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Screen ORMETEst - Metro Estimates (1120)
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Overpayment Application
Application of current year overpayment
These codes are the same as those in the federal Est screen. They tell the application how to apply any current-year overpayment. This decision affects what prints on Page 2 of Form METBIT-20 or METBIT-20S and on Form BIT-V estimate vouchers. The overpayment options are listed in the following table or can be selected from the dropdown list.
Code | Result |
|---|---|
1 | Refund 100% of the overpayment. This is the default. |
2 | Apply 100% of the overpayment to next year’s estimates; refund excess. This code 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 next year’s 1st estimate; refund excess. |
4 | Apply equally to all next-year estimates; refund excess. This code divides the total overpayment by the number of payments desired, applies this amount to each estimate, and refunds any excess overpayment. |
5 | Apply the portion of the overpayment shown in the Overpayment to be applied (Code 5 or 8) field to the estimates until the overpayment is exhausted or all payments are made, in which case the excess is refunded. |
6 | Apply to next year’s 1st and 2nd estimates; refund excess. |
7 | Apply 100% of this year’s overpayment to next year’s estimates; provide 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 aren't required or generated. |
note
New clients and converted clients may benefit from Oregon’s new client options. Select
Setup
, 1120 Corporation
, the Oregon
tab, New Client Options
, 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 isn't overwritten by the selection in the New Client Options window. Estimates
Form BIT-V - declaration for next year
Codes
1
through 5
and 9
are similar to 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. The codes for the Form BIT-V - declaration for next year
fields are listed in the following table or can be selected from the dropdown list.Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default if code 5 is entered in the Application of current year overpayment field in the Overpayment Application section.note
If the current year’s tax is less than the minimum filing requirements ($1,000), the vouchers don't print. |
2 | Use the current-year income tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If this code is selected, 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 ($1,000). |
4 | Print vouchers with amount fields blank. If this code is selected, the application prints estimate vouchers with the amount fields left blank. |
5 | Use amounts entered below, before overpayment. If this code is used, also enter amounts in the Amounts for next year’s estimates (Code 5 or 9) field.note
These amounts are adjusted by any overpayment applied. |
9 | Use amounts entered below. Enter amounts in the Amounts for next year’s estimates (Code 5 or 9) fields to enter estimated payments for each quarter. These aren't reduced by any overpayment. |
Amounts for next year’s estimates (Code 5 or 9)
Use these fields to specify the estimate amounts for each quarter.
If code
5
is entered in the Form BIT-V - declaration for next year
field, enter the desired quarterly payments in these fields. The application adjusts these amounts by any overpayment applied and prints them on the vouchers.If code
9
is entered in the Form BIT-V - declaration for next year
field, enter the desired quarterly payments in these fields. These amounts aren't 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 code
1
, 2
, or 3
is entered in the Form BIT-V - declaration for next year
field, these amounts are subtracted from the calculated quarterly estimated tax liability to determine the net voucher amounts.If code
5
or 9
is entered in the Form BIT-V - declaration for next year
field, these amounts don't adjust the amounts entered in the Amounts for next year’s estimates (Code 5 or 9)
fields.Number of estimates desired, if other than 4
The number of estimates defaults to
4
. Enter a code to specify fewer than 4 vouchers. The amounts already paid toward next year’s estimates are applied to each voucher based on the quarter in which the amounts were paid. The options for the number of vouchers are listed in the dropdown list and in the following table.Code | Result |
|---|---|
4 | 4 vouchers generate. This is the default. |
3 | The last 3 vouchers generate. Any unpaid balance from the 1st estimate is included in the 2nd estimate voucher. |
2 | The last 2 vouchers generate. Any unpaid balance from the 1st or 2nd estimates is included in the 3rd estimate voucher. |
1 | 100% of the gross estimated tax liability is allocated to the 4th voucher. |
A | 100% of the gross estimated tax liability is allocated to the 1st voucher. |
B | 100% of the gross estimated tax liability is allocated to the 2nd voucher. |
C | 100% of the gross estimated tax liability is allocated to the 3rd voucher. |
Amount to round up each estimate
Rounding specifications for the estimated payments are entered in these fields. Round up the estimated payments to the nearest factor indicated. For example, to round up each estimated payment to the nearest $10, enter
10
. If these fields are blank, the application automatically rounds each estimated payment up to the next dollar.Estimated voucher of mailing address change
Enter
1
, 2
, 3
, or 4
to mark the Mailing address change
checkbox on the appropriate voucher. The options are listed in the dropdown list and in the following table.Code | Result |
|---|---|
1 | Marks the New name or address field on the 1st quarter voucher. If the new name or new address field is marked on the main return, this is the default. |
2 | Marks the New name or address field on the 2nd quarter voucher. |
3 | Marks the New name or address field on the 3rd quarter voucher. |
4 | Marks the New name or address field on the 4th quarter voucher. |