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Screen NYNYCPEs - New York City Pass-through Entity Estimates
Show all hidden content
Estimates
Estimate declaration for next year
Codes 1, 2 and 5 are similar to those in the federal Est screen. They tell the application which method to use the determine the amount of the next year's estimated tax. The codes available in the Estimate declaration for next year field dropdown are listed in the following table.
Code | Result |
|---|---|
1 | Use the current-year income tax liability. |
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 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. |
5 | Use amounts entered below. If this code is used, also enter amounts in the Amounts for next year’s estimates (Code 5) fields. |
Amounts for next year’s estimates (Code 5)
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 you enter
code 5
in the Estimate declaration for next year
field, enter the desired quarterly payments in these fields.Next year estimates already paid
Use these fields to enter any estimate payments already made toward the next year.
If you enter
code 1
or code 2
in the Estimate declaration for next year
field, these amounts are subtracted from the calculated quarterly gross estimated tax liability to determine the net estimate amounts.If you enter
code 5
in the Estimate declaration for next year
field, these amounts don't adjust the amounts entered in the Amounts for next year’s estimates (Code 5)
fields.Number of estimates desired, if other than four
The number of estimates defaults to
4
. Enter a code to specify less than 4 vouchers. The options for the number of vouchers are listed in the following table.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 2 vouchers are generated. Any unpaid balance from the first or second estimates 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 application rounds the estimated payments 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 next dollar.note
New clients and converted clients may benefit from New York’s new client options. Select
Setup
, 1120 Corporation
, the New York
tab, New Client Options
, 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 isn't overwritten by the selection in the New Client Options
window.This article applies to:
- Product: UltraTax CS
- Return type: 1120 Corporation
- State: New York