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Screen MSEst - Mississippi Estimates (1120)
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Overpayment Application
Application of current year overpayment
These code options instruct the application on how to apply any current-year overpayment. The option selected affects what is printed on Forms 83-105 and 84-105 and the calculation of next year’s estimated tax payments. The overpayment options are listed in the fieldview list and in the table that follows:
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 estimates; 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 next year’s first estimate; refund excess. |
4 | Apply equally to all next-year estimates; refund excess. This option divides the total overpayment by the number of current-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 Mississippi’s new client options. Choose Setup, 1120 Corporation, then Mississippi 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
Use this section to select how next year estimates are calculated.
To calculate next year’s estimated tax liability and required payments, enter
2
through 7
in the Application of current year overpayment
field or make an entry in the Forms 83-300 and 84-300- declaration for next year
field. If a blank estimate voucher is desired, choose Help, Tax Subject Index, then Web Form Instructions to link to Forms 83-300 and 84-300 from Mississippi’s website. The estimate vouchers produced are not approved for handwritten use.Forms 83-300 and 84-300 - declaration for next year
These codes determine 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, option 1
is defaulted to in the Forms 83-300 and 84-300-declaration for next year
field. If both of these fields are blank, estimate vouchers and estimate filing instruction information do not generate. The options for the Forms 83-300 and 84-300-declaration for next year
field are listed in the fieldview list and in the table that follows:Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default if option 2 , 3 , 4 , 5 , 6 , or 7 is entered in the Application of current year overpayment field.If the current year’s tax is less than the minimum filing requirements, the vouchers will not print. |
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. |
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 tax liability from the Tax Projection Worksheet. If you select this option, the amount entered in the 2026 estimated tax paid (Force) |
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 Mississippi’s new client options. Choose Setup, 1120 Corporation, then Mississippi 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 be adjusted by the amounts entered in the
Next year estimates already paid
fields.If code
5
is entered in the Forms 83-300 and 84-300-declaration for next year
field, specify the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied.If code
9
is entered in the Forms 83-300 and 84-300-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 Forms 83-300 and 84-300 - 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 Forms 83-300 and 84-300 - 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 options are listed in the fieldview 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 option. |
3 | The last three vouchers are generated. Any unpaid balance from the first estimate is included in the second estimate coupon. |
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 in this field. The estimated payments can be rounded up to the nearest factor indicated. For example, if the estimates should be rounded up to the nearest $10, enter
10
. If this field is blank, each estimated payment is rounded up to the next dollar.note
New clients and converted clients may benefit from Mississippi’s new client options. Choose Setup, 1120 Corporation, then Mississippi 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.Expected liability for next year if large corporation (C Corp)
If this is a large corporation, enter the amount of next year’s expected liability. This field applies
only
to C Corporations. A large corporation is a corporation that had, or its predecessor had, Mississippi taxable income of $1 million or more for any of the three tax years immediately preceding the current tax year. For this purpose, taxable income is modified to exclude net operating loss or capital loss carrybacks or carryovers.Taxable income for past three years (C Corp):
2025
(Force)Mississippi taxable income (excluding net operating loss or capital loss carrybacks or carryovers) for tax year
2025
is calculated based on the active client data. Enter an amount in this field to override the calculated amount. This field is used to calculate estimated payments for large corporations and applies only
to C Corporations.Taxable income for past three years (C Corp):
2024
/ 2023
Enter the amount of Mississippi taxable income (excluding net operating loss or capital loss carrybacks or carryovers) for tax years
2024
and 2023
. These fields are used to calculate estimated payments for large corporations and apply only
to C Corporations.