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Screen CAFEst — California Foreign Withholding Estimates (1065)

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Overpayment application

Application of current year overpayment
The selections available in this box tell UltraTax CS how to apply any current-year overpayment for Form 592-F and the calculation of next year’s estimated tax payments. To enter the application of current year overpayment one time for all new clients, select
Setup
,
1065 Partnership
, the
California
 tab, then
New Client Options
. The overpayment options are listed in the table that follows:
Code
Result
1
Refund 100% of the overpayment. This is the default option.
2
Apply 100% of the overpayment to next year’s estimate and 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 next year’s first estimate and refund excess.
4
Apply equally to all next-year estimates and refund excess. This option divides the overpayment by the number of current year payments desired.
5
Apply the portion of the overpayment 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 1st and 2nd quarters of next year’s estimates and refund excess.
7
Apply 100% of this year’s overpayment to next year’s estimates and do not provide a refund.
8
Apply amount specified below.

Estimates

Form 592-A - declaration
Codes
1
 to
5
, and
9
 indicate which method you want to use to determine the amount of next-year estimated tax. If you enter an option from
2
 to
8
 in
Application of current year overpayment
, the application enters
1
 in
Form 592-A - declaration
. If you leave both of these boxes blank, UltraTax CS does not generate estimate vouchers or estimate filing instructions.
note
Calculated estimated tax payments are allocated to each quarter at 30%, 40%, 0%, and 30% per state law. Only codes
5
 and
9
 generate a 3rd quarter estimate voucher. To enter the Form 592-A declaration 1 time for all new clients, select
Setup
,
1065 Partnership
, the
California
 tab, then New Client Options. The options for the
Form 592-A - declaration
 field are listed in the following table.
Code
Result
1
Use the current-year liability. If it's less than $500, use zero. This is the default if you entered an option from
2
 to
8
 in the
Application of current year overpayment
 field.
note
If the current year’s tax is less than the minimum filing requirements, the vouchers will not print.
2
Use the current year liability plus the adjustment in the
Amount for code #2
. If you select this option, also 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 the current year liability even if it is less than $500. This option allows estimates to be calculated even when the tax liability is less than the minimum amount required for estimate payments.
5
Use amounts entered below, before overpayment. Enter amounts in
Amts for Code 5 or 9
 to enter estimated payments for each quarter.
9
Use amounts entered below in
Amts for Code 5 or 9
.
Amts for Code 5 or 9
Use these fields to specify the estimate amounts for each quarter.
If code
5
 is selected in
Form 592-A - 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 selected in
Form 592-A - declaration
, enter the desired quarterly payments in these fields. UltraTax CS doesn't adjust these amounts by any overpayment applied, and prints these amounts on the vouchers.
Estimates Paid
Use these fields 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 estimate payments defaults to
4
. Enter a code to specify less than 4 vouchers. The options for the number of vouchers are listed in the following table.
Code
Result
4
The application generates 4 vouchers. This option is the 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 2 vouchers are generated. Any unpaid balance from the first or second estimates is included in the 3rd estimate voucher.
1
The last voucher is generated. 100% of the gross estimated tax liability is allocated to the 4th voucher.
A
1st voucher. 100% of the gross estimated tax liability is allocated to the 1st voucher.
B
2nd voucher. 100% of the gross estimated tax liability is allocated to the 2nd voucher.
C
3rd voucher. 100% of the gross estimated tax liability is allocated to the 3rd voucher.
Amount to round up each estimate
You can enter a rounding multiple for the estimate payments. If you leave it blank, UltraTax CS rounds each estimate payment up to the next dollar. To enter an amount to round up each estimate one time for all new clients, select
Setup
,
1065 Partnership
, the
California
 tab, then
New Client Options
.

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