Triva isn't available right now.
Check out the support page for our phone number and hours
Screen RICEst - Rhode Island Composite Estimates (1065)
Show all hidden content
Overpayment Application
Application of current year overpayment
The code options in this field instruct the application how to apply any current year overpayment. The code entered affects what is printed on Form RI-1040C, Page 1 and the calculation of next year’s estimated tax payments. To enter the application of current year overpayment one time for all new clients, select
Setup
, 1065 Partnership
then Rhode Island
tab and select the New Client Options
button. Enter one of the options listed in the following table or select one from the field view.Code | Result |
|---|---|
1 | Refund 100 percent of overpayment. This is the default option. |
2 | Apply 100 percent of 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 estimate payments are made, in which case the excess is refunded. |
3 | Apply to first estimate; refund excess. |
4 | Apply equally to each estimate; refund excess. This option applies one-fourth of the overpayment to each estimate and refunds any excess overpayment. |
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, in which case the excess is refunded. |
6 | Apply to first and second estimates; refund excess. |
7 | Apply 100 percent of this year’s overpayment to next year’s estimate; provide no refund. |
8 | Apply amount specified below. |
Estimates
Form RI-1040C-ES - declaration for next year
Enter code
1
, 2
, 3
, 4
, 5
, or 9
to select a method to determine the amount of next year’s estimated tax. If this field is blank, the application does not
generate estimate vouchers or estimate filing instruction information. To enter a Form RI-1040C-ES declaration one time for all new clients, choose Setup > 1065 Partnership > Rhode Island tab and click the New Client Options button. The codes for the Form RI-1040C-ES - 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 less than $250, use zero. This is the default if you entered 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 adjusted by amount below. If this option is selected, also enter an adjustment to the current year tax liability in the Amount for code #2 field. If the adjustment represents a decrease, enter a negative amount. |
3 | Use current year liability even if less than $250. This option uses the current year income tax liability even if the total liability falls below the minimum amount required to make estimated payments. |
4 | Prints coupons with the amount fields blank. |
5 | Use amounts entered below. If this option is selected, also enter amounts in the Amts for Code 5 or 9 or Estimates Paid fields.note
These amounts are adjusted by any overpayment applied. |
9 | Use amounts entered below. |
Amts for Code 5 or 9
If code
5
is entered in the Form RI-1040C-ES - declaration for next year
field, enter the desired quarterly payments. The application adjusts these amounts by the overpayment applied, if applicable, and prints these amounts on the vouchers.If code
9
is selected in the Form RI-1040C-ES - declaration for next year
field, enter the desired quarterly payments. The application does not adjust these amounts by the 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 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 vouchers defaults to
4
. Enter a code to specify fewer than four vouchers. The overpayment and amounts already paid toward next year’s estimates are applied to each voucher based on the overpayment code and the quarter in which the amounts were paid. 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 is the default option. |
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 estimate is included in the third estimate voucher. |
1 | 100 percent of the gross estimated tax liability is allocated to the fourth voucher. |
A | 100 percent of the gross estimated tax liability is allocated to the first voucher. |
B | 100 percent of the gross estimated tax liability is allocated to the second voucher. |
C | 100 percent of the gross estimated tax liability is allocated to the third voucher. |
Amount to round up each estimate
Enter rounding specifications for the estimated payments. The estimated payments can be rounded up to the nearest factor indicated. For example, if the estimates should be rounded up to the nearest $10, enter
10
. If this field is blank, the application automatically rounds each estimated 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
then Rhode Island
tab and select the New Client Options
button.