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Screen NYEstC - New York Estimates (1120)
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Overpayment Application
Application of current year overpayment
The code options available in this field are the same as those in federal Screen Est. The codes instruct how to apply any current year overpayment. The decision affects what is printed on the applicable return 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 dropdown 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. |
4 | Apply equally to each estimate; refund excess. This option divides the total overpayment by the number of estimates 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 the estimates until exhausted, refund excess. |
6 | Apply to second estimate of next year; 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 New York’s new client options. Select
Setup
, 1120 Corporation
then New York
tab. Select 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.Form CT-183 overpayment
Enter
1
or leave blank to refund any overpayment on Form CT-183. Enter 7
to apply the overpayment to next year’s Form CT-183 tax return.MTA overpayment
Enter
1
to refund any overpayment on Form CT-3-M. Enter 2
to apply the overpayment to next year’s estimates. Enter 3
or leave blank to apply the overpayment to any balance due on New York Franchise tax return.Estimates
Estimate declaration for next year
The codes used in this field are the same as those in federal Screen Est. They tell which method to use to determine the amount of next year’s estimated tax. If code
2
, 4
, 5
, 6
, or 7
is entered in the Application of current year overpayment
field, the application defaults to option 1
in the Estimate declaration for next year
field. If both of these fields are blank, the application doesn’t
generate estimate vouchers or filing instruction information. The estimate options are listed in the following table or can be selected from the dropdown list.Code | Result |
|---|---|
1 |
Use the current year income tax liability. This is the default if option
2
, 4
, 5
, 6
, or 7
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 do not print. 2Use 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.3Use the current year tax liability, even if the total liability falls below the minimum amount required for estimated payments.5 Use the amounts entered in the
Amount for next year’s estimates (Code 5 or 9)
fields, before overpayment. If you select this option, the amounts entered in the Amount for next year’s estimates (Code 5 or 9)
fields are adjusted by any overpayment applied.8Use the projected liability. Estimates are prepared even if the projected liability is less than $1000.9Use the amounts entered in the
Amount for next year’s estimates (Code 5 or 9)
fields. If you select this option, the amounts entered in the Amount 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 New York’s new client options. Select
Setup
, 1120 Corporation
then New York
tab. Select the New Client Options
button 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 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 Estimate 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 Estimate 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 Estimate 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 Estimate declaration for next year
field, these amounts do not adjust the amounts entered in the Amount for next year’s estimates (Code 5 or 9)
fields.Number of estimates desired, if other than three
The number of estimated payments in this field defaults to
3
. Enter a code in this field to specify fewer than three vouchers. 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 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 |
|---|---|
3 | All three vouchers are generated. This is the default option. |
2 | The last two vouchers are generated. Any unpaid balance from the second estimate is included in the third estimate voucher. |
1 | 100 percent of the gross estimated tax liability is allocated to the fourth 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 allows rounding specifications for the estimated payments. The estimated payments can be rounded up to the nearest factor indicated. For example, if you want to round up each estimated payment to the nearest $10, enter
10
. If this field is blank, each estimated payment is automatically up to the nearest dollar.note
New clients and converted clients may benefit from New York’s new client options. Select
Setup
, 1120 Corporation
then New York
tab. Select the New Client Options
button and enter the code 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 is not overwritten by the selection in the New Client Options dialog.Expected New York franchise liability for next year if large corporation
Next year’s estimates for large corporations calculate based on the amount entered in this field.
Expected MTA surcharge liability for next year if large corporation
Next year’s estimates for large corporations calculate based on the amount entered in this field.
New York business income:
2025
(Force) / 2024
/ 2023
A client is considered a large corporation if the client has a New York business income of at least $1,000,000 for any of the three tax years immediately preceding the current tax year. Enter the prior year information in the , and fields. However, if the
New York business income:
2025
(Force)
, New York business income:
2024
New York business income:
2023
New York business income:
2025
(Force)
field is blank, the application defaults to the business income determined by using the client’s current data.