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Screen IAEst - Iowa Estimates (1120)
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Overpayment Application
Application of current year overpayment
These codes are the same as those in federal Screen Est. They instruct the application how to apply any current-year overpayment. The code chosen affects what is printed on Page 1 of the return, and the calculation of next-year estimated tax payments.
Enter one of the overpayment codes listed in the following table or select one from the drop-down list.
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default. |
2 | Apply 100 percent of the overpayment to next-year estimates; refund excess. This code applies the overpayment to each estimate in full until the overpayment is exhausted or all estimate payments are made, in which case the excess is refunded. |
3 | Apply to the first period of next-year estimates; refund excess. |
4 | Apply equally to all next-year estimates; refund excess. This code applies one-fourth 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 amount is exhausted or all payments are made, in which case the excess is refunded. |
6 | Apply to the first and second periods of next-year estimates; refund excess. |
7 | Apply 100 percent of this overpayment to next-year estimates; provide no refund. |
8 | Apply amount specified in the Overpayment to be applied (Code 5 or 8) field to next year’s estimates. 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 Iowa’s new client options. Choose Setup > 1120 Corporation > Iowa tab, click the New Client Options button, 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 if necessary and is not overwritten by the selection in the New Client Options dialog.Estimates
Form Iowa 1120ES and FRAN 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.
If code
2
, 3
, 4
, 5
, 6
, or 7
is entered in the Application of current year overpayment
field, the application defaults to code 1
in the Form Iowa 1120ES and FRAN ES - declaration for next year
field. If both fields are blank, the application does not generate estimates for the filing instructions or the voucher information.Enter one of the codes for the
Form Iowa 1120ES and
FRAN ES - declaration for next year
field listed in the following table, or select one from the drop-down list.note
If the
Reason for final return
field in Screen IAGen or Screen IAFIGen has data, then estimates do not print.Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default if you enter code 2 , 3 , 4 , 5 , 6 , or 7 in the Application of current year overpayment field.note
If the current-year tax is less than the minimum filing requirements, the vouchers do not print. |
2 | Use the amount of 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. |
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 the minimum filing requirement. |
9 | Use the amounts entered in the Amounts for next year’s estimates (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 Iowa’s new client options. Choose Setup > 1120 Corporation > Iowa tab, click the New Client Options button, 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 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 Iowa 1120ES and FRAN ES - 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 Iowa 1120ES and FRAN ES - 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
Use these fields to enter any estimate payments already made toward the next year.
If either code
1
, 2
, or 3
is entered in the Form Iowa 1120ES and FRAN ES - 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 Iowa 1120ES and FRAN ES - declaration for next year
field, these amounts do not adjust the amounts in the Amounts for next year’s estimates (Code 5 or 9)
fieldsNumber of estimates desired, if other than four
The number of estimates defaults to
4
. Enter a code from the following table, or select one from the drop-down list to specify fewer than four vouchers.The overpayment and amounts already paid toward next-year estimates are applied to each voucher based on the overpayment code and the period in which the amounts were paid.
Code | Result |
|---|---|
4 | Four vouchers are generated. This is the default. |
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 last 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 instructs the application to round the estimated payments to the nearest integer specified. The estimated payments can be rounded up to the nearest $10, $100, $1,000, or $10,000. 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 Iowa’s new client options. Choose Setup > 1120 Corporation > Iowa tab, click the New Client Options button, 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 if necessary and is not overwritten by the selection in the New Client Options dialog.