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Screen DEEstS - Delaware Estimates (1120)

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Estimates

Form 1100-P - declaration for next year
The codes available in this field are the same as those on federal Screen Est. They tell the application which method to use to determine the amount of next year’s estimated tax. Note that the application automatically prints the first page of Form 1100-P because the State of Delaware requires that the first voucher be filed. The estimate options are listed in the following table or can be selected from the drop-down list.
Code
Result
1
Use the current-year income tax liability.
2
Use the current-year income tax liability plus the adjustment in the
Amount to adjust current year liability (Code 2)
 field. If this option is selected, 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 to use for next year’s estimates (Code 5)
 fields, before overpayment. If you select this option, the amounts entered in the
Amounts to use for next year’s estimates (Code 5)
 fields are adjusted by any overpayment applied.
8
Use the projected tax liability.
note
New clients and converted clients may benefit from Delaware’s new client options. Select
Setup
,
1120 Corporation
 then
Delaware
 tab and select the
New Client Options
 button. 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 field.
Amounts for next year’s estimates (Code 5): 1st - 4th payment
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
Form 1100-P - declaration for next year
 field, these amounts do not adjust the amounts entered in the
Next year estimates already paid
 fields.
Next year estimates already paid: 1st - 4th payment
Use these fields to specify the estimate amounts for each quarter or to enter any estimate payments already made toward the next year.
If code
1
 or
2
is entered in the
Form 1100-P - 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
is entered in the
Form 1100-P-declaration for next year
 field, these amounts do not adjust the amounts entered in the
Amounts for next year’s estimates (Code 5)
 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 fewer than four vouchers. The amounts already paid toward next year’s estimates are applied to each voucher based on the quarter in which the amounts were paid. The options for the number of vouchers are listed in the drop-down list and in the following table.
Code
Result
4
Four vouchers are generated. This is the default option.
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 the entering of rounding specifications for the estimated payments. 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 automatically rounds each estimated payment up to the nearest dollar.
note
New clients and converted clients may benefit from Delaware’s new client options. Select
Setup
,
1120 Corporation
 then
Delaware
 tab and select the
New Client Options
 button. 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 field.

Exception for Small Corporations

Small corporation exception (Force)
Using the information entered in the Exception for Small Corporations section, the application automatically determines if a corporation qualifies for the small corporation exception of requiring 25 percent per quarter for estimated taxes, rather than 50 percent / 20 percent / 20 percent / 10 percent. To force this treatment, enter
1
 if the corporation qualifies for exception, or enter
2
 if the corporation does not qualify.

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