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Screen NYCEst - New York City Estimates (1065)

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Overpayment Application

Application of overpayment
These code options instruct UltraTax CS how to apply any current-year overpayment for Forms NYC-204 or NYC-204EZ and the calculation of next year’s estimated tax payments.
To enter UltraTax CS of current-year overpayment one time for all new clients, select Setup, 1065 Partnership, New York tab, and select New Client Options.
The overpayment options are listed in the fieldview and in the following table.
Code
Result
1
Refund 100 percent of overpayment. This is the default option.
2
Apply 100 percent of overpayment to next year’s estimates; refund excess. This 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 divides the total overpayment by the number of next-year payments desired, applies this amount to each estimate, and refunds any excess overpayment.
5
Apply amount as specified to estimates until exhausted; refund excess. This applies the portion of the overpayment shown in
Amount for code #5 or #8
 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 as specified. This applies the portion of the overpayment shown in
Amount for code #5 or #8
to next year’s estimates; no refund.

Estimates

Form NYC-5UB - declaration for next year
Enter code
1
,
2
,
3
,
5
, or
9
 to select a method to determine the amount of next year’s estimated tax. If code
2
 through
8
 is entered in
Application of overpayment
, UltraTax CS defaults to
1
 in
Form NYC-5UB - declaration for next year
. If both of these boxes are blank, UltraTax CS
does not
 generate estimate vouchers or the filing instruction information.
To enter the Form NYC-5UB declaration one time for all new clients, select Setup, 1065 Partnership, New York tab, and select New Client Options.
The options for
Form NYC-5UB - declaration for next year
 are listed in the fieldview and in the following table.
Code
Result
1
Use the current year liability; if less than $3,400 use zero. This is the default if
2
,
3
,
4
,
5
,
6
,
7
, or
8
 is entered in
Application of overpayment
.
note
If the current year’s liability is less than the minimum filing requirements, the vouchers won't print.
2
Use current year liability adjusted by amount specified. Enter an adjustment to the current year liability in
Amount for code #2
. If the adjustment represents a decrease, enter a negative amount.
3
Use current year liability even if less than $3,400. This lets estimates calculate even when the tax liability is less than the minimum amount required for estimated payments.
5
Use amounts entered, before overpayment. Use the
Amts for Codes 5, 9
 or
Estimates Paid
 boxes to enter estimated payments for each quarter.
note
These amounts are adjusted by any overpayment applied.
9
Use amounts entered as specified. Use the
Amts for Codes 5, 9
 or
Estimates Paid
 boxes to enter estimated payments for each quarter. These won't be reduced by any overpayment.
Amts for Codes 5, 9
Use these boxes to specify the estimate amounts for each quarter.
If code
5
 is entered in
Form NYC-5UB - declaration for next year
, enter the desired 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 entered in
Form NYC-5UB - declaration for next year
, enter the desired quarterly payments in these boxes. UltraTax CS doesn't adjust these amounts by any overpayment applied and prints these amounts on the vouchers.
Estimates Paid
If code
1
,
2
, or
3
 is entered in
Form NYC-5UB - declaration for next year
, 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 vouchers desired next year
The number of estimated vouchers defaults to
4
. Enter a code to specify less than four vouchers. The options for the number of vouchers are listed in the fieldview 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.

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