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Screen CTEst - Connecticut Estimates (1120)
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Overpayment Application
Application of current year overpayment
The codes available in this field are the same as those in the federal Est screen, except that code
4
is eliminated due to the unequal estimated payments required by Connecticut. These codes instruct the application on how to apply any current year overpayment. The code affects what is printed on Page 1 of the return and the calculation of next year’s estimated tax payments. The overpayment codes are listed in the drop-down list and in the following table.Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default. |
2 | Apply 100 percent of the overpayment to next year’s estimate; refund 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. |
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 first and second estimates; refund excess. |
7 | Apply 100 percent of this year’s overpayment to next year’s estimates; provide 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 amount specified in the Overpayment to be applied (Code 5 or 8) field to next year’s estimate. This option allows an overpayment to be specified even when estimates are not required or generated. |
note
New clients and converted clients may benefit from Connecticut’s new client options. Go to
Setup
and select 1120 Corporation
. On the Connecticut tab, select New Client Options
, and enter the code in the Overpayment application
field. The selection in this field 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 overwritten by the selection in the New Client Options dialog.Estimates
Estimate declaration for next year
The codes used in this field tell the application which method to use to determine the amount of the next year’s estimated tax. If a C Corporation and a code
2
, 3
, 4, 5
, 8
, or 9
is entered in the Application of current year overpayment
field, the application defaults to code 1
in the Estimate declaration for next year
field. If both of these fields are blank, the application does not
generate estimate vouchers or filing instruction information.The C Corporation codes for the
Estimate
declaration for next year
field are listed in the drop-down list and in the following table.Code | Result |
|---|---|
1 | Use the current year income tax liability. This is the default if you enter code 2 , 3 , 5 , 6 , or 7 in the Application of current year overpayment field. Estimates are prepared if the current-year tax liability is equal to or greater than $1,000. |
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, 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 income tax liability, even if the total liability falls below the minimum amount required to make estimated payments. |
4 | Print vouchers with amount fields blank. If this code is selected, 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 applied.These amounts are adjusted by any overpayment applied. |
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 not adjusted by any overpayment applied. |
note
New clients and converted clients may benefit from Connecticut’s new client options. Choose Setup > 1120 Corporation > Connecticut tab, click 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 overwritten by the selection in the New Client Options dialog.Amounts for next year’s estimates (Code 5 or 9)
Use these fields to specify the estimate amounts for each quarter. These amounts will not be adjusted by the amounts entered in the
Next year estimates already paid
fields.If code
5
is entered in the Estimate declaration for next year
field, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied.If code
9
is entered in the Estimate
declaration for next year
field, enter the desired quarterly payments in these fields. These amounts will not 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 code
1
, 2
, or 3
is entered in the Estimate
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
5
or 9
is entered in the Estimate
declaration for next year
field, these amounts do not 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 in this field to specify less than four vouchers. The overpayment and amounts already paid toward next year’s estimates apply to each voucher based on the overpayment code and the quarter in which the amounts are paid. The codes for the number of vouchers are listed in the drop-down list and in the following table.Code | Result |
|---|---|
4 | Four vouchers are generated (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 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 rounding specifications for the estimated payments to be entered. The estimated payments can be rounded up to the nearest factor indicated. For example, to round up each estimated payment to the nearest $10, enter
10
in this field. If this field is blank, the application rounds each estimated payment up to the nearest dollar.note
New clients and converted clients may benefit from Connecticut’s new client options. Go to
Setup
and select 1120 Corporation
. On the Connecticut tab, select New Client Options
, and enter the amount in the Round estimates by
field. The amount entered in this field 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 dialog.