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Screen NJAltEst - New Jersey Alternative Income Tax Estimates (1120)
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Overview
Application of current year overpayment
The code options available in this field instruct UltraTax CS how to apply any current-year overpayment. The code used affects what prints on Page 1 of the return and the calculation of next year’s estimated tax payments. The overpayment options are listed in the following table.
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 estimate; 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, 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 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 New Jersey’s new client options. Select
Setup
, then 1120 Corporation
. Go to the New Jersey
tab, select New Client Options
and enter the Overpayment application
. 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 and is not overwritten by the selection in the New Client Options window.Form PTE-150 - declaration for next year
The codes
1
, 2
, 3
, 5
, and 9
used in this box indicate which method is used to determine the amount of the next year’s estimated tax. The options for Form PTE-150 - declaration for next year
are listed in the table that follows:Code | Result |
|---|---|
1 | Use the current-year income tax liability. note
Note: If the current year’s tax is less than the minimum filing requirements, the vouchers don't print. |
2 | Use the current year income tax liability plus the adjustment in Amount to adjust current year liability (Code 2) . If this option is selected, also enter an adjustment to the current-year tax liability in Amount to adjust current year liability (Code 2) . 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 estimate payments. |
5 | Use amounts entered. If this option is selected, also enter amounts in the Amounts for next year’s estimates (Code 5 or 9) boxes. |
9 | Use amounts entered. Enter amounts in the Amounts for next year’s estimates (Code 5 or 9) boxes to enter estimated payments for each quarter. |
note
You can set a default declaration for all new and converted clients. To set a default, select
Setup
, then 1120 Corporation
. Go to the New Jersey
tab, then select New Client Options
and enter the code in Next year’s estimate declaration
. 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 box and isn't replaced by the selection in the New Client Options window.Amounts for next year’s estimates (Code 5 or 9)
Use these boxes to specify the estimate amounts for each quarter. These amounts won't be adjusted by the amounts entered in the
Next year estimates already paid
boxes.If code
5
is entered in Form PTE-150 - declaration for next year
, enter the quarterly payments in these boxes.If code
9
is entered in Form
PTE-150
- declaration for next year
, enter the quarterly payments in these boxes.Next year estimates already paid
Use these boxes to enter any estimate payments already made toward the next year.
If code
1
, 2
, or 3
is entered in Form
PTE-150
- declaration for next year
, these amounts are subtracted from the calculated quarterly gross estimated tax liability to determine the net estimate amounts.If code
5
or 9
is entered in Form
PTE-150
- declaration for next year
, these amounts don't adjust the amounts entered in the Amounts for next year’s estimates (Code 5 or 9)
boxes.Number of estimates desired, if other than four
The number of estimate vouchers defaults to
4
. Enter a code in this box to specify fewer than four vouchers. The following table list the options for the number of vouchers. UltraTax CS applies the amounts paid toward next year’s estimates 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 allocated to the second voucher. |
C | 100 percent of the gross estimated tax liability allocated to the third voucher. |
Amount to round up each estimate
Use this box to enter rounding specifications for estimated payments. UltraTax CS can round the estimated payments up to the nearest factor indicated. For example, to round up each estimated payment to the nearest $10, enter
10
in this box. If you leave this box blank, each estimated payment rounds up to the next dollar.note
You can set a default amount to round for all new and converted clients. To set a default, select Setup, 1120 Corporation, New Jersey tab, then select
New Client Options
and enter the amount in Round estimates by
. The amount entered in this box appears for newly created and converted clients and is used to round up the estimated payments to the nearest factor. The transferred code may be changed in this box and isn't replaced by the selection in the New Client Options window.