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Screen NEEstC - Nebraska Estimates (1120)
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Overpayment Application
Application of current year overpayment
To have the application calculate next year’s estimated tax liability and required payments, enter 2, 3, 4, 5, 6, 7, or 8 in the
Application of current year
overpayment
field, or make an entry in the Form 1120N-ES - declaration for next year
field.note
New clients and converted clients may benefit from global options. Select
Setup
then 1120 Corporation
. Under the Nebraska
tab, select New Client Options
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 it's used to calculate the overpayment application. The transferred code may be changed in this field and isn't replaced by the selection in the New Client Options
window.These codes are the same as those in the application. They instruct the application how to apply any current-year overpayment. The code affects what prints on Form 1120N, and on Form 1120N-ES estimate vouchers. The overpayment codes are listed in the dropdown and in the table that follows:
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment (default) |
2 | Apply 100 percent of the overpayment to next year’s estimate; refund the excess. This code 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 estimate; refund excess. This code divides the total overpayment by the number of current-year payments, applies this amount to each estimate, and refunds any excess overpayment. |
5 | Apply the amount specified in the Overpayment to be applied (Code 5 or 8) field to the estimates until the overpayment is exhausted or all payments are made, in which case the excess is refunded. |
6 | Apply to 1st and 2nd estimates; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimates; no refund. |
8 | Apply the amount specified in the Overpayment to be applied (Code 5 or 8) field to next year’s estimates. This option enables an overpayment to be specified even when estimates are not required or generated. |
Estimates
Form 1120N-ES - declaration for next year
To have the application calculate estimated tax liabilities, enter codes 2 through 7 in the
Application of current year overpayment
field, the application defaults to code 1 in the Form 1120N-ES - declaration for next year
field. If both of these fields are blank, the application doesn’t generate estimate vouchers or filing instruction information.note
New clients and converted clients may benefit from global options. Select
Setup
then 1120 Corporation
. Under the Nebraska
tab, select New Client Options
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 replaced by the selection in the New Client Options window.The codes for the
Form 1120N-ES - declaration for next year
field are listed in the dropdown list and in the table that follows:Code | Result |
|---|---|
1 | Use the current year liability, if less than $400, use zero. This is the default if code 2, 3, 5, 6, 7, or 8 is entered in the Application of current year overpayment field.If the current year’s tax is less than the minimum filing requirements, the vouchers don't print. |
2 | Use the current year liability adjusted by the amount specified 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 liability even if less than $400. |
4 | Print estimate vouchers with amount fields blank. If you use this code, the application prints estimate voucher with the amount fields blank. |
5 | Use the amounts specified 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 liability from Tax Projection Worksheet. Estimates are prepared even if the projected tax liability is less than the minimum amount required. |
9 | Use the amounts specified 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. |
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’s estimates already paid
fields.If code
5
is entered in the Form 1120N-ES - declaration for next year
field, enter the quarterly payments. The application adjusts these amounts when the overpayment is applied, and prints them on the vouchers.If code
9
is entered in the Form 1120N-ES - declaration for next year
field, enter the quarterly payments. These amounts won’t be adjusted by the overpayment applied.Next year’s 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 1120N-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 1120N-ES - declaration for next year
field, these amounts don’t adjust the amounts entered in the Amounts for next year’s estimates (Code 5 or 9)
fields.Number of estimates, if other than four
The number of estimates in this field defaults to
4
. Enter a code to specify fewer than 4 vouchers. The application applies the overpayment and amounts already paid toward next year’s estimates to each voucher based on the overpayment code and the quarter in which the amounts were paid. The codes 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. |
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 or 2nd estimates 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
Use this field 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 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 global options. Select
Setup
then 1120 Corporation
. Under the Nebraska
tab, select New Client Options
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 and isn't replaced by the selection in the New Client Options window.Expected liability for next year if large corporation
The application properly calculates next year’s estimates for large corporations based on the amount entered in this field.