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Screen EstT - Unrelated Business Income Payments and Estimates (990)

Payments

Prior year overpayment applied
If you used an overpayment to prepare the client’s return last year then that amount proformas. It is added to either the amount in
Total estimates paid
 or to the
1st
through
5th
payment amounts. The total prints on Form 990-T, Page 2. Any overpayment is applied to the current-year first quarter estimate to calculate Form 2220.
Treat calculated amounts as paid
The calculated estimates are proforma’d if they were used to prepare the client’s return in the prior year. Enter
X
 in
Treat calculated amounts as paid
, and the application enters the amounts in the
Paid
 column from the
Calculated
 column. The amounts are treated as timely unless you enter dates in the
Date
 column.

Overpayment

Application of current year overpayment
Select an option here to specify how to apply any current-year overpayment. The code you select affects what prints on form 990-t line 49.

Form 990-W

Next year declaration
Chose which calculation method you’d like to use to calculate the next year’s estimated tax amount. If you enter option
2
,
3
,
4
,
5
,
6
, or
7 Application of current year overpayment
, then 1 is the default option in the
Next year declaration
 box. If you leave both boxes blank then no estimates are generated.
Number of estimates desired next year, if other than four
Enter a code to indicate how many estimates you want and in which quarters. The overpayment amounts and amounts already paid toward the estimates for next year are applied to each voucher based on the overpayment code and the quarter in which you pay the amounts.
Amount to round up each estimate
Enter a rounding multiple for the estimated payments. You can round the estimated payments up to the nearest $10, $100, or $1,000. For example, to round up each estimated payment to the nearest $10, enter
10
. If you leave this blank, each estimated payment rounds up to the next dollar.
Large organization
Enter
X
 if the organization or its predecessor had a taxable income of $1 million or more for any of the three years immediately preceding the current tax year. The large organization proformas automatically for this year’s return.
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