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Screen ORCEst - Oregon Composite Estimates (1065)
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Overpayment Application
Application of current year overpayment
The code options in this box instruct UltraTax CS on how to apply any current-year overpayment. The code entered affects what is printed on Form OR-OC and the calculation of next year’s estimated tax payments. 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
OR-OC - declaration for next year
Codes
1
, 2
, 3
, 5
, and 9
indicate which method to use to determine the amount of next year’s estimated tax. If codes 2
through 8
are entered in Application of current year overpayment
, UltraTax CS defaults to 1
in OR-OC - declaration for next year
. If both of these boxes are blank, UltraTax CS does not
generate estimate vouchers or the filing instruction information. The options for OR-OC - declaration for next year
are listed in the fieldview and in the following table. To enter the Form OR-OC declaration once for all new clients, select Setup, 1065 Partnership, Oregon tab, and select New Client Options.Code | Result |
|---|---|
1 | Use the current year liability; if less than $1,000 for individual partners or less than $500 for corporate partners, use zero. 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 liability is less than the minimum filing requirements, the vouchers don't print. |
2 | Use the current year liability adjusted by amount specified. 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. |
3 | Use current year liability even if less than $1,000. UltraTax CS produces vouchers even when the total liability falls below the minimum amount required. |
5 | Use amounts entered, before overpayment. If you select this option, also enter amounts in the Amounts for code #5, #9, or next year estimate paid boxes.note
UltraTax CS adjusts these amounts by any overpayment applied. |
9 | Use amounts entered. Enter amounts in the Amounts for code #5, #9, or next year estimate paid boxes to enter estimated payments for each quarter. These 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 OR-OC declaration for next year
, enter the desired quarterly payments in these boxes. UltraTax CS adjusts these amounts by any overpayment applied and prints the calculated amounts on the vouchers.If code
9
is entered in OR-OC 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 estimates desired
The number of estimated payments defaults to
4
. To specify fewer than four vouchers, enter a code. The options for the number of vouchers appear 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 this box is blank, UltraTax CS automatically rounds each estimated payment up to the nearest 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.