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Federal input screens

Screen StPmt - State Payments (1041)

Type of return
Estimated payments apply to the type of state return you select here. If you leave this field blank, the estimated payments apply to the main state form. If you select a withholding return, the amounts are not included on Form 1041, Page 1.
Corpus
If some or all of the state tax payments are allocable to corpus, enter the percentage here.
Allocate to income type / description
Enter the income type code you want to allocate the tax expense to.
To allocate the tax expense indirectly to taxable income, leave this field blank. If you leave the gain fields blank in the Exclude Indirect Expense section on the Allocate screen, then the capital gains will be present in the distributable net income.
Prior year: Tax due / paid with return
Enter the amount of state income tax paid in the current year for the prior-year state return.
Prior year: Overpayment applied
Enter any prior-year overpayment that was applied to the return.
Prior year: Estimates paid current year
Enter the amount of prior-year state estimated tax payments actually paid in the current year.
Total estimates paid
Enter the total current-year estimates if the estimates were paid in equal amounts and on time. This amount applies equally to all estimated tax payments for the purpose of calculating the state penalty form, if applicable and includes 75 percent of the amount on the applicable tax deduction line on the federal return.
Specific payments, if unequal or not timely
Don’t include any prior-year overpayment applied amount in the
1st
 payment field. Payments made between the 16th and 18th
may
 be considered timely. If the Saturday-Sunday-holiday rule applies, and your client made the payment within the grace period, do
not
 enter the date paid.
Allocate payments to beneficiaries: Allocate 100%
Mark this field if the estate or trust made state estimated tax payments and 100% of these payments are allocated to the beneficiaries. Only estimate payments made as of the fourth estimate payment date are considered for allocation to beneficiaries.
Allocate payments to beneficiaries: Amount to allocate, if not 100%
Amounts allocate equally amount all beneficiaries unless you made a global change to the estimated tax payments in the Beneficiary Information, Federal tab, then the Other Allocations group box.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
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