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Screen LAEst - Louisiana Estimates (1120)
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Overpayment Application
Application of current year overpayment
These code options are the same as those in the federal application. They dictate how the application will apply any current year overpayment. The selected option affects what prints on Form CIFT-620SD, Page 2 and on Form CIFT-620ES estimate vouchers. Enter one of the overpayment options listed in the following table or select it from the drop-down list.
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default option. |
2 | Apply 100 percent of the overpayment 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 each of next-year’s 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; 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 Louisiana’s new client options. Choose Setup, 1120 Corporation, and then Louisiana 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.Application of current year overpayment: Income tax applied to franchise tax (Force)
The application assumes that any overpayment of income tax is first applied against the current year’s franchise tax liability. Use this field to apply a smaller portion of the amount of income tax overpayment to the franchise tax. Note that the amount applied to the franchise tax is limited to the actual amount of the income tax overpayment.
Estimates
Form CIFT-620ES - declaration for next year
These codes are the same as those in the federal application. They tell the state application which method to use to determine the amount of next year’s estimated tax. If you enter
2
through 7
in the Application of current year overpayment
field, the application defaults to option 1 in the Form CIFT-620ES - declaration for next year
field. If both these fields are blank, the application does not generate estimate vouchers or filing instruction information. Enter one of the options listed in the following table or select it from the drop-down list.Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default if options 2 through 7 are selected for the Application of current year overpayment field. Estimates are prepared if the current-year tax liability is equal to or greater than $1000. |
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. |
3 | Use the current-year income tax liability. Estimates are prepared even if the current-year tax liability is less than $1000. |
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 $1000. |
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 Louisiana’s new client options. Choose Setup, 1120 Corporation, and then Louisiana 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
If you enter code
5
in the Form CIFT-620ES - declaration for next year
field, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied.If you enter code
9
in the Form CIFT-620ES - declaration for next year
field, enter the desired quarterly payments in these fields. These amounts are not adjusted by the overpayment applied.note
If a blank estimate voucher is desired, use Help, Tax Subject Index, and then Web Form Instructions to link to Form CIFT-620ES from the Louisiana Department of Revenue’s website. The estimate vouchers produced by the application are not approved for handwritten use.
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 CIFT-620ES - 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 CIFT-620ES - 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 estimates defaults to
4
. Enter a code to specify fewer than four 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 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
Enter rounding specifications for the estimated payments. The estimated payments can be rounded up to the nearest factor indicated. For example, to round up to the nearest $10, enter
10
. If this field is blank, the application automatically rounds each estimated payment up to the next dollar.note
New clients and converted clients may benefit from Louisiana’s new client options. Choose Setup, 1120 Corporation, and then Louisiana tab, select the New Client Options button, 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.Estimate year end date, if changed
Enter a date here if the corporation’s year end changed during the year. This date prints on the estimate vouchers and the application marks the If year end differs from prior year checkbox.