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Screen IACEst - Iowa Composite Estimates (1065)

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Overpayment Application

Application of current year overpayment
The available code options in this box instruct UltraTax CS how to apply any current-year overpayment for Form 1040C 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, then 1065 Partnership. In the Iowa tab, select New Client Options. The overpayment options are listed in the table that follows:
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 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 next year’s first estimate; refund excess.
4
Apply equally to all next-year estimates; refund excess. This divides the overpayment by the number of current-year payments desired.
5
Apply 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 quarters of next year’s estimates; refund excess.
7
Apply 100 percent of this year’s overpayment to next year’s estimates; provide no refund.
8
Apply amount specified below.

Estimates

Form 1040ES - declaration for next year
Codes
1
,
2
,
4
,
5
, and
9
indicate which method you want to use to determine the amount of the next year’s estimated tax. If you enter
2
 through
8
 in
Application of current year overpayment
, UltraTax CS defaults to
1
 in
Form 1040ES - declaration for next year
. If you leave both of these boxes blank, UltraTax CS
does not
 generate estimate vouchers or estimate filing instructions. To enter the Form 1040ES - declaration for next year one time for all new clients, select Setup, then 1065 Partnership. In the Iowa tab, select the New Client Options button.
The
Form 1040ES - declaration for next year
 options are listed in the table that follows.
Code
Result
1
Use the current-year liability. This is the default if you entered
2
 through
8
 in
Application of current year overpayment
.
2
Use the current-year liability plus the adjustment in
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.
4
Print vouchers with amount boxes blank. The application prints blank estimated tax vouchers.
5
Use amounts entered below, before overpayment. Enter amounts in the
Amts for Code 5 or 9
boxes to enter estimated payments for each quarter.
9
Use amounts entered below. Enter amounts in the
Amts for Code 5 or 9
 boxes to enter estimated payments for each quarter.
Amts for Code 5 or 9
Use these boxes to specify the estimate amounts for each quarter.
If code
5
is entered in
Form 1040ES - declaration for next year
, 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 1040ES - declaration for next year
, enter the desired quarterly payments in these boxes. UltraTax CS doesn't 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 estimate payments 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 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 and 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.
Amount to round up each estimate
This box lets you enter a rounding multiple for the estimate payments. If this box is blank, UltraTax CS automatically 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, then 1065 Partnership. In the Iowa tab, select the New Client Options button.

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