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Screen WIEst — Wisconsin Estimates (1120)
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Overpayment Application
Application of current year overpayment
These codes are the same as those on the federal
Est screen
. They instruct the application on how to apply any current-year overpayment. This affects what is printed on Form 4, Page 2, Form 5S, Page 1 or Form 6, Page 1 and the calculation of next-year estimated tax payments. The overpayment codes are listed in the drop-down list and in the table that follows: Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default option. |
2 | Apply in full to next-year estimate; refund excess. This option 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 4th of the overpayment to each estimate and refunds any excess overpayment. |
5 | Apply the portion of the overpayment shown in Overpayment to be applied (Code 5 or 8) to the estimates until the amount is exhausted or all payments are made, in which case the excess is refunded. |
6 | Apply to 1st and 2nd 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 are not 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 allows an overpayment to be specified even when estimates are not required or generated. |
note
New clients and converted clients may benefit from Wisconsin’s new client options. Select
Setup
, 1120 Corporation
, the Wisconsin
tab, New Client Options
, then enter the code in Overpayment application
. The entry you make here 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 here and is not overwritten by the selection in New Client Options
.Estimates
Form Corp-ES - declaration for next year
These codes are the same as those on the federal
Est screen
. They tell the application which method to use to determine the amount of estimated tax for next year. If you enter2
through 7
in Application of current year overpayment
, the application defaults to 1
in Form Corp-ES - declaration for next year
. If both of these are blank, the application does not generate estimate vouchers or estimate filing instruction information. The codes for the Form Corp-ES - declaration for next year
field are listed in the drop-down list and in the table that follows: Code | Result |
|---|---|
1 | Use the current-year income tax liability; if less than $500 use zero. This is the default if options 2 through 7 are selected for Application of current year overpayment .note
If the current-year tax is less than the minimum filing requirements, the vouchers are not printed. |
2 | Use the current-year income tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If this option 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 income tax liability even if the total liability falls below the minimum amount required to make estimated payments. |
5 | Use the amounts entered in Amounts for next year’s estimates (Code 5 or 9) , before overpayment. If you select this, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) 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) fields. If you select this option, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) are not adjusted by any overpayment applied. |
note
New clients and converted clients may benefit from Wisconsin’s new client options. Select
Setup
, 1120 Corporation
, the Wisconsin
tab, New Client Options
, then enter the code in Next year’s estimate declaration
field. The entry made here 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 here if necessary and is not overwritten by the selection in New Client Options
. Amounts for next year’s estimates (Code 5 or 9)
Use these fields to enter any estimate payments already made toward the next year.
If code
1
, 2
, or 3
is entered in Form Corp-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 the Form Corp-ES - declaration for next year
field, these amounts do not adjust the amounts entered in Amounts for next year’s estimates (Code 5 or 9)
.Next year estimates already paid
Specify the estimate amounts for each quarter. These amounts will not be adjusted by the amounts entered in
Next year estimates already paid
.If code
5
is entered in Form Corp-ES - declaration for next year
, enter the desired quarterly payments here. These amounts are adjusted by the overpayment applied.If code
9
is entered in Form Corp-ES - declaration for next year
, enter the quarterly payments herein these fields. These amounts are not adjusted by the overpayment applied.Number of estimates desired, if other than four
The number of estimate vouchers defaults to
4
. Enter a code to specify less than four vouchers. The codes for the number of vouchers are listed in the drop-down list and in the following table. The overpayment and amounts already paid toward next-year estimates are applied to each voucher based on the overpayment code and the quarter in which the amounts were paid. Code | Result |
|---|---|
4 | 4 vouchers are generated (default). |
3 | The last 3 vouchers are generated. Any unpaid balance from the 1st estimate is included in the 2nd estimate voucher. |
2 | The last 2 vouchers are generated. Any unpaid balance from the 1st or 2nd estimate is included in the 3rd estimate voucher. |
1 | 100 percent of the gross estimated tax liability is allocated to the 4th voucher. |
A | 100 percent of the gross estimated tax liability is allocated to the 1st voucher. |
B | 100 percent of the gross estimated tax liability is allocated to the 2nd voucher. |
C | 100 percent of the gross estimated tax liability is allocated to the 3rd voucher. |
Amount to round up each estimate
You can enter rounding specifications for the estimated payments here. 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
in this field. If this field is blank, the application automatically rounds each estimated payment up to the nearest dollar. note
New clients and converted clients may benefit from Wisconsin’s new client options. Select Setup, 1120 Corporation, the Wisconsin tab, New Client Options, then enter the amount in
Round estimates by
. The amount entered 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 here and is not overwritten by the New Client Options
.Expected liability for next year if large corporation
If this is a large corporation, enter the amount of expected liability for next year. A large corporation is a corporation that had Wisconsin taxable income of $250,000 or more during the preceding tax year. The application properly calculates next-year estimates for large corporations based on the amount entered here.