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Screen VTEst - Vermont Estimates (1065)

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BI-471 Overpayment Application

Application of current year overpayment
These code options instruct UltraTax CS how to apply any current-year overpayment for Form BI-471 and the calculation of next year’s estimated tax payments. To enter UltraTax CS of current year overpayment 1 time for all new clients, select
Setup
,
1065 Partnership
, the
Vermont
 tab, then
New Client Options
. The overpayment options are listed in the fieldview and in the following table.
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 composite 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 1st composite estimate; refund excess.
4
Apply equally to each composite estimate; refund excess. This option divides the total overpayment by the number of current year payments desired.
5
Apply the portion of the overpayment show in the
Amount for code #5 or #8
 field to the composite estimate until the amount is exhausted or all payments are made in which case the excess is refunded.
6
Apply to 1st and 2nd composite estimates; refund excess.
7
Apply 100 percent of this year’s overpayment to next year’s composite estimates; provide no refund.
8
Apply amount specified below.

BI-476 Overpayment Application

Use this section to apply and current year overpayment. UltraTax CS uses this information to complete Form BI-476, Page 2.

Estimates

Form WH-435 - declaration
Codes
1
,
2
,
5
, and
9
 indicate which method you want to use to determine the amount of the next year’s estimated tax. If you leave this field blank, UltraTax CS doesn't generate estimate coupons or estimate filing instructions. To enter the Form WH-435 - declaration one time for all new clients, select
Setup
,
1065 Partnership
, the
Vermont
 tab, then
New Client Options
. The options for the
Form WH-435 - declaration
 field are listed in the fieldview and in the following table.
Code
Results
1
Use the current liability. 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 coupons don't print.
2
Use current year liability adjusted by amount below. If you select this option, also enter an adjustment to the current year liability in the
Amount for code #2
 field. If the adjustment represents a decrease, enter a negative amount.
5
Use amounts entered below, before overpayment. Enter amounts in the
Amts for Codes 5 or 9
 fields to enter estimated payments for each quarter.
9
Use amounts entered below.
Amts for Codes 5 or 9
Use these fields to specify the estimate amounts for each quarter.
If code
5
 is entered in the
Form WH-435 - declaration
 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 entered in the
Form WH-435 - declaration
 field, enter the desired quarterly payments. UltraTax CS doesn't 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 estimates desired
The number of estimates defaults to
4
. Enter a code to specify fewer than 4 coupons. The options for the number of coupons are listed in the fieldview and in the following table.
Code
Results
4
4 coupons are generated. This option is the default.
3
The last 3 coupons are generated. Any unpaid balance from the 1st estimate is included in the second estimate coupon.
2
The last 2 coupons are generated. Any unpaid balance from the 1st or 2nd estimate is included in the 3rd estimate coupon.
1
The last coupon is generated. 100 percent of the gross estimated tax liability is allocated to the 4th coupon.
A
1st coupon. 100 percent of the gross estimated tax liability is allocated to the 1st coupon.
B
2nd coupon. 100 percent of the gross estimated tax liability is allocated to the 2nd coupon.
C
3rd coupon. 100 percent of the gross estimated tax liability is allocated to the 3rd coupon.
Amount to round up each estimate
This field lets you enter a rounding multiple for the estimated payments. If this field is blank, UltraTax CS automatically rounds up each estimate payment up to the next dollar. To enter an amount to round up each estimate 1 time for all new clients, select
Setup
,
1065 Partnership
, the
Vermont
 tab, then
New Client Options
.

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