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Screen WIWHEst - Wisconsin Withholding Estimates (1120)
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Overpayment Application
Application of current year overpayment
Enter a code option to apply any current-year overpayment. The code entered affects what prints on Page 1 of the return, and how next year’s estimated tax payments are calculated. To enter the application of current-year overpayment one time for all new clients, choose Setup > 1120 Corporation > Wisconsin tab and click the New Client Options button. The overpayment options are listed in the drop-down list and in the following table.
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 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; refund excess. |
4 | Apply equally to each estimate; refund excess. This option divides the total overpayment by the number of next-year payments desired, applies this amount to each estimate, and refunds any excess overpayment. |
5 | Apply amount specified below to estimates until exhausted; refund excess. This option applies the portion of the overpayment shown 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 estimates; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimates; no refund. |
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 are not required or generated. |
Estimates
Form PW-ES - declaration for next year
Enter code
1
through 5
, or 9
to select a method to determine the amount of the next year’s estimated tax. If 2
through 7
is entered in the Application of overpayment
field, the application defaults to option 1
in the Form PW-ES - declaration for next year
field. If both of these fields are blank or 1
is entered in the Application of overpayment
field, the application does not
generate estimate vouchers or the filing instruction information. To enter the Form PW-ES declaration one time for all new clients, choose Setup > 1120 Corporation > Wisconsin tab and click the New Client Options button. The options for the Form PW-ES - declaration for next year
field are listed in the drop-down list and in the following table. Code | Result |
|---|---|
1 | Use the current-year liability. If less than $200, use zero. This is the default if 2 , 3 , 4 , 5 , 6 , or 7 is entered in the Application of overpayment field.Note: If the current year’s liability is less than the minimum filing requirements, estimates are not generated. |
2 | Use the current-year liability adjusted by the amount below. Enter an adjustment to the current-year 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 liability, even if less than $200. The application produces vouchers even when the total liability is less than the minimum amount required. |
4 | Print vouchers with amount fields blank. The application prints estimate vouchers with the amount fields blank. |
5 | Use the amounts entered 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. |
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. |
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 estimates already paid
fields.If code
5
is entered in the Form PW-ES - 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 PW-ES - 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
, 2
, or 3
is entered in the Form PW-ES - 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 voucher amounts.If code
5
or 9 is entered in the Form PW-ES - 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 estimated vouchers defaults to
4
. Enter a code to specify fewer than four vouchers. The options 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’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 | The last voucher is generated. 100 percent of the gross estimated liability is allocated to the fourth voucher. |
A | First voucher. 100 percent of the gross estimated liability is allocated to the first voucher. |
B | Second voucher. 100 percent of the gross estimated liability is allocated to the second voucher. |
C | Third voucher. 100 percent of the gross estimated liability is allocated to the third voucher. |
Amount to round up each estimate
This field allows you to enter rounding specifications for the estimated payments. The estimated payments are rounded up to the nearest factor indicated. For example, if you want to round up each estimated payment to the nearest $10, enter
10
. If you leave this field blank, the application automatically rounds each estimated payment up to the nearest dollar. To enter an amount to round up each estimate one time for all new clients, choose Setup > 1120 Corporation > Wisconsin tab and click the New Client Options button.