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Screen KYEst - Kentucky Estimates (1065)
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Overpayment Application
Application of current year overpayment
These code options instruct UltraTax CS on how to apply any current year overpayment. The code entered affects what is printed on Form 765 and the calculation of next year’s estimated tax payments. The overpayment options are listed in the following table. To enter the application of current year overpayment one time for all new clients, select Setup, 1065 Partnership, Kentucky tab and select New Client Options.
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 next year’s first estimate; refund excess. |
4 | Apply equally to all next year’s estimates; 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 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 option applies the portion of the overpayment shown in Amount for code #5 or #8 to next year’s estimates. |
Estimates
Form 720-ES - declaration for next year
Codes
1
through 5
, and 9
tell UltraTax CS which method to use to determine the amount of next year’s estimated tax. If codes 2
through 8
are entered in Application of current year overpayment
, UltraTax CS defaults to 1
in Form 720-ES
- declaration for next year
. If both of these boxes are blank, UltraTax CS does not
generate estimate vouchers or the filing instruction information. The options for Form 720-ES - declaration for next year
are listed in the following table. To enter the Form 720-ES declaration one time for all new clients, select Setup, 1065 Partnership, Kentucky tab and select New Client Options.Code | Result |
|---|---|
1 | Use the current year liability; if less than $5,000, 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 don't 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 Amount for code #2 . If the adjustment represents a decrease, enter a negative amount. |
3 | Use current year liability even if less than $5,000. The application produces vouchers even when the total liability falls below the minimum amount required. |
4 | Print coupons with amount boxes blank. |
5 | Use amounts entered below, before overpayment. Enter amounts in the Amts for Code 5 or 9 boxes to enter estimated payments for each installment period.
note
UltraTax CS adjusts these amounts by any overpayment applied. |
9 | Use amounts entered below. Enter amounts in the Amts for Code 5 or 9 boxes to enter estimated payments for each installment period. |
Amts for Code 5 or 9
Use these boxes to specify the estimate amounts for each installment period.
If code
5
is entered in Form 720-ES declaration for next year
, enter the desired installment payments in these boxes. The application adjusts these amounts by any overpayment applied and prints the calculated amounts on the vouchers.If code
9
is entered in Form 720-ES declaration for next year
, enter the desired installment payments in these boxes. The application 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 estimated installment tax liability to determine the net voucher amounts.
Number of estimates desired
The number of estimates defaults to
4
. Enter a code to specify fewer than four estimates. UltraTax CS applies the overpayment and amounts already paid toward next year’s estimates to each estimate based on the overpayment code and the quarter in which the amounts were paid. The options for the number of estimates are listed in the following table.Code | Result |
|---|---|
4 | Four estimates (default). Four estimates generate. |
3 | Last three estimates. The last three estimates generate. Any unpaid balance from the first estimate is included in the second estimate. |
2 | Last two estimates. The last two estimates generate. Any unpaid balance from the first or second estimate is included in the third estimate. |
1 | Last estimate. 100 percent of the gross estimated tax liability allocates to the fourth estimate. |
A | First estimate. 100 percent of the gross estimated tax liability allocates to the first estimate. |
B | Second estimate. 100 percent of the gross estimated tax liability allocates to the second estimate. |
C | Third estimate. 100 percent of the gross estimated tax liability allocates to the third estimate. |
Amount to round up each estimate
In this box you can enter a rounding multiple for the estimated payments. The estimated payments can be rounded up to the nearest factor indicated. For example, to round up each estimated payment to the nearest $10, enter
10
. If left 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, Kentucky tab and select New Client Options.