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Screen CACEst — California Composite Estimates (1065)

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Overpayment application

Application of current year overpayment
These code options instruct UltraTax CS how to apply any current-year overpayment for Form 540NR, Page 2 and the calculation of next year’s estimated tax payments. To enter the application of current year overpayment one time for all new clients, select
Setup
, 
1065 Partnership
 then, on the
California
 tab, select
New Client Options
. The overpayment options are listed in the table that follows:
Code
Result
1
Refund 100% of the overpayment. This is the default option.
2
Apply 100% of the overpayment to next year’s estimate. Refund excess. This option applies the overpayment to each estimate in full until the overpayment is exhausted or all estimated payments are made in which case the excess is refunded.
3
Apply to next year’s first estimate. Refund excess.
4
Apply equally to all next-year estimates; refund excess. This divides the overpayment by the number of current year payments desired.
5
Apply the portion of the overpayment shown in the
Amount for code #5 or #8
 field to the estimates until the amount is exhausted or all payments are made in which case the excess is refunded.
6
Apply to first and second quarters of next year’s estimates; refund excess.
7
Apply 100% of this year’s overpayment to next year’s estimates. Provide no refund.
8
Apply amount specified below.

Estimates

Form 540-ES - declaration
Codes
1
 through
5
and
9
 indicate which method you want to use to determine the amount of next-year estimated tax. If you enter
2
 through
8
 in the
Application of current year overpayment
 box, UltraTax CS defaults to option
1
 in the
Form 540-ES - declaration
 box. If you leave both of these boxes blank, UltraTax CS doesn't generate estimate vouchers or estimate filing instructions.
note
Calculated estimated tax payments are allocated to each quarter at 30%, 40%, and 30% percent per state law. Only codes
5
 and
9
 generate a third quarter estimate voucher. To enter the Form 540-ES declaration one time for all new clients, select
Setup
,1065 Partnership, the
California
 tab, then
New Client Options
. The options for the
Form 540-ES — declaration
 field are listed in the following table.
Code
Result
1
Use the current-year liability. If it is less than $500, use zero. This is the default if you entered option
2
,
3
,
4
,
5
,
6
,
7
, or
8
 in the
Application of current year overpayment
 box.
note
If the current year’s tax is less than the minimum filing requirements, the vouchers will not print.
2
Use the current year liability plus the adjustment in the
Amount for code #2
field. If you select this option, also enter an adjustment to the current year liability in the
Amount for code #2
 box. If the adjustment represents a decrease, enter a negative amount.
3
Use the current year liability even if it is less than $500. This option allows estimates to be calculated even when the tax liability is less than the minimum amount required for estimate payments.
5
Use amounts entered below, before overpayment. Enter amounts in the
Amts for Code 5 or 9
 fields to enter estimated payments for each quarter.
9
Use amounts entered below in the
Amts for Code 5 or 9
 fields.
Amts for Code 5 or 9
Use these fields to specify the estimate amounts for each quarter.
If code
5
 is selected in the
Form 540-ES - declaration
box, enter the quarterly payments in these boxes. UltraTax CS adjusts these amounts by any overpayment applied and prints the calculated amounts on the vouchers.
If code
9
is selected in the
Form 540-ES - declaration
 box, enter the desired quarterly payments in these boxes. UltraTax CS does not adjust these amounts by any overpayment applied and prints these amounts on the coupons.
Estimates Paid
Use these boxes to specify the amounts already paid for each estimate. These amounts are subtracted from the calculated quarterly gross estimated tax liability to determine the net voucher amounts.
Number of estimates desired
The number of estimate payments defaults to
4
. Enter a code to specify less than four vouchers.
note
Calculated estimated tax payments are allocated to each quarter at 30 percent, 40 percent, 0 percent, and 30 percent per state law. Only codes
5
 and
9
 generate a third quarter estimate voucher.
The options for the number of vouchers are listed in the following table.
Code
Result
4
Four vouchers are generated. This option is the default.
3
The last three vouchers are generated. Any unpaid balance from the first estimate is included in the second estimate voucher.
2
The last two vouchers are generated. Any unpaid balance from the first or second estimates is included in the third estimate voucher.
1
The last voucher is generated. 100% of the gross estimated tax liability is allocated to the fourth voucher.
A
First voucher. 100% of the gross estimated tax liability is allocated to the first voucher.
B
Second voucher. 100% of the gross estimated tax liability is allocated to the second voucher.
C
Third voucher. 100% of the gross estimated tax liability is allocated to the third voucher.
Amount to round up each estimate
Enter a rounding multiple for the estimate payments. If this box field is blank, UltraTax CS rounds each estimate payment up to the next dollar. To enter an amount to round up each estimate one time for all new clients, select
Setup
,
1065 Partnership
, the
California
 tab, then
New Client Options
.

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