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Screen FLEst - Florida Estimates (1120)
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Overpayment Application
Application of current year overpayment
These code options are the same as those in federal Screen Est. The codes teach the application how to apply any current-year overpayment. This option affects what is printed on Page 1 of the return and what is calculated as next year’s estimated tax payments. The overpayment options appear in the dropdown list and in the table that follows:
Code | Result |
|---|---|
1 | Refund 100% of overpayment. This is the default option. |
2 | Apply 100% 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 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 estimated payments desired, applies this amount to each estimate, and refunds any excess overpayment. |
5 | Apply the amount entered to estimates until exhausted. The amount specified will be applied to estimates until 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% of overpayment to next year’s estimates; no refund. |
8 | Apply the amount specified below. This option lets an overpayment to be specified even when estimates are not required or generated. |
note
New clients and converted clients may benefit from Florida’s new client options.
Select
Setup
, 1120 Corporation
, Florida
tab, then select the New Client Options
button and enter the code in the Overpayment application field. The selection 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 if necessary and is not replaced by the selection in the New Client Options window.
Estimates
Form F-1120 ES - declaration for next year
These codes are the same as those in federal Screen Est. They tell the application which method to use to determine the amount of the next year’s estimated tax. By entering
2
through 7
in the Application of current year overpayment field, the application defaults to option 1
in the Form F-1120 ES - declaration for the 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 current year liability, if less than $2,500 use zero. This is the default if you entered option 2 , 3 , 4 , 5 , 6 , or 7 in the Application of the current year overpayment field.note
If the current year’s tax is less than the minimum filing requirement, the vouchers don’t print. |
2 | Use current year liability adjusted by the amount specified in Amount to adjust current year liability (Code 2). If you select this option, 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. (This includes expected changes to tax withholding.) |
3 | Use current year liability even if less than $2,500. |
5 | Use the amounts specified below, 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 the minimum filing requirement. |
9 | Use the amounts specified below; if applying overpayment, use code 7 or 8. 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 Florida’s new client options.
Select
Setup
, 1120 Corporation
, Florida
tab, then select the New Client Options
button and 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 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. These amounts won’t be adjusted by the amounts entered in the Next year estimates already paid fields.
If the code
5
is entered in the Form F-1120 ES - declaration for next year field, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied, if relevant, and are printed on the vouchers.If the code
9
is entered in the Form F-1120 ES - 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’s estimates already paid
Use these fields to enter any estimate payments already made toward the next year.
If the code
1
, 2
, or 3
is entered in the Form F-1120 ES - declaration for the 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 the code
5
or 9
is entered in the Form F-1120 ES - declaration for next year field, these amounts don’t 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 estimate vouchers defaults to
4
. Enter a code to specify fewer than 4 vouchers. Enter this code directly, select it from the dropdown list, or refer to the following table. 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.Code | Result |
|---|---|
4 | 4 vouchers are generated. (default) |
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 and 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 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.note
New clients and converted clients may benefit from Florida’s new client options.
Select
Setup
, 1120 Corporation
, Florida
tab, then select the New Client Options
button and enter the amount in the Round estimates by field. The amount entered 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 if necessary and is not replaced by the selection in the New Client Options window.