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Screen PayExt - Payments and Extensions (1041)

Payments

Paid with extension
Each time UltraTax CS prints the extension the following occurs:
  • the extension payment calculates and prints the amount on the extension form,
  • the calculated amount is entered in this field, and
  • this amount prints on the main 1041 form.
Alternatively, you can enter a different amount in this field to overrule the calculated amount.
Total estimates paid
If your client paid estimates in equal amounts and on time, enter the total current-year estimates. This amount applies equally to all estimated tax payments for purposes of calculating Forms 2210 and 2210-F.
Specific payments, if unequal or not timely
Do not include any prior-year overpayment applied amount in the
1st
 payment field. Payments
may
 be timely if your client made them between the 16th and 18th. If the Saturday-Sunday-holiday rule applies, and the payment was made within the grace period, do
not
 enter the date paid.
Allocate payments to beneficiaries: Allocate 100%
Mark this field to allocate 100% of payments to the beneficiaries. Only estimate payments made as of the fourth estimate payment date (January 15 for a calendar year) are considered for allocation to beneficiaries.
Allocate payments to beneficiaries: Amount to allocate, if not 100%
Enter the amount you wish to allocate equally among all beneficiaries unless you made a global change to the estimated tax payments in Beneficiary Information, Federal, then Other Allocations .

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
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