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Screen ORPEst - Multnomah Portland 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 overpayment options are listed in the fieldview and in the following table. To enter UltraTax CS of current year overpayment once for all new clients, select Setup, 1065 Partnership, Oregon tab, and select New Client Options.
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 amount specified until exhausted; refund excess. This applies 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 specified. This applies the portion of the overpayment shown in
Amount for code #5 or #8
 to next year’s estimates, no refund.

Estimates

Form Q-2020 - Declaration for next year
Codes
1
 through
5
 and
9
 indicate which method to use to determine the amount of next year's estimated tax. The options for
Form Q-2020 - Declaration
for next year
are listed in the fieldview and in the following table. To enter the Form Q-2020 declaration once for all new clients, select Setup, 1065 Partnership, Oregon tab, and select New Client Options.
Code
Result
1
Use the current-year income tax liability. This is the default if you enter
2
,
3
,
4
,
5
,
6
,
7
, or
8
 in
Application of current year overpayment
.
note
If the current year’s tax is less than the minimum filing requirements, the vouchers don't print.
2
Use the current-year liability adjusted by amount specified. If this is selected, also enter an adjustment to the current-year liability in
Amount for code #2
. If the adjustment represents a decrease, enter a negative amount.
3
Use the current year liability even if less than $1,000. UltraTax CS produces vouchers even when the total liability falls below the minimum amount required.
4
Print vouchers with amount boxes blank. If this is selected, UltraTax CS prints estimate vouchers with the amount boxes blank.
5
Use amounts entered, before overpayment. If this is selected, also enter amounts in the
Amts for Code 5 or 9
 or
Estimates Paid
 boxes.
note
These amounts are adjusted by any overpayment applied.
9
Use amounts entered. Enter amounts in the
Amts for Code 5 or 9
 or
Estimates Paid
 boxes to enter estimated payments for each quarter. These won't be reduced by an overpayment.
Amts for Codes 5 or 9
Use these boxes to specify the estimate amounts for each quarter.
If code
5
 is entered in
Form Q-2020 declaration for next year
, enter the desired quarterly payments in these boxes. UltraTax CS adjusts the calculated amounts by any overpayment applied and prints the calculated amounts on the vouchers.
If code
9
 is entered in
Form Q-2020 declaration for next year
, enter the desired quarterly payments in these boxes. 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 vouchers desired
The number of estimate vouchers defaults to
4
. Enter a code to specify less 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
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 once for all new clients, select Setup, 1065 Partnership, Oregon tab, and select New Client Options.

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