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Screen LVEst - Louisville Estimates (1065)
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Overpayment Application
Application of current year overpayment
These code options instruct UltraTax CS how to apply any current-year overpayment. The code entered affects what is printed on Form OL-3 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, Kentucky tab, and select New Client Options. The overpayment options are listed in the following table.
Code | Result |
|---|---|
1 | Refund 100 percent of overpayment (default). This refunds the entire overpayment. |
2 | Apply 100 percent of overpayment to next year’s estimates; refund excess. This code 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 code divides the total overpayment by the number of estimates desired for next year, 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 amount 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. This applies the overpayment to the first and second estimates only and refunds the excess. |
7 | Apply 100 percent to next year; no refund. This applies the overpayment to each estimate in full until the overpayment is exhausted or until all estimated payments are made. The excess isn't refunded. |
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. |
Estimates
Form OL-3D - declaration for next year
Codes
1
through 5
and 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 Application of current year overpayment
, UltraTax CS defaults to option 1
in Form OL-3D - declaration for next year
. If you leave both of these boxes blank, UltraTax CS does not
generate estimates or estimate filing instructions. To enter the Form OL-3D declaration one time for all new clients, select Setup, 1065 Partnership, Kentucky tab, and select New Client Options. The options for Form OL-3D - declaration for next year
are listed in the following table.Code | Result |
|---|---|
1 | Use current year liability; if less than $5000, use zero (default). This is the default option if a code 2 , 3 , 4 , 5 , 6 , 7 , or 8 is entered in Application of current year overpayment .
note
If the current year’s tax is less than the minimum filing requirements ($5000), the estimates don't print. |
2 | Use current year liability adjusted by amount below. Enter an adjustment to the current year tax 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 $5000. This lets estimates calculate even when the tax liability is below the minimum amount required for estimate payments. |
4 | Print estimates with amount boxes blank. If this code is selected, the application prints the estimates with the 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 quarter.
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 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 OL-3D declaration for next year
, enter the desired quarterly payments. UltraTax CS adjusts these amounts by any overpayment applied and prints the calculated amounts on the vouchers.If code
9
is entered in Form OL-3D declaration for next year
, enter the desired quarterly payments. 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 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
This box lets you enter a rounding multiple for the estimated payments. If you leave this box blank, UltraTax CS automatically rounds each estimated 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, Kentucky tab, and select New Client Options.
License fee liability
These boxes are used to calculate next year’s estimated tax payments as well as any penalty and interest for underpayment of estimated taxes in the current year. UltraTax CS uses this information to complete Form OL-3, Page 1; Form OL-3D, and the Louisville Underpayment of Estimated Occupational License Fee Worksheet.