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 DETEst - Detroit Estimates (1065)

Show all hidden content

Overpayment Application

Application of current year overpayment
These code options instruct the application how to apply any current-year overpayment for Form 5458 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, then Michigan Cities tab and select the New Client Options button. The overpayment options are listed in the fieldview and in the following table.
Code
Result
1
Refund (default). This option refunds the entire overpayment.
7
Credit. This option applies 100 percent of this year’s overpayment to next year’s estimates; provides no refund.

Estimates

Estimated tax - 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
7
 in the
Application of current year overpayment
field, the application defaults to option
1
 in the
Estimated tax - declaration for next year
 field. If both of these fields are blank, the application does not generate estimate vouchers or estimate filing instructions. To enter the Form 5461 declaration one time for all new clients, choose Setup, 1065 Partnership, then Michigan Cities tab and select the New Client Options button. The options for the
Estimated tax - declaration for next year
 field are listed in the fieldview and in the following table.
Code
Result
1
Use the current-year liability. If less than $100, use zero. This option is the default if you enter option
7
in the
Application of current year overpayment
 field.
note
If the current-year 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. 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 $100. This option allows estimates to be calculated even when the tax liability is less than the minimum amount required for estimate payments.
4
Print vouchers with amount fields blank. The application prints blank estimate vouchers.
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.
9
Use amounts entered below.
Amts for Code 5 or 9 / Estimates Paid
These fields serve two purposes. Use these fields to specify the estimate amounts for each quarter, or use them to enter any estimate payments already made toward the next year’s tax liability.
If code
5
is selected in the
Estimated tax - declaration for next year
 field, enter the desired quarterly payments in these fields. The application adjusts these amounts by the overpayment applied and prints these amounts on the vouchers.
If code
9
is selected in the
Estimated tax - declaration for next year
 field, enter the desired quarterly payments in these fields. The application does not adjust these amounts by any overpayment applied and prints these amounts on the vouchers.
If code
1
,
2
, or
3
is selected in the
Estimated tax - declaration for next year
field, enter the amounts paid for each next year estimate. These amounts are subtracted from the calculated quarterly gross estimated tax liability to determine the net voucher amount.
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 fieldview and in the following table.
Code
Result
4
Four vouchers (default). Four vouchers are generated.
3
Last three vouchers. The last three vouchers are generated. Any unpaid balance from the first estimate is included in the second estimate voucher.
2
Last two vouchers. The last two vouchers are generated. Any unpaid balance from the first or second estimates is included in the third estimate voucher.
1
Last voucher. 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 field allows you to enter a rounding multiple for the estimate payments. If this field is blank, the application 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 Michigan Cities tab and select the New Client Options button.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close