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Screen OKEst - Oklahoma 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 the federal Est Screen. They instruct the application to apply any current-year overpayment. The code chosen affects what prints on Page 2 of the return and the calculation of next year’s estimate vouchers. Enter one of the overpayment codes listed in the following table or select a code from the fieldview.
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default option. |
2 | Apply 100 percent of 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 first estimate; refund excess. |
4 | Apply equally to each estimate; refund excess. This option applies one-fourth of the overpayment to each estimate and refunds any excess overpayment. |
5 | Apply the amount specified 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 first and second estimate of next year; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimate; 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 Oklahoma’s new client options. Choose Setup, 1120 Corporation, and then Oklahoma 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 OW-8-ESC - declaration for next year
The codes used in this field are the same as those in the federal Est Screen. They tell the application which method to use to determine the amount of the next year’s estimated tax. If codes
2
through 7
are entered in the Application of current year overpayment
field, the application defaults to code 1
in the Form OW-8-ESC - declaration for next year
field. If both of these fields are blank, the application does not generate estimate vouchers or filing instruction information. Also, no estimates generate if the Final return
field is marked in the OKGenC Screen or OKGenS Screen. The codes for the Form OW-8-ESC - declaration for next year
field are listed in the following table. Enter one of these codes in this field, or select one from the fieldview.Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default if options 2 through 7 are selected in the Application of current year overpayment field.If the total liability is less than the minimum amount required for estimated payments, no estimates are calculated. |
2 | Use the current-year income tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If you select this code, 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 falls below the minimum amount required for estimated payments. |
4 | Print estimate vouchers with amount fields blank. If you select this code, the application prints estimate vouchers with the amount fields blank. |
5 | Use the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields, before overpayment. If you select this option, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields are adjusted by any overpayment applied. |
8 | Use the projected tax liability. Estimates are prepared even if the projected tax liability is less than the minimum amount required for estimated payments. |
9 | Use the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields. If you select this option, the amounts entered in the Amounts 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 Oklahoma’s new client options. Choose Setup, 1120 Corporation, and then Oklahoma 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 Form OW-8-ESC - 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 OW-8-ESC - 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
Use these fields to enter any estimate payments already made toward the next year.
If codes
1
, 2
, or 3
are entered in the Form OW-8-ESC - declaration for next year
field, these amounts and the overpayment applied subtract from the calculated quarterly estimated tax liability to determine the net voucher amounts.If code
5
or 9
is entered in the Form OW-8-ESC - declaration for next year
field, these amounts do not adjust the amounts entered in the Amounts for next year’s estimates (Code 5 or 9)
fields.Number of estimates desired, if other than four
The number of estimate vouchers defaults to
4
. Enter a code in this field to specify fewer than four vouchers. 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. The codes for the number of vouchers are listed in the fieldview and in the following table.Code | Result |
|---|---|
4 | Four vouchers are generated. This is the default. |
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 estimates 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 allows you to enter rounding specifications for the estimated payments. The estimates can be rounded up to the nearest factor indicated. For example, enter
10
to round up each estimated payment to the nearest $10. If this field is blank, the application automatically rounds each estimated payment up to the next dollar. note
New clients and converted clients may benefit from Oklahoma’s new client options. Choose Setup, 1120 Corporation, and then Oklahoma 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.