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Screen Est - Estimates (1041)
Overpayment
Application of current year overpayment
The code you choose from this field determines how the current year overpayment is applied.
Code | Result |
|---|---|
1 (default) | Refund 100% of the overpayment. |
2 | Apply 100% of overpayment to next year's estimate and refund the excess. This option applies the overpayment to the first estimate and to each successive estimate until the funds run out or until all estimates are paid. You’ll see a refund of the remaining amount on 1041, 1041-QFT, or 1040NR. |
3 | Apply to the first quarter estimate and refund the excess. |
4 | Apply equally to each quarter and refund the excess. This option applies the overpayment equally to each estimate and refunds any excess overpayment. |
5 | Apply the portion of the overpayment shown in the Amount for code 5 or 8 field to the estimates until the overpayment runs out or all payments are made. You’ll see a refund of the remaining amount on 1041, 1041-QFT, or 1040NR. |
6 | Apply to the first and second quarter estimates and refund the excess. |
7 | Apply 100% of the overpayment to next year's estimate with no refund. |
8 | Apply the amount specified below in the Amount for code 5 or 8 field. If this code is entered and the Next year declaration field is blank, estimates do not calculate. |
Estimate Payment Voucher
For a calculation of estimated tax payments to occur for a client, enter
2
through 7
in the Application of current year overpayment
field or enter a code in the Next year declaration
field.Next year declaration
The code you choose from the field determines how next year's estimates are calculated.
Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default if code 2 through 7 is entered in the Application of current year overpayment field.note
If the current-year tax is less than the minimum filing requirements, the vouchers don't print. |
2 | Use the current-year income tax liability plus the adjustment in the Amount for code 2 field. If you select this option, enter an adjustment to the current-year tax liability in the Amount for code 2 field, as well. If the adjustment represents a decrease, enter a negative amount. |
3 | Use the current-year income tax liability even if the total liability falls below the minimum amount required to make estimated payments. |
4 | Print vouchers with the amount fields blank. Estimate filing instructions are not produced with code 4 unless you enter X in the Print estimate filing instructions with blank amounts with code 4 field. |
5 | Use the amounts entered in the fields below. If this code is selected, also enter amounts in the Amounts for code 5 or 9 fields.note
The amounts adjust by any overpayment applied. |
6 | Use the current-year amounts plus the adjustments in the Amounts for code 6 fields. If you select this code, enter adjustments to the current-year amounts in the Amounts for code 6 fields, as well. If the adjustment represents a decrease, enter a negative amount. |
8 | Use next year's tax rates to calculate liability. If you select this code and the rates for the next year do not change, we calculate estimates using code 1. |
9 | Use the amounts entered below. If this code is selected, also enter amounts in the Amounts for code 5 or 9 fields.note
These amounts do not adjust by any overpayment applied. |
Amounts for next year's payments made
Use these fields to enter any estimated payments already made towards the next year.
This article applies to:
- Product: UltraTax CS
- Return type: 1041 Fiduciary