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Screen OHEst - Ohio Estimates

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Use this screen to complete Forms IT1040 and OUPC. If information transfers from UltraTax/1040, more data isn't needed. UltraTax/IT-1040 shows it on the form only, not in the input screen. State payments are entered in the federal St Pmt screen, so that the amounts transfer to the federal Schedule A.

Overpayment Application

These code options are the same as those in UltraTax/1040. They tell 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.
Application of overpayment
New clients and converted clients may benefit from global options. These fields transfer the global choice to newly created and converted clients. You can change the transferred codes in these fields if necessary. These fields are proforma'd from year to year; therefore, global options affect only newly created and converted clients.

Estimates - Calculated

The codes in this section 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.
Estimates - declaration for
If you enter
2
 through
8
 in
Application of overpayment
, this field defaults to option
1
. If you leave both fields blank, or if you enter
1
 in
Application of overpayment
 and leave this field blank, UltraTax CS doesn’t generate estimate vouchers or estimate filing instruction information.
Amounts for code 5 or 9
For
Estimates - declaration for
: if you select code
5
, enter the payments. These amounts are adjusted by the overpayment applied and print on the vouchers.
If you select code
9
, enter the payments. These amounts aren't adjusted by the overpayment applied.
Amount for estimates paid
If you enter code
1
,
2
,
3
,
6
, or
8
 in
Estimates - declaration for
, enter the amount already paid for each quarter. 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
Estimates - declaration for
, select an option to customize the tax used to calculate next year's estimates. To create a specific refund amount, enter that amount in
Amount of refund desired
.
Number of vouchers desired
The number of estimate vouchers defaults to
4
. Enter a code 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 round up to the nearest factor indicated. For example, if you want to round up each estimated payment to the nearest $10, enter
10
. Leaving this field blank will round each estimated payment up to the next dollar.
Treat 4th quarter estimate as due on 12/31/
Use this field to indicate the 4th quarter estimate is due by 12/31 in the filing instructions. A global default is available for all new clients. To select this option, select
Setup
,
1040 Individual
,
Federal
 tab,
New Client Options
, and mark
Treat the 4th quarter state estimate as due on December 31st
.

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