Enter a state prior-year overpayment applied and a state tax refund
When you enter a state prior-year overpayment for a client, UltraTax CS includes the amount as a deduction on Form 1041, Page 1, line 11 and uses the amount on the state return as a payment toward the current tax. To enter a state prior-year overpayment applied and a state tax refund, do the following:
- In the client's return, open theStPmtscreen in thePaymentsfolder.
- Enter the state prior-year overpayment information in a section in the input screen.noteIf you used UltraTax CS to prepare this return in the prior year, the application automatically proformas the overpayment applied to theStPmtscreen.
- Open theIncomescreen in theIncomefolder.noteIf you used UltraTax CS to prepare this return in the prior year, the application automatically proformas the total amount of the state tax overpayment to theIncomescreen.
- Enter the total amount of the state tax overpayment (not just the portion applied to the next year) as other income in the statement window for theOther incomefield.
- Enter a postal code in thePostal Codecolumn in the statement window.
- Enter the code2or5in theState Usecolumn in the statement window.
- SelectDoneto close the statement window.
