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Screen MNEst - Minnesota Estimates (1040)

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Overview

Use this screen to complete Form M1 and Minnesota Estimated Tax Payment vouchers and Worksheet. Enter state payments in the St Pmt federal screen so the amounts transfer to federal Schedule A. If you enter payments for Minnesota in more than one of the units provided in the St Pmt federal screen, be sure to use the same fields for each unit.
For example, if you use the
Total
 field in 1 unit, you need to use the
Total
 field for all units that relate to Minnesota. Similarly, if you use the
1st - 5th payment
 fields, enter amounts in the payment fields for all units used for Minnesota.

Overpayment Application

Application of overpayment
The code options available in this field are the same as those in UltraTax/1040. They instruct UltraTax CS how to apply any overpayment. Your decision affects what is printed on Form M1, Page 2, and the calculation of next year's estimated tax payments.
New clients and converted clients may benefit from global options. Select
Setup
, then
1040 Individual
. In the
Minnesota
 tab, select
New Client Options
, 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 replaced by the global choice made in the New Client Options window. These fields are proforma'd from year to year, therefore, only newly created and converted clients are affected by global options.

Estimates - Calculated

To calculate the estimated tax liability and required payments for , enter
2
 through
8
 in the
Application of overpayment
 field or make an entry in the
Estimates - declaration for
field.
Estimates - declaration for
The codes used in this field are the same as those in UltraTax/1040. They tell UltraTax CS which method to use to determine the amount of 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 filing instruction information.
Amounts for code 5 or 9
Use these fields to specify the estimate amounts for each quarter.
If code
5
 is selected in the
Estimate - declaration for
field, enter the desired quarterly payments in these fields. UltraTax CS adjusts these amounts by any overpayment applied and amount already paid, and prints these amounts on the vouchers.
If code
9
 is selected in the
Estimate - declaration for
field, enter the desired quarterly payments in these fields. UltraTax CS doesn't adjust these amounts by any overpayment applied or already paid, and prints these amounts on the vouchers.
Amounts for estimates paid
Use these fields to enter any estimate payments already made toward the next year's tax liability. These amounts are subtracted from the calculated quarterly gross estimated tax liability to determine the net voucher amounts when the
Estimate - declaration code for
is a code other than 9.
Tax projection options for code 8
If you enter code
8
, Use tax from Tax Projection Worksheet, in the
Estimates - declaration for
field, choose 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
. Enter a code in this field to specify fewer than 4 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 lets you 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 dollars, 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 4th quarter estimate is due by December 31. A global default is available for all new clients for all state returns. To select this option, select
Setup
 then
1040 Individual
. In the
Federal
 tab, select
New Client Options
, 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: Minnesota

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