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Screen IAPEst - Iowa PTE Estimates

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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 IA 1065 and the calculation of next year’s estimated tax payments. To enter UltraTax CS of current year overpayment one time for all new clients, go to
Setup
1065 Partnership
Iowa
 tab and select
New Client Options
. The overpayment options are listed in the dropdown and in the following table.
Code
Result
1
Refund 100 percent of the overpayment. This is the default option.
2
Apply 100 percent 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 option divides the overpayment by the number of current year payments.
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 1st and 2nd quarters of next year’s estimates; refund excess.
7
Apply 100 percent of this year’s overpayment to next year’s estimates; provide no refund.
8
Apply the following amount specified.

Estimates

Form 96-048 - declaration for next year
Codes
1
,
2
,
4
,
5
, and
9
 indicate which method you want to use to determine the amount of the next year’s estimated tax. If you enter option
2
 through
8
 in the
Application of current year overpayment
 field, UltraTax CS defaults to option
1
 in the
Form 96-048 – declaration for next year
 field. If you leave both of these fields blank, UltraTax CS doesn’t generate estimate vouchers or estimate filing instructions. To enter the Form 1040ES – declaration for next year one time for all new clients, go to
Setup
1065 Partnership
Iowa
 tab and select
New Client Options
. The Form 1040ES – declaration for next year options are listed in the following table.
Code
Result
1
Use the current-year liability. This is the default if you entered option 2 through 8 in the Application of current year overpayment field.
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 field. If the adjustment represents a decrease, enter a negative amount.
4
Print vouchers with amount fields blank. The application prints blank estimated tax vouchers.
5
Use the following amounts entered before overpayment. Enter amounts in the Amts for Code 5 or 9 fields to enter estimated payments for each quarter.
9
Use the following amounts entered. Enter amounts in the
Amts for Code 5 or 9
 fields to enter estimated payments for each quarter.
Amts for Code 5 or 9
Use these fields to specify the estimate amounts for each quarter.
If you enter code
5
 in the
Form 96-048 – declaration for next year
 field, enter the quarterly payments in these fields. UltraTax CS adjusts these amounts by any overpayment applied and prints the calculated amounts on the vouchers.
If you enter a code
9
 in the
Form 96-048 – declaration for next year
 field, enter the quarterly payments in these fields. UltraTax CS doesn’t adjust these amounts by any overpayment applied and prints these amounts on the vouchers.
Estimates Paid
Use these fields 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
Code
Result
4
4 vouchers are generated. This is the default option.
3
The last 3 vouchers are generated. Any unpaid balance from the 1st estimate is included in the 2nd estimate voucher.
2
The last 2 vouchers are generated. Any unpaid balance from the 1st and 2nd estimates is included in the 3rd estimate voucher.
1
The last voucher is generated. 100 percent of the gross estimated tax liability is allocated to the 4th voucher.
A
1st voucher. 100 percent of the gross estimated tax liability is allocated to the 1st voucher.
B
2nd voucher. 100 percent of the gross estimated tax liability is allocated to the 2nd voucher.
C
3rd voucher. 100 percent of the gross estimated tax liability is allocated to the 3rd voucher.
Amount to round up each estimate
This field lets you enter a rounding multiple for the estimate payments. If this field is blank, UltraTax CS automatically rounds each estimate payment up to the next dollar. To enter an amount to round up each estimate one time for all new clients, go to
Setup
1065 Partnership
Iowa
 tab and select
New Client Options
.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1065 Partnership
  • State: Iowa

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