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Screen WVEst - West Virginia Estimates (1065)
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Overpayment Application
Application of current year overpayment
These code options instruct UltraTax CS on how to apply any current-year overpayment. The code entered affects what is printed on Form SPF-100, Page 1 and the calculation of next year’s estimated withholding tax payments. Enter 1 of the options listed in the following table. To enter the application of current year overpayment 1 time for all new clients, select
Setup
, 1065 Partnership
, the West Virginia
tab, then New Client Options
.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 1st and 2nd 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 SPF-100 ES declaration for next year
Codes
1
, 2
, 3
, 5
, and 9
indicate which method to use to determine the amount of the next year’s estimated withholding tax. If codes 2
through 8
are entered in the Application of current year overpayment
field, UltraTax CS defaults to option 1
in the Form SPF-100 ES declaration for next year
field. If both of these fields are blank, UltraTax CS doesn't generate estimate vouchers or the estimate filing instructions. To enter the Form SPF-100 ES declaration 1 time for all new clients, select Setup
, 1065 Partnership
, the West Virginia
tab, then New Client Options
. The options for the Form SPF-100 ES declaration for next year
field are listed in the following table:Code | Result |
|---|---|
1 | Use the current withholding tax liability. 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 withholding tax is less than the minimum filing requirements, the vouchers don't print. |
2 | Use the amount of current withholding tax liability plus the adjustment in the Amount for code #2 field. If you use this option, also enter an adjustment to the current-year withholding tax liability in the Amount for code #2 field. If the adjustment represents a decrease, enter a negative amount. |
5 | Use the amounts entered below before overpayment. Enter amounts in the Amts for Code 5 or 9 fields to enter estimated payments for each quarter. |
9 | Use amounts entered in the Amts for code 5 or 9 fields below. |
Amts for Code 5 or 9
Use these fields to specify the estimate amounts for each quarter.
If code
5
is entered in the Form SPF-100 ES declaration for next year
field, enter the desired quarterly payments in these fields. UltraTax CS adjusts these amounts by the overpayment applied, if applicable, and prints the calculated amounts on the vouchers.If code
9
is entered in the Form SPF-100 ES declaration for next year
field, enter the desired quarterly payments in these fields. UltraTax CS doesn't 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 amounts 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 estimates defaults to
4
. Enter a code from the following table to specify fewer than 4 vouchers. The overpayment and amounts already paid toward next year’s estimates apply to each voucher based on the overpayment code and the quarter in which the amounts were paid.Code | Results |
|---|---|
4 | Four vouchers are generated (default). |
3 | The last 3 vouchers are generated. Any unpaid balance from the first estimate is included in the 2nd estimate voucher. |
2 | The last 2 vouchers are generated. Any unpaid balance from the 1st or 2nd estimate is included in the 3rd estimate voucher. |
1 | 100 percent of the gross estimated withholding tax liability is allocated to the last voucher. |
A | 100 percent of the gross estimated withholding tax liability is allocated to the 1st voucher. |
B | 100 percent of the gross estimated withholding tax liability is allocated to the 2nd voucher. |
C | 100 percent of the gross estimated withholding tax liability is allocated to the 3rd voucher. |
Amount to round up each estimate
This field allows you to enter a rounding multiple for the estimated payments. If you leave this field blank, UltraTax CS automatically rounds each estimated payment up to the next dollar. To enter an amount to round up each estimate 1 time for all new clients, select
Setup
, 1065 Partnership
, the West Virginia
tab, then New Client Options
.