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Screen TOLEst - Toledo Estimates (1065)
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Overpayment Application
Application of current year overpayment
The code options in this box instruct UltraTax CS how to apply any current year overpayment for the City of Toledo Income Tax Return and the calculation of next-year estimated tax payments.
To enter the application of current year overpayment one time for all new clients, select Setup, 1065 Partnership, Ohio Cities tab and select New Client Options. The overpayment options are listed in the fieldview and in the table that follows.
Code | Result |
|---|---|
1 | Refund 100 percent of overpayment (default). This option refunds the entire overpayment. |
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. This automatically applies the overpayment amount to the first estimate, and refunds the excess. |
4 | Apply equally to each estimate; refund excess. This divides the total overpayment by the number of estimates desired for next year, applies this amount to each estimate, and refunds any excess overpayment. |
5 | Apply amount specified to estimates until exhausted; refund excess. This applies the amount 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. This applies the overpayment to the first and second estimates only and refunds the excess. |
7 | Apply 100 percent to next year; no refund. This applies the overpayment to each estimate in full until the overpayment is exhausted or until all estimated payments are made. The excess isn't refunded. |
8 | Apply amount specified. This applies the portion of the overpayment shown in Amount for code #5 or #8 to next year’s estimates, provides no refund. |
Estimates
Form D1 - declaration for next year
Codes
1
through 5
and 9
indicate which method to use to determine the amount of next year estimated tax. If you enter 2
through 8
in Application of current year overpayment
, UltraTax CS defaults to 1
in Form D1 - declaration for next year
. If both of these boxes are blank, UltraTax CS does not
generate estimates or estimate filing instructions. To enter the Form D1 declaration one time for all new clients, select Setup, 1065 Partnership, Ohio Cities tab, and select New Client Options. The options for
Form D1 - declaration for next year
are listed in the fieldview and in the table that follows.Code | Result |
|---|---|
1 | Use current year liability, if less than $200, use zero (default). This is the default if a code 2 , 3 , 4 , 5 , 6 , 7 , or 8 is entered in Application of current year overpayment .note
If the current year’s tax is less than the minimum filing requirements ($200.00), the estimates don't print. |
2 | Use current year liability adjusted by amount specified. Enter an adjustment to the current year tax 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 $200. This calculates estimates even when the tax liability is below the minimum amount required to make estimate payments. |
4 | Print estimates with amount boxes blank. The application prints the estimates with the amount boxes blank. |
5 | Use amounts entered, before overpayment. Enter amounts in the Amts for Code 5 or 9 or Estimates Paid boxes to enter estimated payments for each quarter.note
UltraTax CS adjusts these amounts by any overpayment applied. |
9 | Use amounts entered. |
Amts for Code 5 or 9
Use these boxes to specify the estimate amounts for each quarter.
If code
5
is entered in Form D1 - 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 D1 - 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
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 estimates in this box defaults to
4
. Enter a code in this box to specify fewer than four estimates. UltraTax CS applies the overpayment and amounts already paid toward next year’s estimates to each estimate based on the overpayment code and the quarter in which the amounts were paid. The options for the number of estimates are listed in the fieldview and in the table that follows.Code | Result |
|---|---|
4 | Four estimates (default). Four estimates are generated. This option is the default. |
3 | Last three estimates. The last three estimates are generated. Any unpaid balance from the first estimate is included in the second estimate. |
2 | Last two estimates. The last two estimates are generated. Any unpaid balance from the first or second estimate is included in the third estimate. |
1 | Last estimate. The last coupon is generated. 100 percent of the gross estimated tax liability is allocated to the fourth estimate. |
A | First estimate. 100 percent of the gross estimated tax liability is allocated to the first estimate. |
B | Second estimate. 100 percent of the gross estimated tax liability is allocated to the second estimate. |
C | Third estimate. 100 percent of the gross estimated tax liability is allocated to the third estimate. |
Amount to round up each estimate
In this box, you can enter a rounding multiple for the estimated payments. For example, if you want to round up each estimated payment to the nearest $10, enter
10
. If you leave this box blank, UltraTax CS automatically rounds each estimated 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, Ohio Cities tab, and select New Client Options.