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Screen RIEst - Rhode Island Estimates (1120)
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Overpayment Application
Application of current year overpayment
These code options instruct the application how to apply any current-year overpayment. This decision determines what prints on the return as overpayment applied to next year and what calculates as next year’s estimated tax payments. Enter one of the overpayment options listed in the following table or select it from the dropdown 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 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 of next year; refund excess. |
5 | Apply amount specified in Overpayment to be applied (Code 5 or 8) to next year’s estimate until exhausted. The amount specified is applied to each estimate until exhausted or all estimated payments are made, in which case the excess is refunded. |
7 | Apply 100 percent of overpayment to next year’s estimates; provide no refund. This applies the entire overpayment to next year even if estimates aren't required or the overpayment is in excess of the payments required. No refund is made. |
8 | Apply amount specified in Overpayment to be applied (Code 5 or 8) to next year’s estimate. This lets an overpayment to be specified even when estimates aren't required or generated. |
note
New clients and converted clients may benefit from Rhode Island’s new client options. Select Setup, 1120 Corporation, Rhode Island tab, select New Client Options, and enter the code in
Overpayment application
. The selection in this box 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 box if necessary and isn't replaced by the selection in the New Client Options window.Estimates
Form BUS-EST - declaration for next year
The codes used in this box instruct the application which method to use to determine the amount of next year’s estimated tax. If you enter 2-7 in the
Application of current year overpayment
field , the application defaults to 1
in the Form BUS-EST - declaration for next year
. If both of these fields are blank, the application doesn't generate estimate vouchers or estimate filing instruction information. Enter one of the options listed in the following table or select it from the dropdown.
Code | Result |
|---|---|
1 | Use the current-year tax liability. This is the default if 2-7 are selected for Application of current year overpayment . Estimates are prepared if the current year tax liability is greater than $500. |
2 | Use the current-year income tax liability plus the adjustment in Amount to adjust current year liability (Code 2) . If you select this option, enter an adjustment to the current-year tax liability in Amount to adjust current year liability (Code 2) . If the adjustment represents a decrease, enter a negative amount. |
3 | Use the current-year income tax liability. Estimates are prepared even if the current year tax liability is $500 or less. |
4 | Print vouchers with amount boxes blank. |
5 | Use the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) boxes, before overpayment. If you select this option, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) boxes are adjusted by any overpayment applied. |
8 | Use the projected tax liability. Estimates are prepared even if the projected tax liability is less than $500. |
9 | Use the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) boxes. If you select this option, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) boxes aren't adjusted by any overpayment applied. |
note
New clients and converted clients may benefit from Rhode Island’s new client options. Select Setup, 1120 Corporation, Rhode Island tab, select New Client Options, and enter the code in
Next year’s estimate declaration
. The selection in this box 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 box if necessary and isn't replaced by the selection in the New Client Options window.Amounts for next year’s estimates (Code 5 or 9)
Use these boxes to specify the estimate amounts for each quarter. These amounts won't be adjusted by the amounts entered in the
Next year estimates already paid
boxes.If you enter code
5
in Form BUS-EST - declaration for next year
, enter the quarterly payments in these boxes. These amounts are adjusted by the overpayment applied.If you enter code
9
in Form BUS-EST - declaration for next year
, enter the quarterly payments in these boxes. These amounts won't be adjusted by the overpayment applied.Next year estimates already paid
Use these boxes to enter any estimate payments already made toward the next year.
If code
1
, 2
, or 3
is entered in Form BUS-EST - declaration for next year
, 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 Form BUS-EST - declaration for next year
, these amounts don't adjust the amounts entered in the Amounts for next year’s estimates (Code 5 or 9)
boxes.Number of estimates desired, if other than four
The number of estimate vouchers defaults to
4
. Enter a code to specify fewer than two 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 are applied to each voucher based on the overpayment code and the estimate 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 or 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
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 box is blank, the application automatically rounds each estimated payment up to the next dollar. note
New clients and converted clients may benefit from Rhode Island’s new client options. Select Setup, 1120 Corporation, Rhode Island tab, select New Client Options, and enter the amount in
Round estimates by
. The amount entered in this box 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 box if necessary and isn't replaced by the selection in the New Client Options window.