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Screen VTEst - Vermont Estimates (1040)
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Overview
Use this screen to complete portions of Forms IN-111 and IN-114.
note
State payments are entered in the StPmt federal screen, so that amounts transfer to federal Schedule A. If you enter payments for Vermont in more than one of the units provided in the StPmt federal screen, make sure to use the same fields for each unit. For example, if you use the
Enter total, or
field in 1 unit, you need to use the Enter total, or
field for all units that pertain to Vermont. Similarly, if you use the 1st - 5th
payment fields, enter amounts in the payment fields for all units used for Vermont.Overpayment Application
Application of
2025
overpaymentThese codes are the same as those in UltraTax/1040. They instruct UltraTax CS how to apply any current-year overpayment. Your decision affects what is printed on the return and the calculation of next year's estimated tax payments.
New clients and converted clients can benefit from global options. Select
Setup
, then 1040 Individual
. Under the Vermont
tab, select New Client Options
and enter the codes newly-created and converted client returns calculate. These input screen fields transfer the global choice to newly created and converted clients. The transferred codes can be changed in these fields 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.Amount to apply to property tax
UltraTax/1040-VT first applies any overpayment to any penalties, then to the estimates, and then to property taxes. An amount entered in this field is limited to the amount of overpayment available after any penalties and amounts applied to estimates.
Estimates - Calculated
To have UltraTax CS calculate next year's estimated tax liability and required payments, enter
2
through 8
in the Application of
field, or make an entry in the 2025
overpaymentEstimates - declaration for
field.2026
Estimates - declaration for
2026
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 codes
2
through 8
in the Application of
field, UltraTax CS defaults to option 2025
overpayment1
in the Estimates - declaration for
field.2026
If you leave both of these fields blank, UltraTax CS doesn't generate estimate vouchers or filing instruction information.
New clients and converted clients may benefit from global options. Select
Setup
, then 1040 Individual
. Under the Vermont
tab, select New Client Options
and enter the codes newly created and converted client returns calculate. These input screen fields transfer the global choice to newly created and converted clients. The transferred codes can 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.Amounts for code 5 or 9
These fields are for specifying the estimate amounts for each quarter.
If you enter code
5
in the Estimates - declaration for
field, enter the quarterly payments in these fields. These amounts are adjusted by the overpayment applied, and print on the vouchers.2026
If you enter code
9
in the Estimates - declaration for
field, enter the quarterly payments in these fields. These amounts are not adjusted by the overpayment applied.2026
Amounts for
2026
estimates paidThese fields are for entering any estimate payments already made toward the next year.
If you enter code
1
, 2
, 3
, 6
, or 8
in the Estimates - declaration for
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.2026
Amounts for code 6
If you enter
6
in the Estimates - declaration for
field, enter adjustments for taxable income, tax, and credits.2026
Tax projection options for code 8
If you enter code
8
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 adjusts the projected tax liability based on the option you choose. To produce a specific refund amount, enter that amount in the 2026
Amount of refund desired
field.Number of
2026
vouchers desiredThe 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 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.New clients and converted clients may benefit from global options. Select
Setup
, then 1040 Individual
. Under the Vermont
tab, select New Client Options
and enter the rounding amount with which newly-created and converted client returns calculate. The input screen field transfers the global amount to newly created and converted clients. The transferred amount may be changed in this field if necessary without being replaced by the global choice made in the New Client Options
window. This field is proforma'd from year to year; therefore, only newly created and converted clients are affected by global options.Treat 4th quarter estimate as due on 12/31/
2026
Use this field to indicate in the filing instructions that the 4th quarter estimate is due by 12/31. A global default is available for all new clients for all state returns. To select this option, select
Setup
, then 1040 Individual
. Under the Vermont
tab, select New Client Options
and enter X
in the Treat the 4th quarter state estimate as due on December 31
field.