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Screen MACEst - Massachusetts Composite Estimates (1065)

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Overpayment

Application of current year overpayment
The available code options instruct UltraTax CS how to apply any current-year overpayment on Form MA NRCR and the calculation of next year’s estimated tax payments. To enter the application of current year overpayment one time for all new clients, choose Setup, 1065 Partnership, Massachusetts tab and select the New Client Options button. The overpayment options are listed 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 next year’s first estimate; refund excess.
4
Apply equally to all next year estimates; refund excess. This option divides the overpayment by the number of current year payments desired.
5
Apply 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 next year’s first and second quarters 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

Composite estimates - declaration for next year
Codes
1
,
2
,
3
,
5
, and
9
 indicate which method you want to use to determine the amount of the next year’s estimated tax. If option
2
 through
8
 is entered in the
Application of current year overpayment
field in the Overpayment section in this screen, UltraTax CS defaults to option 1 in the
Composite estimates - declaration for next year
field. If both of these fields are blank, UltraTax CS
does not
 generate estimates or estimate filing instructions. To enter the Composite estimate - declaration one time for all new clients, choose Setup, 1065 Partnership, then Massachusetts tab and select the New Client Options button. The options for Composite estimate declaration are listed in the table that follows:
Code
Result
1
Use the current year liability. If it is less than $400, use zero. This is the default if option
2
,
3
,
4
,
5
,
6
,
7
, or
8
 is entered in the
Application of current year overpayment
 field.
note
If the current year’s tax is less than the minimum filing requirements, the vouchers do not print.
2
Use the current year liability plus the adjustment in the
Amount for code #2
field. Enter the adjustment to the current year liability for each tax category 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 it is less than $400. 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 the
Amts for Code 5 or 9
 fields to enter estimated payments for each quarter.
9
Use amounts entered below.
Amts for Code 5 or 9
If code
5
 is entered in the
Composite estimates - declaration for next year
field, enter the desired quarterly payments in these fields. UltraTax CS adjusts these amounts by any overpayment applied, if applicable, and prints the calculated amounts on the MA Composite Estimated Tax Worksheet.
If code
9
is entered in the
Composite estimates - declaration for next year
 field, enter the desired quarterly payments in these fields. UltraTax CS does not adjust these amounts by any overpayment applied, if applicable, and prints the calculated amounts on the MA Composite Estimated Tax Worksheet.
Estimate 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 fewer than four estimates. The options for the number of estimates are listed in the following table.
Code
Result
4
Four estimates are generated. This option is the default.
3
The last three estimates are generated. Any unpaid balance from the first estimate is included in the second estimate.
2
The last two estimates are generated. Any unpaid balance from the first or second estimate is included in the third estimate.
1
The last estimate is generated. 100 percent of the gross estimated tax liability is allocated to the fourth estimate.
A
First estimate - 100 percent of the gross estimated tax liability is allocated to the first estimate.
B
Second estimate - 100 percent of the gross estimated tax liability is allocated to the second estimate.
C
Third estimate - 100 percent of the gross estimated tax liability is allocated to the third estimate.
Amount to round up each estimate
This field allows you to enter a rounding multiple for the estimate payments. If this field 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, choose Setup, 1065 Partnership, then Massachusetts tab and select the New Client Options button.

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