields.note
These amounts are adjusted by any overpayment applied. |
6 |
Use the income tax liability plus the adjustments in the Amounts for code 6 fields. If you select this option, also enter adjustments to the amounts in the Amounts for code 6 fields. If the adjustment represents a decrease, enter a negative amount. |
7 |
Suppress printing of vouchers. If you select this option, UltraTax CS doesn’t print the estimate vouchers, regardless of the calculation. |
8 |
Use liability from SC Tax Projection Worksheet. If you select this option, UltraTax CS uses the tax minus withholding and other payments from the SC Tax Projection Worksheet. note
The SC Tax Projection Worksheet is available only for resident and nonresident returns. |
9 |
Use Amounts below. This option takes the amounts entered in these fields and applies them to the quarterly payments. These amounts are not adjusted by the overpayment applied. |
Withholding adjustment
Enter the amount of increase / decrease for South Carolina income tax withholding expected for . For estimate codes
1
, 2
, 3
, 6
, and 7
, UltraTax CS uses the amount entered in this field to help estimate the amount of tax due for . Enter a decrease as a negative amount.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 estimate payments. 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. These amounts aren't 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 to customize the tax used to calculate next year's estimates. UltraTax CS automatically adjusts the projected tax liability based on the option chosen. 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 4 vouchers. The options for the number of vouchers are available in the dropdown and in the following table. The overpayment and amounts already paid toward 's estimates are applied to each voucher based on the overpayment code and the quarter in which the amounts were paid.Code |
Result |
|---|---|
4 |
4 vouchers are generated (default). |
3 |
The last 3 vouchers are generated. Any unpaid balance from the 1st estimate is included in the 2nd estimate voucher. |
2 |
The last 3 vouchers are generated. Any unpaid balance from the 1st or 2nd estimate is included in the 3rd estimate voucher. |
1 |
100 percent of the gross estimated tax liability is allocated to the 4th voucher. |
A |
100 percent of the gross estimated tax liability is allocated to the 1st voucher. |
B |
100 percent of the gross estimated tax liability is allocated to the 2nd voucher. |
C |
100 percent of the gross estimated tax liability is allocated to the 3rd voucher. |
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 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. Rounding is done before applying amounts already paid or overpayments.note
You may select this option globally for all new and converted clients. To access this option, choose
Setup
, 1040 Individual
, the South Carolina tab, then New Client Options
.Treat 4th quarter estimate as due on 12/31/
Enter
X
to print December 31st as the due date of the 4th quarter payment on the state estimate filing instructions.note
You may set this option globally for all new and converted clients, and then override it on a client-by-client basis. Select
Setup
, 1040 Individual
, the Federal tab, New Client Options
, then mark the Treat the 4th quarter state estimate as due on December 31st
field. Then, to override the global option for the open client, return to this field.