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Screen WIPWEst - Wisconsin Withholding Estimates (1065)

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Overpayment Application

Application of overpayment
Enter a code option to apply any current-year overpayment. The code entered affects what is printed on Form PW-1, lines 10 and 11, and how next year’s estimated tax payments are calculated. To enter the application of current-year overpayment 1 time for all new clients, select
Setup
 then
1065 Partnership
. In the Wisconsin tab, select
New Client Options
. The overpayment options are listed in the fieldview and in the following table.
Code
Result
1
Refund 100 percent of the overpayment. This is the default option.
2
Apply 100 percent of 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 total overpayment by the number of next-year payments desired, applies this amount to each estimate, and refunds any excess overpayment.
5
Apply the amount specified below to estimates until exhausted; refund excess. This option applies 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 overpayment to next year’s estimates; no refund.
8
Apply the amount specified below. This option applies the portion of the overpayment shown in the
Amount for code #5 or #8
 to next year’s estimates; no refund.

Estimates

Form PW-ES - declaration for next year
Enter code 1 through 5, or 9 to select a method to determine the amount of the next year’s estimated tax. If 2 through 8 is entered in the
Application of overpayment
 field, the application defaults to option 1 in the
Form PW-ES - declaration for next year
 field. If both of these fields are blank or 1 is entered in the
Application of overpayment
 field, the application doesn't generate estimate vouchers or the filing instruction information. To enter the Form PW-ES declaration 1 time for all new clients, select
Setup
 then
1065 Partnership
. In the Wisconsin tab, select
New Client Options
. The options for the
Form PW-ES - declaration for next year
 field are listed in the fieldview and in the following table.
Code
Result
1
Use the current-year liability. If less than $500, use zero. This is the default if 2, 3, 4, 5, 6, 7, or 8 is entered in the
Application of overpayment
 field.
note
If the current year’s liability is less than the minimum filing requirements, estimates are not generated.
2
Use the current-year liability adjusted by the amount below. 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 $500. The application produces vouchers even when the total liability is less than the minimum amount required.
4
Print vouchers with amount fields blank. The application prints estimate vouchers with the amount fields blank.
5
Use amounts entered below, before overpayment. The application uses the amounts entered in the
Amts for Codes 5 and 9
 or
Estimates Paid
 fields on the vouchers.
note
These amounts are adjusted by any overpayment applied.
9
Use amounts entered below. Enter amounts in the
Amts for Codes 5 and 9
or
Estimates Paid
 fields to enter estimated payments for each quarter. These won’t be reduced by any overpayment.
Amts for Codes 5 and 9
Use these fields to specify the estimate amounts for each quarter.
If code 5 is selected in the
Form PW-ES - declaration for next year
 field, enter the desired quarterly payments in these fields. The application adjusts these amounts by any overpayment applied, and prints the calculated amounts on the vouchers.
If code 9 is selected in the
Form PW-ES - declaration for next year
 field, enter the desired quarterly payments in these fields. The application doesn’t adjust these amounts by any overpayment applied, 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
The number of estimated vouchers in this field defaults to 4. Enter a code in this field to specify fewer than 4 vouchers. The options for the number of vouchers are listed in the fieldview. 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.
Amount to round up each voucher
This field lets you to enter rounding specifications for the estimated payments. The estimated payments are rounded up to the nearest factor indicated. For example, if you want to round up each estimated payment to the nearest $10, enter 10. If you leave this field blank, the application automatically rounds each estimated payment up to the nearest dollar. To enter an amount to round up each estimate 1 time for all new clients, select
Setup
 then
1065 Partnership
. In the Wisconsin tab, select
New Client Options
..

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