Screen EstPF - Private Foundation Payments and Estimates (990)

Payments

Prior year overpayment applied
If you used this application to prepare the client’s return in the prior year then the prior-year overpayment proformas. The application adds the overpayment to either the amount in
Total estimates paid
or to the
1st
through
5th
box amounts. The total prints on Form 990-PF, Part VI, line 6a. The amount in this box applies to the current-year first-quarter estimate for purposes of calculating Form 2220.
Treat calculated amounts as paid
If you used this application to prepare the client’s return in the prior year then the calculated estimates proforma. Enter
X
in the
Treat calculated amounts as paid
box to enter the amounts in the
Paid
column from the
Calculated
column. The amounts are treated as timely unless you enter dates in the
Date
column.
Paid with extension
Each time you print the extension the extension payment amount calculates and is entered here. It prints on the main return and not the extension, and you’ll be asked to verify the amount paid with the extension before you file the main return. Enter the amount actually paid here to overrule the calculated amount. This new amount displays in black.

Overpayment

Application of current year overpayment
Select an option to specify how to apply any current-year overpayment. The code you select affects what prints on Form 990-PF, Part VI, line 11. Options are listed in the box.

Form 990-W

Next year declaration
The code you select determines which method is used to calculate the next year’s estimated tax amount. If you enter option
2
,
3
,
4
,
5
,
6
, or
7
in the
Application of current year overpayment
box, then option
1
is the default in the
Next year declaration
box. If both of these are blank, the estimate doesn’t generate.
Number of estimates desired next year, if other than four
Indicate how many estimates you want and in which quarter you need them. The overpayment 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 the amounts are paid.
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 this is blank, each estimated payment rounds up to the next dollar.
Large organization
Enter
X
if the organization or its predecessor had taxable income of $1 million or more for any of the three years immediately preceding the current tax year.
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