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Screen WVEst - West Virginia Estimates (1040)
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Overview
Use this screen to complete portions of Forms IT-140 and IT-140ES and the West Virginia Estimated Tax Payments Worksheet. If the information transferred from UltraTax/1040 doesn’t need more data or coding, UltraTax/1040-WV shows it on the form only, not in the input screen.
State payment amounts entered in the federal
St Pmt
screen transfer to federal Schedule A. When you enter payments for West Virginia in more than one of the 4 sections given in the federal St Pmt
screen, always use the same fields for each section. For example, if you use the Total
field in 1 section, use the Total
field for all sections that relate to West Virginia. Similarly, if you use the 1st - 5th payment
fields, enter amounts in the payment fields for all sections used for West Virginia.Overpayment application
Use this section to apply any current year overpayment to next year's estimated tax payment.
Application of overpayment
The code options available in this field are the same as those in UltraTax/1040. They instruct UltraTax CS on how to apply any overpayment. Your decision affects the return's content and the calculation of next year's estimated tax payments.
New clients and converted clients may benefit from global options. Select
Setup
, 1040 Individual
, West Virginia
tab. Select the New Client Options
button and enter the 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 needed payments, enter
2 - 8
in the Application of overpayment
field, or make an entry in the Estimates - declaration for
field.note
Penalty for Failure to Comply with EFT Payment Requirements: To clarify previous notices sent to taxpayers: A 3 percent civil penalty will be applied to any payment received on or after March 1, 2015, that is not made by EFT when EFT payment is needed and a waiver hasn't been obtained.
Estimates - declaration for
The codes used in this field are the same as those in UltraTax/1040. They tell UltraTax CS which method to use to determine the amount of next year'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 does not
generate estimate vouchers and/or filing instruction information.New clients and converted clients may benefit from global options. Go to
Setup
, 1040 Individual
, West Virginia
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.Amounts for code 5 or 9
These fields serve 2 purposes: specifying the estimate amounts for each quarter, or entering any estimate payments already made toward .
If you enter the code
5
in the Estimates - declaration for
field, enter the quarterly payments in these fields. These amounts are adjusted by the overpayment applied, and print on the vouchers.If you enter the 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 the 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 are subtracted from the calculated quarterly gross estimated tax liability to determine the net voucher amounts.Amounts for estimates paid
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.
Tax projection options for code 8/Amount of refund desired
If you enter code the
8
, use tax from the Tax Projection Worksheet, in the Estimates - declaration for
field, choose an option in the Options for code 8
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
. To specify fewer than 4 vouchers, enter the proper code. UltraTax CS applies to each voucher the overpayment and amounts already paid toward next year's estimates, 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 12/31/
Use this field to indicate in the filing instructions that the 4th 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
, New Client Options
tab and mark the Treat the 4th quarter state estimate as due on December 31st
checkbox.Account Information
Account number
Enter the account number assigned to the taxpayer by the West Virginia Tax Division. In addition to printing on the estimated tax payment vouchers, this number will proforma to the next year.
Change of address
Mark this box and enter the mailing address on the preprinted vouchers that were mailed to the taxpayer when different from the current address. This will populate Part 2: Change of Address on IT-140ES Estimated Income Tax Payment Vouchers.