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Screen VAUEst - Virginia Unified Estimates (1065)

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Overpayment

Application of current year overpayment
The available code options in this field instruct UltraTax CS how to apply any current-year overpayment on Form 765 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
, the
Virginia
 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 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 overpayment by the number of current year payments desired.
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 next year’s 1st and 2nd quarters 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 770ES - declaration for next year
Codes
1
,
2
,
3
, and
9
 indicate which method to use to determine the amount of next year’s estimated tax payments. If
2
 through
8
 is entered in the
Application of current year overpayment
 field, UltraTax CS defaults to option
1
 in the
Form 770ES - declaration for next year
 field. If both of these fields are blank, UltraTax CS doesn't generate estimate vouchers or estimate filing instructions. The options for the
Form 770ES - declaration for next year
 field are listed in the fieldview and in the following table. To enter the application of current year overpayment 1 time for all new clients, select
Setup
,
1065 Partnership
, the
Virginia
 tab, then
New Client Options
.
Code
Result
1
Use the current year income tax liability; if less than $150, 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 $150. This option allows estimates to be calculated even when the tax liability is less than the minimum amount required for estimate payments.
9
Use amounts entered below.
Amounts for Code 9
If code
9
 is entered in the
Form 770ES - declaration for next year
 field, enter the desired quarterly payments in these fields. UltraTax CS doesn't adjust these amounts by any amount 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 estimate payments 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 option is the default.
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 estimates is included in the third estimate voucher.
1
The last voucher is generated. 100 percent of the gross estimated tax liability is allocated to the fourth voucher.
A
First voucher. 100 percent of the gross estimated tax liability is allocated to the first voucher.
B
Second voucher. 100 percent of the gross estimated tax liability is allocated to the second voucher.
C
Third voucher. 100 percent of the gross estimated tax liability is allocated to the third voucher.
Amount to round up each estimate
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 1 time for all new clients, sel,ect
Setup
,
1065 Partnership
, the
Virginia
 tab, then
New Client Options
.

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