Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen GACEst - Georgia Composite Estimates (1065)

Show all hidden content

Overpayment Application

Application of current year overpayment
These code options instruct UltraTax CS how to apply any current-year overpayment for Form IT-CR and the calculation of next year’s estimated tax payments. To enter the application of current year overpayment one time for all new clients, go to Setup and select 1065 Partnership. On the Georgia tab, select New Client Options. The overpayment options are listed in the fieldview and in the following table.
Code
Result
1
Refund 100 percent of the overpayment. This is the default option.
2
Apply 100 percent of the overpayment to next year’s estimate; 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 first estimate; refund excess.
4
Apply equally to each estimate; refund excess. This option divides the overpayment by the number of current year payments desired.
5
Apply amount below until exhausted; refund excess. This option applies the portion of the overpayment shown in the
Amount for code #5 or #8
 field 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 overpayment to next year’s estimates; no refund.
8
Apply amount specified below. This option applies the portion of the overpayment shown in the
Amount for code #5 or #8
 field to next year’s estimates; no refund.

Estimates

Form CR-ES - declaration for next year
Codes
1
,
2, 3, 5
, or
9
 indicate which method you want to use to determine the amount of next year’s estimated tax. If you enter option
2
 through
8
 in the
Application of current year overpayment
field, the application defaults to option
1
 in the
Form CR-ES - declaration
for next year
 field. If you leave both of these fields blank, UltraTax CS does not generate estimate vouchers or estimate filing instructions. To enter the Form CR-ES declaration one time for all new clients, go to Setup and select 1065 Partnership. On the Georgia tab, select New Client Options. The options for the
Form CR-ES - declaration for next year
 field are listed in the following table.
Code
Result
1
Use the current year liability, if less than $500, use zero. This is the default if you enter option
2
 through
8
 in the
Application of current year overpayment
 field.
note
If the current year’s liability is less than the minimum filing requirements, the vouchers do not print.
2
Use the current year liability adjusted by amount below. If you select this option, also enter an adjustment to the current year liability in the
Amount for code #2
 field. If the adjustment represents a decrease, enter a negative amount.
3
Use the current year liability even if less than $500. This option allows estimates to be calculated even when the total liability is less than the minimum amount required for estimate payments.
5
Use amounts entered below, before overpayment. Enter amounts in the
Amts for Code 5 or 9
 or
Estimates Paid
 fields to enter estimated payments for each quarter.
note
The application adjusts these amounts by any overpayment applied.
9
Use amounts entered below. Enter amounts in the
Amts for Code 5 or 9
 or
Estimates Paid
 fields to enter estimated payments for each quarter. These are not reduced by any overpayment.
Amts for Code 5 or 9
Use these fields to specify the estimate amounts for each quarter.
If code
5
 is entered in the
Form CR-ES - declaration for next year
field, enter the desired quarterly payments in these fields. UltraTax CS adjusts these amounts by any overpayment applied and prints the calculated amounts on the vouchers.
If code
9
is entered in the
Form CR-ES - declaration for next year
 field, enter the desired quarterly payments in these fields. UltraTax CS does not 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 vouchers desired next year
The number of vouchers defaults to
4
. Enter a code to specify fewer than four vouchers. The options for the number of vouchers are listed in the following table.
Code
Result
4
Four vouchers are generated. This option is the default.
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 estimates is included in the third estimate voucher.
1
The last voucher is generated. 100 percent of the gross estimated tax liability is allocated to the fourth voucher.
A
First voucher. 100 percent of the gross estimated tax liability is allocated to the first voucher.
B
Second voucher. 100 percent of the gross estimated tax liability is allocated to the second voucher.
C
Third voucher. 100 percent of the gross estimated tax liability is allocated to the third voucher.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close