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Screen AREst - Arkansas Estimates (1120)
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Overpayment Application
Application of current year overpayment
These codes are the same as those in the federal application. They instruct the application on how to apply any current year overpayment. The selected option affects what is printed on Page 1 of the return and the calculation of next year estimated tax payments. Enter one of the overpayment options listed in the following table or select it from the dropdown list.
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default option. |
2 | Apply 100 percent 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. After that, the excess is refunded. |
3 | Apply to the first estimate of next year; refund the excess. |
4 | Apply equally to all next-year estimates; refund the excess. This option applies 1/4th of the overpayment to each estimate and refunds any excess overpayment. |
5 | Apply the portion of the overpayment shown in the Overpayment to be applied (Code 5 or 8) field to the estimates until the overpayment is exhausted or all payments are made, in which case the excess is refunded. |
6 | Apply to 1st and 2nd estimates of next year; refund the 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 allows an overpayment to be specified even when estimates are not required or generated. |
note
New clients and converted clients may benefit from Arkansas’s new client options. Select
Setup
then 1120 Corporation
. In the Arkansas
tab, select New Client Options
and enter the code in the Overpayment application
field. The selection there 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 and isn't overwritten by the selection in the New Client Options
dialog.Estimates
Form AR1100ESCT - declaration for next year
These codes are the same as those in the federal application. They tell the application which method to use to determine the amount of next year estimated tax. If you enter option 2 through 7 in the
Application of current year overpayment
field, the application defaults to option 1 in the Form AR1100ESCT - declaration for next year
field. If both of these fields are blank, the application doesn't generate estimate vouchers or estimate filing instruction information. Enter one of the options listed in the following table or select it from the dropdown list.Code | Result |
|---|---|
1 | Use the current year income tax liability. This is the default if options 2 through 7 are selected for the Application of current year overpayment field. Estimates are prepared if the current year tax liability is equal to or greater than $1000. |
2 | Use the current year income tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If you select this option, 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. |
3 | Use the current year income tax liability. Estimates are prepared even if the current year tax liability is less than $1000. |
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. |
8 | Use the projected tax liability. Estimates are prepared even if the projected tax liability is less than 1000 dollars. |
9 | Use the amounts entered in the Amounts for 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 Arkansas’s new client options. Select
Setup
then 1120 Corporation
. In the Arkansas
tab select New Client Options
, and enter the code in the Next year’s estimate declaration
field. The selection there 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 and isn't overwritten by the selection in the New Client Options dialog.Amounts for next year’s estimates (Code 5 or 9)
Use these fields to specify the estimate amounts for each quarter. These amounts won't be adjusted by the amounts entered in the
Next year estimates already paid
fields.If code 5 is entered in the
Form AR1100ESCT - 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 AR1100ESCT - 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 specify the estimate amounts for each quarter or to enter any estimate payments already made toward the next year.
If code 1, 2, or 3 is entered in the
Form AR1100ESCT - 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 AR1100ESCT - 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, if other than four
The number of estimates in this field 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 were paid. The options for the number of vouchers are listed in the dropdown list and in the following table.
Code | Result |
|---|---|
4 | 4 vouchers are generated. This is the default option. |
3 | The last 3vouchers are generated. Any unpaid balance from the 1st estimate is included in the second 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
Enter rounding specifications for the estimated payments. The estimated payments can be rounded up to the nearest factor indicated. For example, to round up to the nearest 10 dollars, enter 10. If this field is blank, the application automatically rounds each estimated payment up to the next dollar.
note
New clients and converted clients may benefit from Arkansas’s new client options. Select
Setup
then 1120 Corporation
. In the Arkansas
tab, select New Client Options
, and enter the amount in the Round estimates by
field. The amount entered there transfers to the state input screen for newly created and converted clients and is used to round up the estimated payments to the nearest factor. The transferred amount may be changed in this field and isn't overwritten by the selection in the New Client Options
dialog.Amended declaration
If, after you file a declaration, the estimated tax is substantially increased or decreased as the result of a change in income or exceptions, enter X. The application prints the Amended Declaration on Form AR1100ESCT.