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Screen ARCEst - Arkansas Composite Estimates (1065)
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Overpayment Application
Application of current year overpayment
The code options in this box instruct UltraTax CS how to apply any current year overpayment. The code you enter affects what is printed on Form AR1000CR, Page 1, and the calculation of next year’s estimated tax payments. To enter an application of current year overpayment one time for all new clients, select
Setup
,1065 Partnership
, the Arkansas
tab, then select New Client Options
. The overpayment options are listed in the following table.Code | Result |
|---|---|
1 | Refund 100 percent of overpayment. This is the default option. |
2 | Apply 100 percent of overpayment to next year’s estimates; refund excess. This 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 first estimate; refund excess. |
4 | Apply equally to each estimate; refund excess. This divides the total overpayment by the number of next-year payments desired, applies this amount to each estimate, and refunds any excess overpayment. |
5 | Apply amount specified below to estimates until exhausted; refund excess. This applies the portion of the overpayment shown in Amount for code #5 or #8 to the estimates until the amount is exhausted or all payments are made, in which case the excess is refunded. |
6 | Apply to first and second estimates; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimates; no refund. |
8 | Apply amount specified below. This applies the portion of the overpayment shown in Amount for code #5 or #8 to next year’s estimates; no refund. |
Estimates
Form AR1000CRES - declaration
Enter code
1
, 2
, 3
, 4
, 5
, or 9
to select a method to determine the amount of next year’s estimated tax. If you enter code 2
through 8
in Application of current year overpayment
, UltraTax CS defaults to option 1
in Form AR1000CRES - declaration
. If you leave both of these boxes blank, the application does not
generate estimate vouchers or estimate filing instructions. To enter the Form AR1000CRES declaration one time for all new clients, select Setup
, 1065 Partnership
, the Arkansas
tab, then select New Client Options
. The options for Form AR1000CRES - declaration
are listed in the following table.Code | Result |
|---|---|
1 | Use the current year liability; if less than $1,000 use zero. This is the default if you enter 2 , 3 , 4 , 5 , 6 , 7 , or 8 in Application of current year overpayment .note
If the current year’s liability is less than the minimum filing requirements, the vouchers do not print. |
2 | Use current year liability adjusted by amount below. Enter an adjustment to the current year liability in Amount for code #2 . If the adjustment represents a decrease, enter a negative amount. |
3 | Use current year liability even if less than $1,000. This allows estimates to be calculated even when the tax liability is less than the minimum amount required for estimated payments. |
4 | Print coupons with amount boxes blank. |
5 | Use amounts entered, before overpayment. Use the Amts for Code 5 or 9 boxes to enter estimated payments for each quarter.note
UltraTax CS adjusts these amounts by any overpayment applied. |
9 | Use amounts entered. Use the Amts for Code 5 or 9 boxes to enter estimated payments for each quarter. These are not be reduced by any overpayment. |
Amts for Code 5 or 9
Use these boxes to specify the estimate amounts for each quarter.
If code
5
is entered in Form AR1000CRES - declaration
, enter the desired quarterly payments in these boxes. UltraTax CS adjusts these amounts by any overpayment applied and prints the calculated amounts on the vouchers.If code
9
is entered in Form AR1000CRES - declaration
, enter the desired quarterly payments in these boxes. UltraTax CS does not adjust these amounts by any overpayment applied and prints these amounts on the vouchers.Estimates Paid
Use these boxes to specify the amounts already paid for each estimate. These amounts are subtracted from the calculated quarterly gross estimated tax liability to determine the net voucher amounts.
Number of estimates desired
The number of estimated vouchers in this box defaults to
4
. Enter a code in this box to specify less than four vouchers. The options for the number of vouchers are listed in the following table.Code | Result |
|---|---|
4 | Four vouchers are generated. This is the default option. |
3 | The last three vouchers are generated. Any unpaid balance from the first estimate is included in the second estimate voucher. |
2 | The last two vouchers are generated. Any unpaid balance from the first or second estimate is included in the third estimate voucher. |
1 | The last voucher is generated. 100 percent of the gross estimated liability is allocated to the fourth voucher. |
A | First voucher. 100 percent of the gross estimated liability is allocated to the first voucher. |
B | Second voucher. 100 percent of the gross estimated liability is allocated to the second voucher. |
C | Third voucher. 100 percent of the gross estimated liability is allocated to the third voucher. |
Amount to round up each estimate
This allows entry of a rounding multiple for the estimated payments. If this is blank, UltraTax CS automatically rounds each estimated payment up to the nearest dollar. To enter an amount to round up each estimate one time for all new clients, select
Setup
, 1065 Partnership
, the Arkansas
tab, then select New Client Options
.