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Screen OJRITEst - RITA Estimates (1120)
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Overpayment Application
Application of current year overpayment
Enter this information on the first RITA city only. 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 27 and the calculation of next year’s estimated tax payments. The overpayment options are in the dropdown list and in the following table.
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default option. |
7 | Apply 100 percent of overpayment to next year’s estimates; provide no refund. |
note
New clients and converted clients may benefit from Ohio’s new client options. Select
Setup
, 1120 Corporation
then Ohio Cities
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.Estimates
Form 20-EXT or 27 - declaration for next year
These codes 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 the Application of current year overpayment
field, the application defaults to option 1
in the Form 20-EXT or 27 - declaration for next year
field. 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 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 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 the Amounts to use for next year’s estimates (Code 5 or 9) fields, before overpayment. If you select this option, the amounts entered in the Amounts to use for next year’s estimates (Code 5 or 9) fields 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) fields. 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 clients and converted clients may benefit from Ohio’s new client options. Selecting
Setup
, 1120 Corporation
then Ohio Cities
tab. Select New Client Options
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 to use for next year’s estimates (Code 5 or 9): 1st - 4th payment
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 estimates paid
fields.If code
5
is entered in the Form 20-EXT or 27 - 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 Form 20-EXT or 27 - declaration for next year
field, enter the desired quarterly payments in these fields. These amounts will not be adjusted by the overpayment applied.Next year estimates already paid: 1st - 4th payment
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 20-EXT or 27 - 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 20-EXT or 27 - declaration for next year
field, these amounts do not adjust the amounts entered in the 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 in this field to specify fewer than four 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 | 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 and 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 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 lets 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
then Ohio Cities
tab. Select New Client Options
and enter the amount 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.Display next year estimated tax on Form 27 when estimated tax is zero
Enter
X
when the next year estimated tax for Form 27 calculates to zero, and you want to display this information on the face of the return.