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Screen ARCEst - Arkansas Composite Estimates (1120)
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Overpayment Application
Application of current year overpayment
These codes are the same as those in the federal application. They indicate how any current year overpayment should apply, and they also affect what prints on Page 1 of the return and the calculation of next year estimated tax payments. Enter one of the overpayment options listed in the following table or select it from the dropdown list.
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default option. |
2 | Apply 100 percent 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 the 1st estimate of next year; refund excess. |
4 | Apply equally to all next-year estimates; refund excess. This option applies one-fourth of the overpayment to each estimate and refunds any excess overpayment. |
5 | Apply the portion of the overpayment shown in the Overpayment to be applied (Code 5 or 8) field to the estimates until the overpayment is exhausted or all payments are made, in which case the excess is refunded. |
6 | Apply to 1st and 2nd estimates of next year; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimates; no refund. This option applies the entire overpayment to next year even if estimates are not required or the overpayment is in excess of the payments required. No refund is made. |
8 | Apply the amount specified in the Overpayment to be applied (Code 5 or 8) field to next year’s estimate. This option lets an overpayment to be specified even when estimates are not required or generated. |
note
New clients and converted clients may benefit from Arkansas’s new client options. Select
Setup
, then 1120 Corporation
. Go to the Arkansas
tab, and select New Client Options
. Choose an application type in the Overpayment application
field. The selection there transfers to the state input screen for newly created and converted clients and is used to calculate the overpayment application. The transferred code may be changed in this field if necessary and is not replaced by the selection in the New Client Options window.
Estimates
Form AR1000CRES - declaration for next year
These codes are the same as those in the federal application. They indicate which method should be used to determine the amount of next year’s estimated tax. If you enter two through seven in the
Application of current year overpayment
field, the application defaults to one in the Form AR1000CRES - declaration for next year
field. If both of these fields are blank, the application doesn't generate estimate vouchers or estimate filing instruction information. Enter one of the options listed in the following table or select it from the dropdown list.Code | Result |
|---|---|
1 | Use the current year income tax liability. This is the default if options 2 through 7 are selected for the Application of current year overpayment field. |
2 | Use the current year income tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If you select this option, also enter an adjustment to the current year tax liability in the Amount to adjust current year liability (Code 2) field. If the adjustment represents a decrease, enter a negative amount. |
5 | Use the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields, before overpayment. If you select this option, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields are adjusted by any overpayment applied. |
9 | Use the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields. If you select this option, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) fields are not adjusted by any overpayment applied. |
note
New clients and converted clients may benefit from Arkansas’s new client options. Select
Setup
, then 1120 Corporation
. Go to the Arkansas
tab, and select New Client Options
. Choose the application type in the Next year’s estimate declaration
field. The selection there transfers to the state input screen for newly created and converted clients, and it's used to calculate next year’s estimates. The transferred code may be changed in this field if necessary and is not replaced by the selection in the
New Client Options
window.Amounts for next year’s estimates (Code 5 or 9)
Use these fields to specify the estimate amounts for each quarter. These amounts won't be adjusted by the amounts entered in the
Next year estimates already paid
fields.If code 5 is entered in the
Form AR1000CRES - declaration for next year
field, enter the quarterly payments in these fields. These amounts are adjusted by the overpayment applied.If code 9 is entered in the
Form AR1000CRES - declaration for next year
field, enter the quarterly payments in these fields. These amounts won’t be adjusted by the overpayment applied.Next year estimates already paid
Use these fields to enter any estimate payments already made toward next year.
If code one, two, or three is entered in the
Form AR1000CRES - declaration for next year
field, these amounts and the overpayment applied are subtracted from the calculated quarterly gross estimated tax liability to determine the net estimate amounts.If code five or nine is entered in the
Form AR1000CRES - declaration for next year
field, these amounts don’t adjust the amounts entered in the Amounts for next year’s estimates (Code 5 or 9)
fields.Number of estimates desired
The number of estimates in this field defaults to four. Enter a code to specify fewer than 4 vouchers. 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. The options for the number of vouchers are listed in the dropdown list and in the following table.
Code | Result |
|---|---|
4 | 4 vouchers are generated. This is the default option. |
3 | The last 3 vouchers are generated. Any unpaid balance from the 1st estimate is included in the 2nd estimate voucher. |
2 | The last 2 vouchers are generated. Any unpaid balance from the 1st or 2nd estimate is included in the 3rd estimate voucher. |
1 | 100 percent of the gross estimated tax liability is allocated to the 4th voucher. |
A | 100 percent of the gross estimated tax liability is allocated to the 1st voucher. |
B | 100 percent of the gross estimated tax liability is allocated to the 2nd voucher. |
C | 100 percent of the gross estimated tax liability is allocated to the 3rd voucher. |
Amount to round up each estimate
Enter rounding specifications for the estimated payments in this field. The estimated payments can be rounded up to the nearest factor indicated. For example, to round up to the nearest 10 dollars, enter
10
. If this field is blank, the application automatically rounds each estimated payment up to the next dollar.note
New clients and converted clients may benefit from Arkansas’s new client options. Select
Setup
, then 1120 Corporation
. Go to the Arkansas
tab, and select New Client Options
.Enter the amount in the
Round estimates by
field. The amount entered there transfers to the state input screen for newly created and converted clients and is used to round up the estimated payments to the nearest factor. The transferred amount may be changed in this field if necessary and is not replaced by the selection in the New Client Options
window.