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Screen TNEst - Tennessee Estimates (1065)

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Overpayment Application

Application of current year overpayment
The code options available in this field instruct UltraTax CS how to apply any current-year overpayment for Form FAE 170 or FAE 174 (if applicable) and the calculation of next year’s estimated tax payments. To enter UltraTax CS of current year overpayment one time for all new clients, go to
Setup
 and select
1065 Partnership
. On the Tennessee tab, select
New Client Options
. 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 estimates; 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 first estimate; refund excess.
4
Apply equally to each estimate; refund excess. This option divides the overpayment by the number of current year payments desired.
5
Apply amount specified below to estimates until exhausted, refund excess. This option applies to 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 overpayment to next year’s estimates; no refund.
8
Apply amount specified below.

Estimates

Estimated excise tax - declaration for next year
Codes
1
,
2
,
3
,
5
, and
9
indicate which method you want to use to determine the amount of 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
Estimated excise tax - declaration for next year
field. If you leave both fields blank, UltraTax CS
does not
generate estimate vouchers or estimate filing instructions. To enter the
Estimated Excise tax - declaration for next year
one time for all new clients, go to
Setup
 and select
1065 Partnership
. On the Tennessee tab, select
New Client Options
. The options for the
Estimated excise tax - declaration for next year
field are listed in the fieldview and in the table that follows:
Code
Results
1
Use the current year liability; if less than $5000, use zero. This is the default if you entered 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 $5,000 minimum filing requirement, the estimate vouchers do not print.
2
Use the current year liability adjusted by the amount below. This option uses 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 less than $5000. This option allows estimates to be calculated even when the tax liability is less than the minimum amount required for estimate payments.
5
Use amounts entered below, before overpayment. Enter amounts in the
Amts for Code 5 or 9
 or
Estimates Paid
 fields to enter estimated payments for each quarter.
9
Use amounts entered below.
Amts for Code 5 or 9
Use these fields to specify the estimate amounts for each quarter.
If code
5
 is selected in the
Estimated excise tax - 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 selected in the
Estimated excise tax - 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 estimates desired
The number of estimate payments 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
Results
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 field allows you to enter a rounding multiple for the estimate payments. If this field is blank, UltraTax CS 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, go to
Setup
 and select
1065 Partnership
. On the Tennessee tab, select
New Client Options
.

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