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Screen MOCEst - Missouri Composite Estimates (1065)

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Overpayment

Application of current year overpayment
These code options instruct UltraTax CS how to apply any current-year overpayment. The code you enter affects what is printed on Form MO-1040 and the calculation of next year’s estimated tax payments. The overpayment options are listed in the fieldview 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 first estimate; refund excess.
4
Apply equally to each estimate; refund excess. This option divides the overpayment by the number of current year payments desired.
5
Apply amount specified below to estimates until exhausted; refund excess. This option applies 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 estimates; refund excess.
7
Apply 100 percent of overpayment to next year’s estimates; no refund.
8
Apply amount specified below. This option applies the portion of the overpayment shown in the
Amount for code #5 or #8
 field to next year’s estimates; provides no refund.

Estimates

Form MO-1040ES - declaration for next year
Codes
1
,
2
,
3
,
5
, and
9
 indicate which method you want to use to determine the amount of next year’s estimated tax. If you entered option
2
 through
8
 in the
Application of current year overpayment
field, UltraTax CS defaults to option
1
 in the
Form MO-1040ES - declaration for next year
 field. If you leave both of these fields blank, UltraTax CS
does not
 generate estimate vouchers or estimate filing instructions. The options for the
Form MO-1040ES - declaration for next year
 field appear in the fieldview and in the following table.
Code
Result
1
Use current-year liability; if less than $100, use zero. This is the default if you enter option
2
,
3
,
4
,
5
,
6
,
7
, or
8
 in the
Application of current year overpayment
 field.
note
If the current-year liability is less than the minimum filing requirements, the vouchers do not print.
2
Use current-year liability adjusted by amount below. 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.
3
Use current-year liability even if less than $100. If you select this option, UltraTax CS prints estimate vouchers even though the liability is less than the minimum.
5
Use amounts entered below, before overpayment. If you select this option, also enter amounts in the
Amts for Code 5 or 9
 or
Estimates Paid
 fields.
note
UltraTax CS adjusts these amounts by any overpayment applied.
9
Use amounts entered below. Enter amounts in the
Amts for Code 5 or 9
 or
Estimates Paid
 fields to enter estimated payments for each quarter; these are not reduced by any overpayment.
Amts for Code 5 or 9
These fields serve two purposes: to specify the estimate amounts for each quarter, or to enter any estimate payments already made toward the next year’s tax liability.
If code
5
is selected in the
Form MO-1040ES - declaration for next year
 field, enter the desired quarterly payments in these fields. UltraTax CS adjusts these amounts by the overpayment applied, if applicable, and prints the calculated amounts on the vouchers.
If code
9
 is selected in the
Form MO-1040ES - declaration for next year
 field, enter the desired quarterly payments in these fields. UltraTax CS does not adjust these amounts by the overpayment applied, if applicable, and prints these amounts on the vouchers.
If code
1
,
2
, or
3
is selected in the
Form MO-1040ES- declaration for next year
field, enter the amounts paid for each next year estimate. These amounts are subtracted from the calculated quarterly gross estimated tax liability to determine the net voucher amount.
Number of estimates desired
The number of estimated payments in this field defaults to
4
. To specify fewer than four vouchers, enter a code in this field. The options for the number of vouchers appear in the fieldview and in the following table. UltraTax CS applies the overpayment and amounts already paid toward next year’s estimates 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 allows you to enter a rounding multiple for the estimated payments. If you leave this field blank, UltraTax CS automatically rounds each estimated payment up to the next dollar.

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