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Screen COEst - Colorado Estimates (1120)
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Overpayment Application
Application of current year overpayment
The codes used in this field are the same as those in federal Screen Est. They teach the application how to apply any current year overpayment. Your decision affects what prints on the return and the calculation of next year’s estimate vouchers. Enter one of the overpayment codes listed in the following table or select one from the dropdown list.
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default. |
2 | Apply 100 percent of the overpayment to next year’s estimates; refund the excess. This code 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 each estimate; refund excess. This code divides the total overpayment by the number of next year’s estimates desired, applies this amount 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 next year’s 1st and 2nd estimates; refund excess. |
7 | Apply 100 percent of this year’s overpayment to next year’s estimates; no refund is made. |
8 | Apply the amount specified in the Overpayment to be applied (Code 5 or 8) field to the next year’s estimate. This option lets an overpayment be specified even when estimates are not needed or generated. |
note
New clients and converted clients may benefit from Colorado’s new client options. Select
Setup
, 1120 Corporation
, then Colorado
tab, and select the New Client Options
button and enter the code in the Overpayment application field. The selected code 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 112EP and 106EP - declaration for next year
The codes used in this field are the same as those in federal Screen Est. They tell the application which method to use to determine the amount of the next year’s estimated tax. If you enter
2
through 7
in the Application of current year overpayment field, the application defaults to the code 1
in the Form 112EP and 106EP - declaration for next year field. If both of these fields are blank, the application doesn’t generate estimate vouchers or filing instruction information. The codes for the Form 112EP and 106EP - declaration for the next year field are listed in the following table. The codes can also be selected from the dropdown list.Code | Result |
|---|---|
1 | Use the current year income tax liability. This is the default if you use code 2 , 3 , 4 , 5 , 6 , or 7 in the Application of current year overpayment field. If the total liability is less than the minimum amount needed for estimated payments, no estimates calculate. |
2 | Use the current year income tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If you use this code, 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. |
3 | Use the current year tax liability, even if the total liability falls below the minimum amount needed for estimated payments. |
4 | Print estimate vouchers with amount fields blank. If you use this code, the application prints estimate vouchers with the amount fields blank. |
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. |
8 | Use the projected tax liability. Estimates are prepared even if the projected tax liability is less than the minimum filing requirement. |
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 adjusted by any overpayment. |
note
New clients and converted clients may benefit from Colorado’s new client options.
Select
Setup
, 1120 Corporation
, then Colorado
tab, and select the New Client Options
button and enter the code in the Next year’s estimate declaration field. The selection in this field transfers to the state input screen for newly created and converted clients and is 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 the code
5
is entered in the Form 112EP or 106EP - declaration for next year field, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied.If the code
9
is entered in the Form 112EP or 106EP - declaration for next year field, enter the desired 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 the next year.
If the code
1
, 2
, or 3
is entered in the Form 112EP or 106EP - declaration for the 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 the code
5
or 9
is entered in the Form 112EP or 106EP - 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, if other than four
The number of estimate vouchers defaults to
4
. 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 codes 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. |
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 estimates 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
This field lets you enter rounding specifications for the estimated payments. The estimates can be rounded up to the nearest factor indicated. For example, enter
25
to round up each estimated payment to the nearest $25. If this field is blank, the application automatically rounds each estimated payment up to the nearest dollar.note
New clients and converted clients may benefit from Colorado’s new client options.
Select
Setup
, 1120 Corporation
, then Colorado
tab, and select the New Client Options
button and enter the amount in the Round estimates by field.The amount 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 overwritten by the selection in the New Client Options window.