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Screen IDEst - Idaho Estimates (1120)
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Overpayment Application
Application of current year overpayment
The option selected affects what is printed on Page 2 of the return and the calculation of next year’s estimated tax payments. The overpayment options can be selected from the drop-down list.
note
New clients and converted clients may benefit from Idaho’s new client options. Choose Setup, 1120 Corporation, then Idaho tab, select the New Client Options button and 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 dialog.Estimates
Form 41ES - declaration for next year
If you enter
2
through 7
in the Application of current year overpayment
field, the application defaults to code 1
in the Form 41ES - declaration for next year
field. If you leave both of these fields blank, the application does not
generate estimate vouchers or filing instruction information. Enter one of the codes for the Form 41ES - declaration for next year
field listed in the following table or select one from the drop-down list.Code | Result |
|---|---|
1 | Use the current year income tax liability, if less than $500 use zero. This is the default if you enter code 2 , 3 , 4 , 5 , 6 , or 7 in the Application of current year overpayment field.If the current year’s tax is less than the minimum filing requirements, the vouchers do not print. |
2 | Use the current-year income tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If you use this code, 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 even if the total liability falls below the minimum amount required to make estimated payments. |
4 | Print vouchers with amount fields blank. If you use this code, the application prints estimate vouchers with the amount fields blank. |
5 | Use amounts entered below. If you use this code, also enter amounts in the Amounts for next year’s estimates (Code 5 or 9) fields.These amounts are adjusted by any overpayment applied. |
8 | Use the projected income tax liability. Estimates are prepared even if the projected tax liability is less than $500. |
9 | Use amounts entered below. Enter amounts in the Amounts for next year’s estimates (Code 5 or 9) fields to enter estimated payments for each quarter. These are not reduced by any overpayment. |
note
New clients and converted clients may benefit from Idaho’s new client options. Choose Setup, 1120 Corporation, then Idaho tab and 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 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 will not be adjusted by the amounts entered in the
Next year estimates already paid
fields.If code
5
is entered in the Form 41ES - 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 41ES - declaration for next year
field, enter the desired quarterly payments in these fields. These amounts are 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
, 2
, or 3
is entered in the Form 41ES - 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 41ES - declaration for next year
field, these amounts do not adjust the amounts entered in the Amounts for 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 four vouchers. The codes for the number of coupons are listed in the drop-down list and in the following table. The overpayment and amounts already paid toward next year’s estimates applies to each coupon 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 or 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 you to 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 you leave this field blank, the application automatically rounds each estimated payment up to the next dollar.note
New clients and converted clients may benefit from Idaho’s new client options. Choose Setup, 1120 Corporation, then Idaho tab, select the New Client Options button, and 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 dialog.Indicate quarter of name change
Enter
1
, 2
, 3
, or 4
, or select from the drop-down list to indicate the quarter of the name change. The application marks the checkbox on the appropriate voucher.