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Screen MICEst - Michigan Composite Estimates (1120)
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Overpayment Application
Application of current year overpayment
These codes are the same as those in the federal Est Screen. They instruct the application how to apply any current-year overpayment. The code selected affects what is printed on the calculation of next-year estimated tax payments. Enter one of the overpayment codes listed in the following table or select one from the dropdown list.
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default. |
2 | Apply 100 percent of the overpayment to next year’s estimates; refund excess. This code applies the overpayment to each estimate in full until the overpayment is exhausted or all estimate payments are made, in which case the excess is refunded. |
3 | Apply to the first estimate; refund excess. |
4 | Apply equally to each estimate; refund excess. This code applies one-fourth of the overpayment to each estimate and refunds any excess overpayment. |
5 | Apply the amount shown in Overpayment to be applied (Code 5 or 8) to the estimates until the amounts are exhausted or all payments are made, in which case the excess is refunded. |
6 | Apply to the first and second estimates; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimates; no refund. |
8 | Apply amount specified in Overpayment to be applied (Code 5 or 8) to next year’s estimate. This lets an overpayment to be specified even when estimates aren't required. |
note
New clients and converted clients may benefit from Michigan’s new client options. Select Setup, 1120 Corporation, Michigan tab, select New Client Options, and enter the code in
Overpayment application
. The selection in this box 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 box if necessary and isn't replaced by the selection in the New Client Options window.Estimates
Form MI-1041ES - 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. If
2
, 3
, 4
, 5
, 6
, or 7
is entered in Application of current year overpayment
, the application defaults to 1
in Form MI-1041ES - declaration for next year
.If both of these boxes are blank, the application doesn't generate estimates or estimate filing instruction information. Enter one of the codes for
Form MI-1041ES - declaration for next year
listed in the following table, or select one from the dropdown listCode | Result |
|---|---|
1 | Use current year tax liability; if less than $500 use zero. This is the default if you enter code 2 , 3 , 4 , 5 , 6 , or 7 in Application of current year overpayment .note
If the current year income tax is less than the minimum filing requirements, the vouchers don't print. |
2 | Use the current-year liability adjusted by Amount to adjust current year liability (Code 2) . If you use this code, also enter adjustments to the current-year tax liability in Amount to adjust current year liability (Code 2) . If an 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) boxes, before overpayment. If you select this, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) boxes are adjusted by any overpayment applied. |
9 | Use the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) boxes. If you select this, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) boxes aren't adjusted by any overpayment applied. |
note
New clients and converted clients may benefit from Michigan’s new client options. Select Setup, 1120 Corporation, Michigan tab, select New Client Options, and enter the code in
Next year’s estimate declaration
. The selection in this box 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 box if necessary and isn't replaced by the selection in the New Client Options window.Amounts for next year’s estimates (Code 5 or 9)
Use these boxes to specify the estimate amounts for each quarter. These amounts won't be adjusted by the amounts entered in the
Next year estimates already paid
boxes.If code
5
is entered in Form MI-1041ES - declaration for next year
, enter the quarterly payments in these boxes. These amounts are adjusted by the overpayment applied.If code
9
is entered in Form MI-1041ES - declaration for next year
, enter the quarterly payment in these boxes. These amounts won't be adjusted by the overpayment applied.Next year estimates already paid
Use these boxes to enter any estimate payments already made toward the next year.
If code
1
, 2
, or 3
, is entered in Form MI-1041ES - declaration for next year
, 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 Form MI-1041ES - declaration for next year
, these amounts don't adjust the amounts entered in the Amounts for next year’s estimates (Code 5 or 9)
boxes.Number of estimates desired, if other than four
The number of estimates defaults to 4. Enter a code to specify fewer than four estimates. The options for the number of estimates appear in the dropdown list and in the following table. The application applies the overpayment and amounts already paid toward next-year estimates to each estimate, based on the overpayment code and the quarter in which the amounts were paid.
Code | Result |
|---|---|
4 | Four estimates are generated. (default) |
3 | The last three estimates are generated. Any unpaid balance from the first estimate is included in the second estimate. |
2 | The last two estimates are generated. Any unpaid balance from the first or second estimate is included in the third estimate. |
1 | 100 percent of the gross estimated tax liability is allocated to the fourth estimate. |
A | 100 percent of the gross estimated tax liability is allocated to the first estimate. |
B | 100 percent of the gross estimated tax liability is allocated to the second estimate. |
C | 100 percent of the gross estimated tax liability is allocated to the third estimate. |
Amount to round up each estimate
This box lets entry of a rounding specification for the estimated payments. If you leave this box blank, the application automatically rounds each estimated payment up to the next dollar.
note
New clients and converted clients may benefit from Michigan’s new client options. Select Setup, 1120 Corporation, Michigan tab, select New Client Options, and enter the amount in
Round estimates by
. The amount entered in this box 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 box if necessary and isn't replaced.