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Screen OJAKREst — Akron Estimates (1120)
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Overpayment Application
Application of current year overpayment
The codes available in this field are the same as those in federal Screen Est. They instruct the application on how to apply any current year overpayment. This affects what is printed on Form BR, Page 1 and on Forms D-1 and AQ-1 estimate vouchers. The overpayment codes are in the dropdown list and 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 and refund the excess. This option applies the overpayment to each estimate in full until the overpayment is exhausted or until all estimated payments are made, in which case the excess is refunded. |
3 | Apply to next year's first estimate and refund excess. |
4 | Apply equally to all next-year estimates and refund excess. This code divides the total overpayment by the number of vouchers desired for next year. |
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 until all payments are made, in which case the excess is refunded. |
6 | Apply to next year's first and second estimates and refund excess. |
7 | Apply 100 percent of 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 Ohio's new client options. Select
Setup
, 1120 Corporation
, the Ohio Cities
tab, New Client Options
, then enter the code in 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 if necessary and is not overwritten by the selection in the New Client Options
dialog.Estimates
Form D-1 - declaration for next year
The codes used in this field are the same as those in federal
Screen Est
. They tell the application which method to use to determine the amount of next year's estimated tax. If a 2
through 7
is entered in Application of current year overpayment
, the application defaults to option 1
in Form D-1 - declaration for next year
. If both of these fields are blank, the application does not generate estimate vouchers or estimate filing instructions. The estimate options are listed in the following table or can be selected from the dropdown list.Code | Result |
|---|---|
1 | Use the current year tax liability. This is the default if you entered 2 , 3 , 4 , 5 , 6 , or 7 in the Application of current year overpayment field.note
If the current year's tax is less than the minimum filing requirements, the vouchers do not print. |
2 | Use the current-year tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If you select this option, 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 is below the minimum amount required to make estimated payments. |
4 | Print vouchers with amount fields blank. |
5 | Use the amounts entered in Amounts to use for next year's estimates (Code 5 or 9) , before overpayment. If you select this option, the amounts entered in Amounts to use for next year's estimates (Code 5 or 9) are adjusted by any overpayment applied. |
9 | Use the amounts entered in the Amounts to use for next year's estimates (Code 5 or 9) . If you select this option, the amounts entered in the Amounts to use for next year's estimates (Code 5 or 9) fields are not adjusted by any overpayment applied. |
note
New and converted clients may benefit from Ohio's new client options. Select
Setup
, 1120 Corporation
, the Ohio Cities
tab, 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 field if necessary and is not overwritten by the selection in New Client Options
.Amounts to use 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 Form D-1 - declaration for next year
, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied.If code
9
is entered in Form D-1 - declaration for next year
, enter the desired quarterly payments in these fields. These amounts will not be adjusted by the overpayment applied.Next year estimates already paid
Use these fields to specify the estimate amounts for each quarter or to enter any estimate payments already made toward the next year.
If code
1
, 2
, or 3
is entered in the Form D-1 - 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
or 9
is entered in Form D-1 - declaration for next year
field, these amounts do not adjust the amounts entered in Amounts to use for next year's estimates (Code 5 or 9)
fields.Number of estimates desired, if other than four
The number of estimated vouchers defaults to
4
. Enter a code here to specify fewer than 4 vouchers. The options for the number of vouchers are listed in the dropdown list and in the following table. The overpayment and amounts already paid toward next year's estimates apply to each voucher based on the overpayment code and the quarter in which the amounts were paid.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 and 2nd estimate 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
This field allows you 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 left blank, the application rounds up each estimated payment to the next dollar.note
New clients and converted clients may benefit from the Ohio Cities new client options. Select Setup, 1120 Corporation, the Ohio Cities tab, New Client Options, and enter the amount in
Round estimates by
. 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 New Client Options
.Amended declaration
Enter
X
if the estimate vouchers were amended. Marking this box marks all AQ-1 vouchers as amended.