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Screen MEEst - Maine Estimates (1120)
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Overpayment Application
Application of current year overpayment
These codes instruct how to apply any current year overpayment. This affects what is printed on Form 1120ME, Page 3 and the calculation of next year’s estimated tax payments. The overpayment options are listed in the following table or can be selected from the drop-down list.
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 estimates; 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 estimates; refund excess. This option divides the total overpayment by the number of next year payments desired, applies this amount to each estimate, and refunds any excess overpayment. |
5 | Apply amount shown in the Overpayment to be applied (Code 5 or 8) field to estimates until exhausted, refund excess. |
6 | Apply to first and second estimate; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimates; no refund. This option applies the entire overpayment to next year even if estimates are not required or the overpayment is in excess of the payments required. No refund is made. |
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 Maine’s new client options. Choose Setup > 1120 Corporation > Maine tab. Click 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 1120ES-ME - declaration for next year
These codes instruct which method to use to determine the amount of next year’s estimated tax. If a
2
through 7
is entered in the Application of current year overpayment
field, the application defaults to option 1
in the Form 1120ES-ME - declaration for next year
field. If both of these fields are blank, the application does not
generate estimate vouchers or filing instruction information. The estimate options are listed in the following table or can be selected from the drop-down list.Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default if option 2 , 3 , 4 , 5 , 6 , or 7 is entered in the Application of current year overpayment field.note
Note: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 this option is selected, 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 for estimate payments. |
4 | Print vouchers with amount fields blank. If this option is selected, estimate vouchers print with the amount fields blank. |
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 tax liability from the Tax Projection Worksheet. If you select this option, the amount entered in the 2026 estimated tax paid (Force) field on the METPWC screen or METPWS will be used as next year tax. |
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 aren't adjusted by any overpayment applied. |
note
New clients and converted clients may benefit from Maine’s new client options. Select
Setup
, 1120 Corporation
, the Maine
tab, New Client Options
, 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 isn't overwritten 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 Paid
fields.If code
5
is entered in the Form 1120ES-ME - 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 1120ES-ME - 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 estimates already paid
Use these fields to enter any estimate payments already made toward the next year.
If code
1
, 2
, or 3
is entered in the Form 1120ES-ME - 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 1120ES-ME - declaration for next year
field, these amounts don't adjust the amounts entered in the Amounts for Code #5 or #9
fields.Number of estimates desired, if other than 4
The number of estimate vouchers defaults to
4
. Enter a code to specify fewer than 4 vouchers. 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 are paid. The options for the number of vouchers are listed in the following table or can be selected from the dropdown list.Code | Result |
|---|---|
4 | All 4 vouchers are generated. This is the default option. |
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
This field allows 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, each estimated payment is automatically rounded up to the nearest dollar.note
New clients and converted clients may benefit from Maine’s new client options. Select
Setup
, 1120 Corporation
, the Maine
tab, New Client Options
, 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 isn't overwritten by the selection in the New Client Options window.Expected liability next year if a large corporation (C Corp)
If this is a large corporation, enter the amount of expected liability for the next year. A large corporation is a corporation that had, or its predecessor had, taxable income of $1 million or more for any of the 3 tax years immediately preceding the current tax year. For this purpose, taxable income is modified to exclude net operating loss or capital loss carrybacks or carryovers. Next year’s estimates for large corporations are properly calculated based on the amount entered in this field.