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Screen AZCEst - Arizona Composite Estimates (1120)
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Overpayment
Application of current year overpayment
The codes available in this field are the same as those in the Est federal screen. They tell the application how to apply any current year overpayment. The decision affects what is printed on the applicable return.
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default. |
2 | Apply 100 percent of the 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 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 amount shown in the Overpayment to be applied (Code 5 or 8) field to estimates until exhausted, 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. This option applies the entire overpayment to next year even if estimates are not required or the overpayment is in excess of the payments required. No refund is made. |
8 | Apply amount specified in the Overpayment to be applied (Code 5 or 8) field to next year’s estimate. This option lets you specify an overpayment even when estimates aren't required or generated. |
note
New clients and converted clients may benefit from Arizona’s new client options. Go to
Setup
, then 1120 Corporation
In the Arizona
tab, select New Client Options
, and enter the code in the Application of current year overpayment
field. The selection in this field transfers to the state input screen for newly created and converted clients and is used to calculate the overpayment application. The transferred code may be changed in this field if necessary and isn't replaced by the selection in the New Client Options
window.Estimates
Form 140ES - declaration for next year
The codes used in this field are the same as those in federal Screen Est. They tell the application which method is used to determine the amount of next year’s estimated tax. If 2 through 7 is entered in the
Application of current year overpayment
field, the application defaults to 1 in the Form 140ES - declaration for next year
field. If both of these fields are blank, the application doesn't generate estimate vouchers or filing instruction information. The estimate options are listed in the following table or can be selected from the dropdown list.Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default if option 2, 3, 4, 5, 6, or 7 is entered in the Application of current year overpayment field.note
If the current year’s tax is less than the minimum filing requirements, the vouchers don't print. |
2 | Use the current-year income tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If this option is selected, also enter an adjustment to the current-year tax liability in the Amount to adjust current year liability (Code 2) field. If the adjustment represents a decrease, enter a negative amount. |
4 | Print coupons with amount fields blank. If this option is selected, the application prints estimate coupons with the amount fields blank. |
5 | Use the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields, before overpayment. If you select this option, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields are adjusted by any overpayment applied. |
9 | Use the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields. If you select this option, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields are not adjusted by any overpayment applied. |
note
New clients and converted clients may benefit from Arizona’s new client options. Go to
Setup
, then 1120 Corporation
In the Arizona
tab, select New Client Options
and enter the code in the Form 140ES - declaration for next year
field. The selection in this field transfers to the state input screen for newly created and converted clients and is used to calculate next year’s estimates. The transferred code may be changed in this field if necessary and is not replaced by the selection in the New Client Options
window.Amounts for next year’s estimates (Code 5 or 9)
Use these fields to specify the estimate amounts for each quarter.
If code 5 is entered in the
Form 140ES - declaration for next year
field, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied.If code 9 is entered in the
Form 140ES - declaration for next year
field, enter the desired quarterly payments in these fields. These amounts won't be adjusted by the overpayment applied.Next year estimates already paid
Use these fields to enter any estimate payments already made toward the next year.
If code 1, 2, or 3 is entered in the
Form 140ES - declaration for next year
field, these amounts and the overpayment applied are subtracted from the calculated quarterly gross estimated tax liability to determine the net estimate amounts.If code 5 or 9 is entered in the
Form 140ES - declaration for next year
field, these amounts do not adjust the amounts entered in the Amounts for next year’s estimates (Code 5 or 9)
fields.Number of estimates desired next year, if other than four
The number of estimate vouchers defaults to 4. Enter a code to specify fewer than 4 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 are paid. The options for the number of vouchers are listed in the following table or can be selected from the dropdown list.
Code | Result |
|---|---|
4 | All 4 vouchers are generated. This is the default option. |
3 | The last 3 vouchers are generated. Any unpaid balance from the 1st 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 tax liability is allocated to the 4th voucher. |
A | 100 percent of the gross estimated tax liability is allocated to the 1st voucher. |
B | 100 percent of the gross estimated tax liability is allocated to the 2nd voucher. |
C | 100 percent of the gross estimated tax liability is allocated to the 3rd voucher. |
Amount to round up each estimate
This field enables rounding specifications for the estimated payments. The estimated payments can be rounded up to the nearest factor indicated. For example, to round up each estimated payment to the nearest $10, enter 10. If this field is blank, the application automatically rounds each estimated payment up to the nearest dollar.