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Screen DEEstC - Delaware Estimates (1120)
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Overpayment Application
Application of current overpayment
The codes available in this field are the same as those on federal Screen Est. They instruct the application on how to apply any current year overpayment. This affects what is printed on Page 1 or the return and on the estimate vouchers. The overpayment codes are in the drop-down list 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 estimate; refund excess. This option applies the overpayment to each estimate in full until the overpayment is exhausted or until all estimated payments are made, in which case the excess is refunded. |
3 | Apply to next year’s first estimate; refund excess. |
5 | Apply the portion of the overpayment shown in the Overpayment to be applied (Code 5 or 8) field to the estimates until the amount is exhausted or until all payments are made, in which case the excess is refunded. |
6 | Apply to next year’s first and second estimates; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimates; provide no refund. |
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 Delaware’s new client options. Choose Setup > 1120 Corporation > Delaware tab and click the New Client Options button. Enter the code in the
Overpayment application
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 is not overwritten by the selection in the New Client Options field.Estimates
Form 1100-T - declaration for next year
The codes used in this field are similar to those in federal Screen Est. They tell the application which method to use to determine the amount of the next year’s estimated tax. Note that the application automatically prints the first page of Forms 1100-T because the State of Delaware requires that the first voucher be filed.
If code
2
, 3
, 5
, 6
, or 7
is entered in the Application of current overpayment
field, the application defaults to option 1 in the Form 1100-T - declaration for next year
field. The estimate options are listed in the following table or can be selected from the drop-down list. Note that option 3
is not available, because Delaware has no minimum liability requirement for the filing of estimates.Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default if you entered 2, 3 , 5 , 6 , or 7 in the Application of current overpayment field. |
2 | Use the current-year 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. |
5 | Use the amounts entered in the Amounts to use for next year’s estimates (Code 5 or 9) fields, before overpayment. If you select this option, the amounts entered in the Amounts to use for next year’s estimates (Code 5 or 9) fields are adjusted by any overpayment applied. |
8 | Use the projected tax liability. |
9 | Use the amounts entered in the Amounts to use for next year’s estimates (Code 5 or 9) fields. If you select this option, the amounts entered in the Amounts to use 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 Delaware’s new client options. Select
Setup
, 1120 Corporation
then Delaware
tab and select the New Client Options
button. Enter the code in the Next year’s estimate declaration
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 overwritten by the selection in the New Client Options field.Amounts to use for next year’s estimates (Code 5 or 9)
Use these fields to specify the estimate amounts for each quarter. These amounts will not be adjusted by the amounts entered in the
Next year estimates already paid
fields.If code
5
is entered in the Form 1100-T - 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 1100-T - declaration for next year
field, enter the desired quarterly payments in these fields. These amounts will not be adjusted by the overpayment applied.Next year estimates already paid: 1st - 4th payment
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
or 2
is entered in the Form 1100-T - 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 amount.If code
5
or 9
is entered in the Form 1100-T - declaration for next year
field, these amounts do not adjust the amount entered in the Amounts to use for next year’s estimates (Code 5 or 9)
fields.Number of estimates desired, if other than four
The number of estimated vouchers defaults to 4. Enter a code in this field to specify fewer than four vouchers. The options for the number of vouchers are listed in the drop-down list and in the following table. 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 | Result |
|---|---|
4 | Four vouchers are generated. This is the default option. |
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 and second estimate is included in the third estimate voucher. |
1 | 100 percent of the gross estimated tax liability is allocated to the fourth voucher. |
A | 100 percent of the gross estimated tax liability is allocated to the first voucher. |
B | 100 percent of the gross estimated tax liability is allocated to the second voucher. |
C | 100 percent of the gross estimated tax liability is allocated to the third voucher. |
Amount to round up each estimate
This field allows the entering of 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
in this field. If this field is blank, the application automatically rounds each estimated payment up to the nearest dollar.note
New clients and converted clients may benefit from Delaware’s new client options. Choose Setup > 1120 Corporation > Delaware tab and click the New Client Options button. Enter the amount in the
Round estimates by
field. The amount entered in this field 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 if necessary and is not overwritten by the selection in the New Client Options field.Expected liability for next year if large corporation
The application properly calculates next year’s estimates for large corporations based on the amount entered in this field. The client is considered a large corporation if the client has Delaware taxable income (excluding net operating loss carryovers) of $200,000 or more for any of the three tax years immediately preceding the subsequent tax year.
Enter the prior year information in the
Taxable income: [[ut_py_yyyy]] (Force)
, Taxable income: [[ut_2py_yyyy]]
, and Taxable income: [[ut_3py_yyyy]]
fields. Note that if the Taxable income: [[ut_py_yyyy]] (Force)
field is blank, the application defaults to the Delaware taxable income (excluding net operating loss carryovers) as determined by using the client’s current data.Exception for Small Corporations
Small corporation exception (Force)
Using the information entered in the Exception for Small Corporations section, the application automatically determines if a corporation qualifies for the small corporation exception of requiring 25 percent per quarter for estimated taxes, rather than 50 percent / 20 percent / 20 percent / 10 percent. To force this treatment, enter
1
if the corporation qualifies for exception, or enter 2
if the corporation does not qualify.