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Screen INEst - Indiana Estimates (1120)
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Overpayment Application (C Corp)
Application of current year overpayment
These codes are the same as those in federal Screen Est. They instruct the application on how to apply any current-year overpayment, and affect what is printed on Page 2 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 table that follows:
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. |
4 | Apply equally to all next-year estimates; refund excess. This code divides the total overpayment by the number of next year payments 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 amount 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. |
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 Indiana’s new client options. Select
Setup
, 1120 Corporation
then Indiana
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
Form IT-6, IT-6WTH and FT-ES - declaration for next year
The codes used are the same as those on federal Screen Est. They tell the application which method is being used to determine the amount of the next year’s estimated tax.
If codes
2
through 7
are entered in the Application of current year overpayment
field, the application defaults to code 1
in the Form IT-6, IT-6WTH and FT-ES - declaration for next year
for next year
field. If both of these fields are left blank, the application does not
generate estimate vouchers or estimate filing instruction information. The codes for the Form IT-6, IT-6WTH and FT-ES - declaration for next year
field are listed in the drop-down list and in the table that follows:Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default code if you enter codes 2 through 7 in the Application of current year overpayment field.note
If the current year’s tax is less than the minimum filing requirements, the vouchers are not printed. |
2 | Use the current-year income tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If this code is used, 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 income tax liability even if the total liability falls below the minimum amount required to make estimated payments. |
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. |
8 | Use the Projected Tax Liability. Estimates are prepared even if the projected tax liability is less than $2,500. |
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 Indiana’s new client options. Choose Setup > 1120 Corporation > Indiana 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 Form IT-6, IT-6WTH and FT-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 IT-6, IT-6WTH and FT-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 next year.
If code
1
, 2
, or 3
is entered in the FForm IT-6, IT-6WTH and FT-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 IT-6, IT-6WTH and FT-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 estimate vouchers defaults to
4
. Enter a code to specify fewer than four vouchers. The codes 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 are applied to each voucher based on the overpayment code and the quarter in which the amounts were paid.Code | Result |
|---|---|
4 | Four vouchers are generated. This is the 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 to be entered for the estimated payments. The estimated payments can be rounded up to the nearest factor indicated. For example, to round to the nearest $10, enter
1
0
. If this field is left blank, the application automatically rounds each estimated payment up to the nearest dollar.note
New clients and converted clients may benefit from Indiana’s new client options. Select
Setup
, 1120 Corporation
then Indiana
tab, select New Client Options
, and enter the code in the Round estimates by
field. The amount entered 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.