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Screen OKCEst - Oklahoma Composite Estimates (1065)
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Overpayment Application
Application of current year overpayment
The available code options in this field instruct UltraTax CS how to apply any current year overpayment for Form 514 and the calculation of next year’s estimated tax payments. To enter the application of current year overpayment one time for all new clients, select
Setup
, 1065 Partnership
then Oklahoma
tab and select the New Client Options
button. The overpayment options are listed in the field view 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 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 total overpayment by the number of next-year payments desired, applies this amount to each estimate, and refunds any excess overpayment. |
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 first and second estimates; refund excess. |
7 | Apply 100 percent of this year’s overpayment to next year’s estimates; provide no refund. |
8 | Apply amount specified below. |
Estimates
Form OW-8-ESC - declaration for next year
Codes 1 through 5, or 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 OW-8-ESC - declaration for next year field. If you leave both of these fields blank, UltraTax CS does not generate estimate vouchers or estimate filing instruction information. To enter the Form OW-8-ESC declaration one time for all new clients, select
Setup
, 1065 Partnership
then Oklahoma
tab and select the New Client Options
button. The options for the Form OW-8-ESC - declaration for next year
field are listed in the field view and in the following table:Code | Result |
|---|---|
1 | Use the current-year liability. If it is less than $500, use zero. This is the default if you entered option 2 , 3 , 4 , 5 , 6 , 7 , or 8 in the Application of current year overpayment field.note
If the current year’s tax liability is less than the minimum filing requirements, the vouchers do not print. |
2 | Use the current-year liability plus the adjustment in the Amount for code #2 field. If you choose this option, also enter an adjustment to the current 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 is less than the minimum amount required for estimate payments. |
4 | Print vouchers with amount fields blank. The application prints estimate vouchers with the amount fields blank. |
5 | Use amounts entered below, before overpayment. Enter amounts in the Amts for Code 5 or 9 or next year estimates paid fields to enter estimated payments for each quarter. |
9 | Use amounts entered below. |
Amts for Code 5 or 9
Use these fields to specify the estimate amounts for each quarter. If code 5 is selected in the Form OW-8-ESC - declaration for next year field, enter the desired quarterly payments. UltraTax CS adjusts these amounts by any overpayment applied, if applicable, and prints the calculated amounts on the vouchers. If code 9 is selected in the Form OW-8-ESC - declaration for next year field, enter the desired quarterly payments. UltraTax CS does not adjust these amounts by any overpayment applied, if applicable, 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 fieldview and in the following table. The overpayment and amounts already paid toward next year’s estimates are applied to each voucher based on the overpayment code and the quarter in which the amounts were paid.
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 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, choose Setup > 1065 Partnership > Oklahoma tab and click the New Client Options button.