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Screen NYWHEst - New York Withholding Estimates (1120)

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Estimates

Form IT-2658 - declaration for next year
The codes used here are the same as those in the federal Est screen. They tell which method to use to determine the amount of next year’s estimated tax due on nonresident shareholders. If this is blank, the application
does not
 generate estimate vouchers or filing instruction information, unless the total of required payments equals or exceeds $300 for any shareholder. The options for
Form IT-2658 - declaration for next year
 are listed in the following table or can be selected from the dropdown.
Code
Result
1
Use the current year income tax liability. This is the default.
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 tax liability, even if the total liability falls under the minimum amount required for estimated payments.
4
Print vouchers with amount boxes blank. If this option is selected, estimate vouchers print with the amount boxes blank.
5
Use the amounts entered in
Amounts for next year’s estimates (Code 5)
before overpayment. If you select this option, the amounts entered in
Amounts for next year’s estimates (Code 5)
 are 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 the New York tab. Select
New Client Options
 and enter the code in the
Next year’s estimate declaration
. The selection here 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 here if necessary and isn't replaced by the selection in the New Client Options window.
Amounts for next year’s estimates (Code 5)
Use these to specify the estimate amounts for each quarter. These amounts won’t be adjusted by the amounts entered in
Next year estimates already paid
.
If code
5
 is entered in
Form IT-2658 - declaration for next year
, enter the desired quarterly payments here. These amounts are adjusted by the overpayment applied.
Next year estimates already paid
Use these to enter any estimate payments already made toward the next year.
If code
1
,
2
, or
3
 is entered in
Form IT-2658 - declaration for next year
, 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
 is entered in
Form IT-2658 - declaration for next year
, these amounts don't adjust the amounts entered in
Amounts for next year’s estimates (Code 5)
.
Number of estimates desired, if other than four
The number of estimated payments here defaults to
4
. Enter a code to specify fewer than 3 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.
Code
Result
4
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 or 2nd estimate is included in the 3rd estimate voucher.
1
100 percent of the gross estimated tax liability is allocated to the 4th 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 enables 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 is blank, each estimated payment automatically round 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 the New York tab. Select
New Client Options
 and enter the code in
Round estimates by
. The amount entered here 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 here if necessary and isn't replaced by the selection in the New Client Options window.

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