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Screen MOEstC - Missouri Estimates (1120)
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Overpayment Application
Application of current year overpayment
These code options are the same as those in the federal Est Screen. The codes tell the application how to apply any current year overpayment. The choice of code affects what is printed on Page 1 of MO-1120 and the calculation of next year’s estimated tax payments. The overpayment options are listed in the drop-down list and in the table that follows.
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 next year’s first estimate; refund excess. |
4 | Apply equally to all next-year estimates; refund excess. This option divides the total overpayment by the number of payments desired for next year, applies this amount 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 next year’s first and second estimates; refund excess. |
7 | Apply 100 percent of this year’s overpayment to next year’s estimates; provide no refund. |
8 | Apply the portion of the overpayment shown in the Overpayment to be applied (Code 5 or 8) field to next year’s estimates; no refund. |
note
New clients and converted clients may benefit from Missouri’s new client options. Choose Setup, 1120 Corporation, then Missouri tab and select 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.Estimates
Form MO-1120ES - declaration for next year
These codes tell the application which method to use to determine the amount of next year’s estimated tax.
If you enter
2
through 7
in the Application of current year overpayment
field, the application defaults to option 1
in the Form MO-1120ES - declaration for next year
field. If both of these fields are blank, the application does not
generate estimate vouchers or estimate filing instruction information. To produce a blank estimate voucher, choose Help, Tax Subject Index, then Web Form Instructions to link to Form MO-1120ES from Missouri’s website. The estimate vouchers produced by the application are not approved for handwritten use. The options for the Form MO-1120ES - declaration for next year
field are listed in the drop-down list and in the following table.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
If the current year’s tax is less than the minimum filing requirement of $250, 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 tax liability, even if the total liability falls below the $250 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 $250. |
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 Missouri’s new client options. Choose Setup, 1120 Corporation, then Missouri tab, select 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.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 MO-1120ES - declaration for next year
field, enter the desired quarterly payments. These amounts are adjusted by the overpayment applied.If code
9
is entered in the Form MO-1120ES - declaration for next year
field, enter the desired quarterly payments. 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 code
1
, 2
, or 3
is entered in the Form MO-1120ES - 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 MO-1120ES - declaration for next year
field, these amounts do not 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 less than four vouchers. The options for the number of vouchers are displayed in the drop-down list and in 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 | 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
The field allows rounding specifications to be entered 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 up each estimated payment to the next dollar.note
New clients and converted clients may benefit from Missouri’s new client options. Choose Setup, 1120 Corporation, then Missouri tab, select 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.Expected liability for next year if large corporation
If this is a large corporation, enter next year’s expected tax liability. A large corporation is a corporation that in any of the three preceding taxable years had a federal taxable income of at least one million dollars and Missouri taxable income of at least one hundred thousand dollars.