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Screen RICEst - Rhode Island Composite Estimates (1120)

Overpayment Application

To calculate next year’s composite estimated tax liability and required payments, enter
2
,
3
,
4
,
5
,
6
, or
7
 in
Application of current year overpayment
, or make an entry in
Form RI 1040C-ES - declaration for next year
.
The code options available in this box instruct the application how to apply any current year overpayment. The selected option affects what prints on Form RI-1040C 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 in full 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.
4
Apply equally to all next-year estimates; refund excess. This applies one-fourth of the overpayment to each estimate and refunds any excess overpayment.
5
Apply amount specified in
Overpayment to be applied (Code 5 or 8)
 to next year’s estimate. The specified amount is applied to each estimate until exhausted or all estimated payments are made, in which case the excess is refunded.
6
Apply to first and second estimates of next year; refund excess.
7
Apply 100 percent of overpayment to next year’s estimates; no refund. This applies the entire overpayment to next year even if estimates aren't required or the overpayment is in excess of the required payments. 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.

Estimates

The codes used in this box tell the application which method to use to determine the amount of the next year’s estimated tax. If you enter
2
 through
7
 in
Application of current year overpayment
, the application defaults to option
1
in
Form RI 1040C-ES - declaration for next year
. If both of these boxes are blank, the application
does not
 generate estimate vouchers or estimate filing instruction information. Enter one of the options listed in the following table or select it from the dropdown list.
Code
Result
1
Use the current-year tax liability. This is the default if
2
 through
7
 are selected in
Application of current year overpayment
. Estimates are prepared if the current year tax liability is equal to or greater than $250.
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 less than $250.
4
Print vouchers with amount boxes blank. Form RI 1040C-ES vouchers are prepared with the client’s name, address, payment due date and blank amounts due.
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.
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.
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 RI 1040C-ES - declaration for next year
, enter the quarterly payments in these boxes. These amounts are adjusted by any overpayment applied.
If you enter code
9
 in
Form RI 1040C-ES - declaration for next year
, enter the quarterly payments in these boxes. These amounts won't be adjusted by the overpayment applied.
Use these boxes to enter any estimate payments already made toward the next year.
If code
1
,
2
, or
3
 is entered in
Form RI 1040C-ES - 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 RI 1040C-ES - 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.
The number of composite estimate vouchers defaults to
4
. Enter a code to specify fewer than four 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 quarter 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.
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 nearest dollar.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1120 Corporation
  • State: Rhode Island
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