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Screen MTEst - Montana Estimates (1065)

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Overpayment

Application of overpayment
These code options instruct the application how to apply any current-year overpayment on Form PR-1 and the calculation of next year’s estimated tax payment. To enter the application of current year overpayment one time for all new clients, choose Setup, 1065 Partnership, then Montana tab and select the New Client Options button. The overpayment options are listed in the drop-down list and in the table that follows:
Code
Result
1
Refund 100 percent of the overpayment. This is the default option.
2
Apply 100 percent of overpayment to next year’s estimates, 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 each of next year’s estimates; refund excess. This option 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 next year’s first and second estimates; refund excess.
7
Apply 100 percent to next year’s estimates; provide no refund.
8
Apply the portion of the overpayment shown in the
Amount for code #5 or #8
 field to next year’s estimates.

Estimates

Form-PR declaration for next year
Codes
1
,
2
,
3
,
5
, and
9
 indicate which method you want to determine the amount of the next year’s estimated tax. If option
2
 through
8
is entered in the
Application of overpayment
 field, the application defaults to option 1 in the
Form-PR declaration for next year
 field. If both of these fields are blank, the application
does not
 generate estimate vouchers or the estimate filing instructions. To enter the Form-PR declaration one time for all new clients, choose Setup, 1065 Partnership, then Montana tab and select the New Client Options button. The options for the
Form-PR declaration for next year
 field are listed in the drop-down list and in the table that follows:
Code
Result
1
Use the current year liability; if less than $500 use zero. This is the default if code
2
,
3
,
4
,
5
,
6
,
7
, or
8
 is entered in the
Application of overpayment
 field.
note
If the current year’s liability is less than the minimum filing requirements, estimates are not generated.
2
Use the current year liability adjusted by the amount in the
Amount for code #2
 field. Enter the adjustments to the current year liability in the
Amount for code #2
 field. If the adjustment represents a decrease, enter a negative amount.
3
Use the current year liability even if less than $500. This option allows estimates to be calculated even when the tax liability falls below 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. 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 code
5
 is entered in the
Form-PR declaration for next year
 field, enter the desired quarterly payments in these fields. The application adjusts these amounts by any overpayment applied and prints the calculated amounts on the vouchers.
If code
9
 is entered in the
Form-PR declaration for next year
 field, enter the desired quarterly payments in these fields. The application does not 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 vouchers desired
The number of estimated vouchers defaults to
4
. Enter a code to specify fewer than four vouchers. The options for the number of vouchers are listed in the drop-down list and in the following table.
Code
Result
4
Four vouchers are generated. This is the default option.
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 estimate is included in the third estimate voucher.
1
The last voucher is generated. 100 percent of the gross estimated liability is allocated to the fourth voucher.
A
First voucher. 100 percent of the gross estimated liability is allocated to the first voucher.
B
Second voucher. 100 percent of the gross estimated liability is allocated to the second voucher.
C
Third voucher. 100 percent of the gross estimated liability is allocated to the third voucher.
Amount to round up each voucher
This field allows you to enter a rounding multiple for the estimate payments. If you leave this field blank, the application 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, choose Setup, 1065 Partnership, then Montana tab and select the New Client Options button.

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