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Screen OKWHEst - Oklahoma Withholding Estimates (1120)

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Estimates

Form WTP 10005 - 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. Enter a code in this field, or select one from the fieldview.
Code
Result
1
Use the current-year income tax liability.
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.
9
Use the amounts entered in the
Amounts for next year’s estimates (Code 9)
 fields. If you select this option, the amounts entered in the
Amounts for next year’s estimates (Code 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, choose 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 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
field. If code
9
 is entered in the
Form WTP 10005 - declaration for next year
 field, enter the desired quarterly payments in these fields.
Next year estimates already paid: 1st - 4th payment
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 WTP 10005 - declaration for next year
 field, these amounts are subtracted from the calculated quarterly estimated tax liability to determine the net voucher amounts.
If code
9
 is entered in the
Form WTP 10005 - declaration for next year
 field, these amounts do not adjust the amounts entered in the
Amounts for next year’s estimates (Code 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 amounts already paid toward next year’s estimates apply to each voucher based on 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.

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