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Screen GACEst - Georgia Composite Estimates (1120)
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Overpayment Application
Application of current year overpayment
These code options are the same as those in the federal Est Screen. The codes instruct the application how to apply any current year overpayment. Your decision affects what prints on Page 1 of the return and what is calculated as next year’s estimated tax payments. The overpayment options are listed in the following table or can be selected from the drop-down list.
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default option. |
2 | Apply in full 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 first 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 first and second estimate of next year; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimates; provide no refund. |
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 and converted clients may benefit from Georgia’s new client options. Choose Setup, 1120 Corporation, then Georgia tab, select the New Client Options button, 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
Form CR-ES - declaration for next year
These codes are the same as those in the federal Est Screen. They tell the application which method to use to determine the amount of the next year’s estimated tax for the composite return.
If
2
through 7
is entered in the Application of current year overpayment
field, the application defaults to option 1
in the Form CR-ES - declaration for next year
field. If both of these fields are blank, the application does not generate estimate vouchers or estimate filing instructions information for the composite return.The options for the
Form CR-ES - declaration for next year
field are listed in the drop-down list.Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default if you entered option 2 , 3 , 4 , 5 , 6 , or 7 in 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 amounts entered below. If this option is selected, also enter amounts in the Amounts for next year’s estimates (Code 5 or 9) fields. These amounts 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 and converted clients may benefit from Georgia’s new client options. Choose Setup, 1120 Corporation, then Alabama tab, 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 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 adjusted by the amounts entered in the
Next year estimates already paid
fields.If code
5
is entered in the Form CR-ES - 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 Form CR-ES - 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 Form CR-ES - 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 Form CR-ES - 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 composite estimate vouchers defaults to
4
. Enter a code to specify fewer than four vouchers. The options for the number of vouchers are listed in the drop-down list and in the following table. 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 were paid.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 you to enter rounding specifications for the composite 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
. If this field is blank, the application automatically rounds each estimated payment up to the nearest dollar.