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Screen NJEst - New Jersey 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 for Form NJ-CBT-1065 and the calculation of next year’s estimated tax payments.
To enter UltraTax CS of current year overpayment one time for all new clients, select Setup, 1065 Partnership, New Jersey tab, and select New Client Options. The overpayment options are listed in the fieldview and 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 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 divides the overpayment by the number of current year payments desired.
5
Apply 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 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 indicated in the following section.

Estimates

Estimate - declaration
Codes
1
,
2
,
5
, and
9
 indicate which method to use to determine the amount of next year’s estimated tax payments.
If you enter code
2
 through
8
 in
Application of current year overpayment
, UltraTax CS defaults to
1
 in
Estimate - declaration
. If both of these boxes are blank, UltraTax CS
does not
 generate the estimate filing instructions.
To enter the New Jersey estimate declaration one time for all new clients, select Setup, 1065 Partnership, New Jersey tab, and select New Client Options. The options for the New Jersey estimates are listed in the fieldview and in the following table.
Code
Result
1
Use the current year tax liability.
2
Use the current year liability plus the adjustment in
Amount for code #2
. 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.
5
Use amounts entered in the following section, before overpayment. Enter the amounts in the
Amts for Code 5 or 9
 boxes to enter estimated payments for each quarter.
note
These amounts will be adjusted by any overpayment applied.
9
Use amounts entered in the following section. Enter amounts in the
Amts for Code 5 or 9
 boxes to enter estimated payments for each quarter. These amounts won't be reduced by any overpayment.
Amts for Code 5 or 9
Use these boxes to specify the estimate amounts for each quarter.
If code
5
 is entered in
Estimate - declaration
, enter the desired quarterly payments. UltraTax CS adjusts these amounts by any overpayment applied and prints the calculated amounts on the New Jersey Estimated Tax Worksheet.
If code
9
 is entered in
Estimate - declaration
, enter the desired quarterly payments. UltraTax CS doesn't adjust these amounts by any overpayment applied and prints these amounts on the New Jersey Estimated Tax Worksheet.
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 estimate amounts.
Number of estimates desired
The number of estimate payments in this box defaults to
4
. Enter a code to specify fewer than four estimates. The options for the number of estimates are listed in the fieldview and 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 estimates 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 each estimate
This box lets you enter a rounding multiple for the estimate payments. If this box 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, select Setup, 1065 Partnership, New Jersey tab, and select New Client Options.

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