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Screen OHPEst - Ohio PTE Estimates (1120)

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Estimates

Form IT 4738EST - 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 estimated tax. The options for this field appear in the dropdown list and in the following table.
Code
Result
1
Use the current-year income tax liability; if $500 or less use 0. Estimates are prepared if the current-year tax liability is equal to or greater than $500.
2
Use the current-year income tax liability adjusted by amounts below. 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.
3
Use the current-year tax liability, even if less than $500. Estimates are prepared even if the current-year tax liability is less than $500.
5
Use the amounts entered in the
Amounts for next year’s estimates (Code 5)
 fields, before overpayment. If you select this option, the amounts entered in the
Amounts for next year’s estimates (Code 5)
 fields are adjusted by any overpayment applied.
note
New clients and converted clients may benefit from Ohio’s new client options. Select
Setup
,
1120 Corporation
, the
Ohio
 tab, then
New Client Options
 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 isn't overwritten by the selection in the New Client Options window.
Amounts for next year’s estimates (Code 5)
Use these fields 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
 fields.
If code
5
 is entered in the
Form IT 4738EST - declaration for next year
 field, enter the desired quarterly payments in these fields. The application adjusts these amounts by the overpayment applied, if applicable. These amounts print on the vouchers.
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 IT 4738ES - declaration for next year
 field, these amounts and the overpayment applied are subtracted from the calculated quarterly gross estimated tax liability to determine the next estimate amounts.
If code
5
 is entered in the
Form IT 4738ES - 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 4
The number of estimates defaults to
4
. Enter a code to specify fewer than 4 estimates. 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. The options for the number of estimates appear in the dropdown list and in the following table.
Code
Result
4
4 estimates are generated. (default)
3
The last 3 estimates are generated. Any unpaid balance from the 1st estimate is included in the 2nd estimate.
2
The last 2 estimates are generated. Any unpaid balance from the 1st or 2nd estimates is included in the 3rd estimate.
1
100 percent of the gross estimated tax liability allocates to the 4th estimate.
A
100 percent of the gross estimated tax liability allocates to the 1st estimate.
B
100 percent of the gross estimated tax liability allocates to the 2nd estimate.
C
100 percent of the gross estimated tax liability allocates to the 3rd estimate.
Amount to round up each estimate
This field allows rounding specifications for the estimated payments. The estimated payments can be rounded up 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 rounds each estimated payment up to the next dollar.
note
New clients and converted clients may benefit from Ohio’s new client options. Select
Setup
,
1120 Corporation
, the
Ohio
 tab, then
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: Ohio

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