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Screen MIEst - Michigan Estimates (1040)

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Overview

Use this screen to complete Forms MI-1040 and MI-1040ES.
note
State payments are entered in federal St Pmt Screen. Enter state payments in the same way you enter federal payments. Note that if you enter payments for this state on more than one screen provided in federal St Pmt Screen, be sure to use the same fields for each screen. For example, if you use the
Total
 field in one screen, you need to use the
Total
 field for all screens that pertain to Michigan. Similarly, if you use the
1 st - 5 th payment
 fields, you also need to enter amounts in the corresponding payment fields for all screens used for Michigan.

Overpayment Application

Use this section to apply any current year overpayment to next year's estimated tax payment.
Application of current year overpayment
These code options are the same as those in UltraTax/1040. They instruct UltraTax CS how to apply any current-year overpayment. Your decision affects what prints on Page 2 of the return and the calculation of next year's estimated tax payments.
New clients and converted clients may benefit from global options. Choose Setup, 1040 Individual, and then Michigan tab. Select the New Client Options button and enter the code or codes with which newly created and converted client returns calculate. These input screen fields transfer the global choice to newly created and converted clients. The transferred codes may be changed in these fields if necessary without being overwritten by the global choice made in the New Client Options dialog. These fields are proforma'd from year to year; therefore only newly created and converted clients are affected by global options.

Estimates - Calculated

To have UltraTax CS calculate next year's estimated tax liability and required payments, enter
2
 through
8
 in the
Application of current year overpayment
 field, or make an entry in the
Estimates - declaration for next year
 field.
Estimates - declaration for next year
These codes are the same as those in UltraTax/1040. They tell UltraTax CS which method to use to determine the amount of the next year's estimated tax. If you enter
2
 through
8
 in the
Application of current year overpayment
 field, UltraTax CS defaults to option
1
 in the
Estimates - declaration for next year
 field. If you leave both of these fields blank, UltraTax CS
does not
 generate estimate vouchers or estimate filing instruction information.
Amounts for code 5 or 9: 1st - 4th payment
These fields specify the estimate amounts for each quarter.
If you enter code
5
 in the
Estimates - declaration for next year
 field, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied, if applicable, and print on the vouchers.
If you enter code
9
 in the
Estimates - declaration for next year
 field, enter the desired quarterly payments in these fields. These amounts are not adjusted by the overpayment applied.
Amounts for next year estimates paid: 1st - 4th payment
These fields are used to enter any estimate payments already made toward the next year.
If you enter code
1
,
2
,
3
,
6
, or
8
 in the
Estimates - declaration for next year
 field, enter the amount paid with each estimated tax voucher. These amounts and the overpayment applied subtracts 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 next year
 field, choose an option to customize the tax used to calculate next year's estimates. UltraTax CS automatically adjusts the projected tax liability based on the option you choose. To produce a specific refund amount, enter that amount in the
Amount of refund desired
 field.
Number of next year vouchers desired
The number of estimate vouchers defaults to
4
. Enter a code to specify fewer than four vouchers. 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 indicated. For example, if you want to round up each estimated payment to the nearest $10, enter
10
. If you leave this field blank, UltraTax CS automatically rounds each estimated payment up to the next 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. To select this option, choose Setup, 1040 Individual, Federal tab, and then New Client Options button and enter
X
 in the
Treat the 4 th quarter state estimate as due on December 31 st
 field.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Michigan

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