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Screen ILEstS - Illinois Estimates (1120)
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Overpayment Application
Application of current year overpayment
The code options available in this field are the same as those in the application. They instruct the application how to apply any current-year overpayment. Any overpayment applied to prepayments will be applied to Form IL-1120-ST-V. The selected code affects what is printed on Page 3 of the return and the calculation of next year’s prepayments. We list the overpayment options in the dropdown list and in the following table.
Code | Result |
|---|---|
1 | Refund 100 percent of overpayment. This is the default option. |
2 | Apply 100 percent of the overpayment to next year’s prepayments; refund excess. This option applies the overpayment to each estimate in full until the overpayment is exhausted or all prepayments are made, in which case the excess is refunded. |
3 | Apply to next year’s first prepayment; refund excess. |
4 | Apply equally to all each prepayment; refund excess. This option divides the total overpayment by the number of payments desired, applies this amount to each prepayment, 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 prepayments until the amount is exhausted or all payments are made, in which case the excess is refunded. |
6 | Apply to next year’s 1st and 2nd prepayments; refund excess. |
7 | Apply 100 percent of this year’s overpayment to next year’s prepayments; give no refund. |
8 | Apply the amount specified in the Overpayment to be applied (Code 5 or 8) field to next year’s prepayments. This option lets an overpayment be specified even when prepayments are not needed or generated. |
note
New clients and converted clients may benefit from global options. Select
Setup
, 1120 Corporation
, Illinois
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 replaced by the selection in the New Client Options window.Replacement Tax and Nonresident Prepayments
Form IL-1120-ST-V - declaration for next year
These code options are the same as those in the application. They tell the application which method to use to determine the amount of next year’s estimated tax liability.
If you enter code
2
through 7
in the Application of current year overpayment field, the application defaults to option 1 in the Form IL-1120-ST-V - declaration for next year field. If both of these fields are blank, the application doesn't generate prepayment vouchers or prepayment filing instruction information. The prepayment vouchers produced by the application are not approved for handwritten use; therefore, the option to print blank vouchers is not provided.The options for the Form IL-1120-ST-V - declaration for the next year field are listed in the dropdown list and in the following table.
Code | Result |
|---|---|
1 | Use the current year tax liability. This is the default if code 2 , 3 , 4 , 5 , 6 , or 7 is entered in the Application of current year overpayment field. |
2 | Use the current year tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If this option is used, 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 for next year’s prepayments (Code 5 or 9) fields, before overpayment. If you select this option, the amounts entered in the Amounts for next year’s prepayments (Code 5 or 9) fields are adjusted by any overpayment applied. |
9 | Use the amounts entered in the Amounts for next year’s prepayments (Code 5 or 9) fields. If you select this option, the amounts entered in the Amounts for next year’s prepayments (Code 5 or 9) fields are not adjusted by any overpayment applied. |
note
New clients and converted clients may benefit from global options. Select
Setup
, 1120 Corporation
, then Illinois
tab, select the New Client Options
button, and enter the code in the Next year’s estimate declaration (S Corp) 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 prepayments. The transferred code may be changed in this field if necessary and is not replaced by the selection in the New Client Options window. The IL Replacement Tax and Nonresident Prepayment Worksheet can be referenced for details on the prepayment calculations. If a selection is made in the Form IL-1120-ST-V - declaration for the next year field, and nonresident shareholders exist, the replacement tax prepayment will be added to the nonresident shareholder prepayments.Amounts for next year’s prepayments (Code 5 or 9)
Use these fields to specify the prepayment amounts for each quarter. These amounts won’t be adjusted by the amounts entered in the Next year prepayments already paid fields.
If the code
5
is entered in the Form IL-1120-ST-V - declaration for the next year field, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied.If the code
9
is entered in the Form IL-1120-ST-V- declaration for the next year field, enter the desired quarterly payments in these fields. These amounts won’t be adjusted by the overpayment applied.Next year prepayments already paid
Use these fields to enter any estimate payments already made toward the next year.
If the code
1
or 2
is entered in the Form IL-1120-ST-V - 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 prepayment amounts.If the code
5
or 9
is entered in the Form IL-1120-ST-V - declaration for the next year field, these amounts don’t adjust the amounts entered in the Amounts for next year’s prepayments (Code 5 or 9) fields.Number of prepayments desired, if other than four
The number of prepayment vouchers defaults to
4
. Enter a code to specify fewer than 4 vouchers. The overpayment and amounts already paid toward next year’s prepayments 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 3 vouchers are generated. Any unpaid balance from the 1st prepayment is included in the 2nd prepayment voucher. |
2 | The last 2 vouchers are generated. Any unpaid balance from the 1st or 2nd prepayment is included in the 3rd prepayment 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 prepayment
This field lets rounding specifications to be entered for the prepayments. The prepayments can be rounded up to the nearest factor indicated. For example, to round up each prepayment to the nearest $10, enter
10
. If this field is blank, the application rounds each prepayment up to the nearest dollar.note
New clients and converted clients may benefit from global options. Select
Setup
, 1120 Corporation
, then Illinois
tab, select the New Client Options
button, and enter an 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 prepayments to the nearest factor. The transferred amount may be changed in this field if necessary and is not replaced by the selection in the New Client Options window.