Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen MDEst - Maryland Estimates (1040)

Show all hidden content

Overview

Use this screen to complete Forms 502D and portions of Forms 502 and 505. If information transferred from UltraTax/1040 doesn't require additional data or coding, UltraTax/1040-MD shows it only on the form and not on the input screen.
Enter state payments in the federal St Pmt screen so the amounts transfer to federal Schedule A. If you enter payments for this state in more than one of the units provided on the St Pmt screen, be sure to use the same fields for each unit. For example, if you use the
Total
 field in one unit, use the
Total
 field for all units that pertain to Maryland. Similarly, if you use the
1st-5th payment
 fields, enter amounts in the fields for all units used for Maryland.

Overpayment Application

Use this section to apply any overpayment to 's estimated tax payment. To calculate next year's estimated tax liability and required payments, you need to enter
2
 through
8
 in the
Application of overpayment
 field,
or
 enter information in the
Estimates - declaration for
field.
Application of overpayment
These code options are the same as the options in UltraTax/1040. They instruct UltraTax CS how to apply an overpayment. The code you enter affects what prints on Page 2 of the return, and also affects 's estimated tax payments calculation.
New and converted clients may benefit from global options. Select Setup, then 1040 Individual, then the Maryland tab, select the New Client Options button, and enter the code or codes for calculating newly-created and converted client returns. These fields transfer the global choice to newly-created and converted clients. You can change the transferred codes in these fields and they won't be replaced by the global choice you make in the New Client Options window. These fields proforma from year to year, so global options only affect newly-created and converted clients.

Estimates - Calculated

To calculate next year's estimated tax liability and required payments, you need to enter
2
 through
8
 in the
Application of overpayment
 field,
or
 make an entry in the
Estimates - declaration for
field.
Estimates - declaration for
These codes are the same as the codes in UltraTax/1040. They tell UltraTax CS how to determine the amount of the next year's estimated tax.
If you enter
2
 through
8
 in the
Application of overpayment
 field, UltraTax CS defaults to option 1 in the
Estimates - declaration for
field. If you leave both of these fields blank, UltraTax CS doesn't generate estimate vouchers or estimate filing instruction information.
Amounts for codes 5 or 9
If you enter code
5
 in the
Estimates - declaration for
field, enter the quarterly payment amounts in these fields. These amounts are adjusted by the overpayment applied, and are printed on the vouchers.
If you enter code
9
 in the
Estimates - declaration for
field, enter the quarterly payment amounts in these fields. These amounts aren't adjusted by the applied overpayment.
Amounts for estimates paid
If you enter code
1
,
2
,
3
,
6
, or
8
 in the
Estimates - declaration for
field, enter the amounts already paid for each estimate. These amounts and the overpayment applied are subtracted from the calculated quarterly gross estimated tax liability to determine the net voucher amounts.
Tax projection options for code 8
If you enter code
8,
 Use tax from Tax Projection Worksheet, in the
Estimates - declaration for
field, select an option in this field to customize the tax used to calculate next year's estimates. UltraTax CS automatically adjusts the projected tax liability based on the option you select. To produce a specific refund amount, enter that amount in the
Amount of refund desired
 field.
Number of vouchers desired
The number of estimate vouchers defaults to
4
. To specify fewer than four vouchers, enter a code. 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.
Amount to round up each estimate
This field allows you to enter rounding specifications for the estimated payments. The estimated payments can be rounded up to the nearest factor you specify. For example, to round up each estimated payment to the nearest $10, enter
10
. If this field is blank, UltraTax CS automatically rounds up each estimated payment to the next whole dollar.
Treat 4th quarter estimate as due on 12/31/
Use this field to indicate in the filing instructions that the fourth quarter estimate is due by 12/31. A global default is available for all new clients for all state returns by selecting Setup, then 1040 Individual, then the Federal tab, then the New Client Options button. Enter
X
 in the
Treat the 4th quarter state estimate as due on December 31st
 field.
Print Form PV estimate vouchers
Enter
X
 if you need the State of Maryland to mail pre-printed vouchers for the remaining payments. UltraTax CS produces one Form 502D for the amount of the first installment and selects the checkbox requesting vouchers for the remaining installments of the current tax year. Form 502DEP vouchers do not print. If this field is blank, UltraTax CS produces the requested installments on Form 502DEP.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close