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Screen SCCEst - South Carolina Composite Estimates (1065)
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Overpayment Application
Application of current year overpayment
These code options instruct UltraTax CS on how to apply any current year overpayment. The code affects what is printed on Form SC 1040, line 27, and the calculation of next year’s estimated tax payments. The overpayment codes are listed in the fieldview and in the table that follows. To enter UltraTax CS of current year overpayment one time for all new clients, select
Setup
, 1065 Partnership
then South Carolina
tab and select the New Client Options
button.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 next year’s first estimate; refund excess. |
4 | Apply equally to all next-year estimates; refund excess. This option divides the total overpayment by the number of current year payments desired, applies this amount to each estimate, and refunds any excess overpayment. |
5 | Apply amount specified below until exhausted. 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 next year’s first and second estimates; refund excess. |
7 | Apply 100 percent of this year’s 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 SC1040ES - declaration
Code
1
, 2
, 3
, 5
, or 9
tell UltraTax CS which method to use to determine the amount of next year’s estimated tax. If 2
through 8
is entered in the Application of current year overpayment
field, UltraTax CS defaults to option 1
in the Form SC1040ES - declaration
field. If both of these fields are blank, UltraTax CS does not generate estimate vouchers or the filing instruction information. The options for the Form SC1040ES - declaration
field are listed in the fieldview and in the following table. To enter UltraTax CS of current year overpayment one time for all new clients, select Setup
,1065 Partnership
then South Carolina
tab and select the New Client Options
button.Code | Result |
|---|---|
1 | Use the current year income tax liability; if less than $1,000, use zero. This is the default if option 2 , 3, 4, 5 , 6 , 7 , or 8 is entered in the Application of current year overpayment field.note
If the current year’s tax is less than the minimum filing requirements, the vouchers do not print. |
2 | Use the current year liability adjusted by the amount in the Amount for code #2 field. With this option, also enter an adjustment to the current year tax liability in the Amount for code #2 field. If the adjustment represents a decrease, enter a negative amount. |
3 | Use the current year income tax liability, even if it is less than $1,000. This option allows estimates to be calculated even when the tax liability is less than the minimum amount required for estimate payments. |
5 | Use amounts entered below before overpayment. Enter amounts in the Amts for Code 5 or 9 or 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 SC1040ES - declaration
field, enter the desired quarterly payments in these fields. UltraTax CS adjusts these amounts by the overpayment applied, if applicable, and prints these amounts on the vouchers.If code
9
is selected in the Form SC1040ES - declaration
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.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.
If code
1
, 2
, or 3
is entered in the Form SC1040ES declaration field, enter the amounts already paid for each estimate for next year. UltraTax CS subtracts these amounts and the overpayment applied from the calculated quarterly gross estimated tax liability to determine the net voucher amounts.Number of estimates 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. 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 | 100 percent of the gross estimated tax liability is allocated to the fourth voucher. |
A | 100 percent of the gross estimated tax liability is allocated to the first voucher. |
B | 100 percent of the gross estimated tax liability is allocated to the second voucher. |
C | 100 percent of the gross estimated tax liability is allocated to the third voucher. |
Amount to round up each estimate
This field allows entry of a rounding multiple for the estimated payments. The estimated payments can be rounded up to the nearest factor indicated. For example, to round each estimated payment up to the nearest $10, enter
10
. If this field is blank, UltraTax CS automatically rounds each estimated payment up to the nearest dollar. To enter an amount to round up each estimate one time for all new clients, select Setup
, 1065 Partnership
then South Carolina
tab and select the New Client Options
button.