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Screen PAEst - Pennsylvania Form RCT-101 Estimates (1120)
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Overpayment Application
Application of current year overpayment
The code options available for this field are the same as those in federal Screen Est. They instruct the application how to apply any current-year overpayment. The code affects the calculation of next year’s estimated tax payments. Enter one of the overpayment options listed in the following table or select one from the list.
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default option. |
2 | Apply 100 percent of overpayment to next year’s estimates; refund excess. This option applies the overpayment in full to each estimate 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 amount specified below 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; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimates; no refund. This option applies the entire overpayment to next year even if estimates are not required or the overpayment is more than the payments required. No refund is made. |
8 | Apply amount specified below 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 Pennsylvania’s new client options. Choose Setup > 1120 Corporation > Pennsylvania tab, click 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 857 - declaration for next year
Codes
2
, 4
, and 5
used in this field are the same as those in federal Screen Est, and they tell the application which method to use to determine the amount of next year’s estimated tax.note
Code
1
is specific to the Pennsylvania application. If both the Application of current year overpayment
and the Form 857 - declaration for next year
fields are blank, the application does not
generate estimate vouchers or filing instruction information.Enter one of the options for the
Form 857 - declaration for next year
field listed in the following table or select one from the list.Code | Result |
|---|---|
1 | Use 100 percent of the base year. This is the default option. Indicate the base year tax in the Base year for corporate net income tax field. |
2 | Use the current-year income tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) fields. If the adjustment represents a decrease, enter a negative amount. |
4 | Print estimate vouchers with amount fields blank. |
5 | Use the amounts specified below 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 liability from Tax Projection Worksheet. Estimates are prepared even if the projected tax liability is less than the minimum amount required. |
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 Pennsylvania’s new client options. Choose Setup > 1120 Corporation > Pennsylvania tab, click the New Client Options button, and enter the code in the
Declaration for next year
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’s estimates already paid
fields.If code
5
is entered in the Form 857 - 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 857 - 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 code
1
or 2
is entered in the Form 857 - 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 857 - 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 to specify fewer than four vouchers. The application applies the overpayment and amounts already paid toward next year’s estimates to each voucher based on the overpayment code and the quarter in which the amounts were paid. The options for the number of vouchers are listed in the list and in the following table.Code | Result |
|---|---|
4 | Four vouchers are generated. This is the default option. |
3 | The last three vouchers are generated. The application includes any unpaid balance from the first estimate in the second estimate voucher. |
2 | The last two vouchers are generated. The application includes any unpaid balance from the first or second estimate in the third estimate voucher. |
1 | The application allocates 100 percent of the gross estimated tax liability to the fourth voucher. |
A | The application allocates 100 percent of the gross estimated tax liability to the first voucher. |
B | The application allocates 100 percent of the gross estimated tax liability to the second voucher. |
C | The application allocates 100 percent of the gross estimated tax liability to the third voucher. |
Amount to round up each estimate
This field allows rounding specifications to be entered 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 blank, the application rounds each estimated payment up to the next dollar.note
New clients and converted clients may benefit from Pennsylvania’s new client options. Choose Setup > 1120 Corporation > Pennsylvania tab, click 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.