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Screen MSEst - Mississippi Estimates (1065)
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Estimates
Use this section to calculate next year’s estimated tax payments. UltraTax CS uses this information to complete Form 84-300.
To obtain a blank estimate voucher, choose Help, Tax Subject Index, then Web Form Instructions to link to Form 84-300 from Mississippi’s website.
Application of current year overpayment
The code options instruct UltraTax CS how to apply any current-year overpayment for Form 84-105 and the calculation of next year’s estimated tax payments. To enter UltraTax CS of current-year overpayment one time for all new clients, choose Setup, 1065 Partnership, then Mississippi tab and select the New Client Options button. The overpayment options are listed in the fieldview and 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 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, 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 in the Amount for code #5 or #8 field. |
Form 84-300 - declaration for next year
Codes
1
through 3
, 5
, and 9
indicate the method to use to determine the amount of the next year’s estimated tax. If you enter option 2
through 8
in the Application of current year overpayment
field, UltraTax CS defaults to option 1
in the Form 84-300 - declaration for next year
field. If you leave both of these fields blank, UltraTax CS does not
generate estimate vouchers or estimate filing instructions. To enter the Form 84-300 - declaration one time for all new clients, choose Setup, 1065 Partnership, then Mississippi tab and select the New Client Options button. The options for the Form 84-300 - declaration for next year
field are listed in the fieldview and in the table that follows:Code | Result |
|---|---|
1 | Use the current year liability. If it is less than $200, use zero. This is the default if you enter option 2 , 3 , 4 , 5 , 6 , 7 , or 8 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. 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 it is less than $200. This option allows estimates to be calculated even when the tax liability is less than the minimum amount required for estimated 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 in the Amts for Code 5 or 9 fields. |
Amts for Code 5 or 9
Use these fields to specify the estimate amounts for each quarter.
If code
5
is entered in the Form 84-300 - 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 vouchers.If code
9
is entered in the Form 84-300 - 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 these amounts on the vouchers.Estimates 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 vouchers desired next year
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 are generated. This option is the default. |
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 or 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
Use this field 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 Mississippi tab and select the New Client Options button.