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Screen OREst - Oregon 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. This decision affects what prints on Page 2 of Form OR-20, OR-20-INC or OR-20-S and on Form OR-20-V estimate vouchers. The overpayment options are listed in the following table or can be selected 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 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 code divides the total overpayment by the number of payments desired, applies this amount to each estimate, and refunds any excess overpayment. |
5 | Apply the portion of the overpayment shown in the Amount for 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 next year’s 1st and 2nd estimates; refund excess. |
7 | Apply 100 percent of this year’s overpayment to next year’s estimates; provide no refund. This option applies the entire overpayment to next year even if estimates aren't required or the overpayment is in excess of the payments required. No refund is made. |
8 | Apply amount specified in the Amount for code #5 or #8 field to next year’s estimate. This option allows an overpayment to be specified even when estimates aren't required or generated. |
note
New clients and converted clients may benefit from Oregon’s new client options. Select
Setup
, 1120 Corporation
, the Oregon
tab, New Client Options
, 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 isn't overwritten by the selection in the New Client Options window.Estimates
Form OR-20-V - declaration for next year
Codes
1
, 2
, 3
, 5
, and 9
are similar to 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
through 7
is entered in the Application of current year overpayment
field, the application defaults to code 1
in the Form OR-20-V - declaration for next year
field. If both of these fields are blank, the application doesn't generate estimate vouchers or filing instruction information. The codes for the Form OR-20-V - declaration for next year
field are listed in the following table or can be selected from the dropdown list.Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default if code 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 ($500), the vouchers don't 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 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 the total liability falls below the minimum amount required for estimated payments ($500). |
5 | Use amounts entered below, before overpayment. If this code is used, also enter amounts in the Amounts for next year’s estimates (Code 5 or 9) fields.These amounts are adjusted by any overpayment applied. |
8 | Use the projected tax liability. Estimates are prepared even if the projected tax liability is less than $500. |
9 | Use amount entered below. Enter amounts in the Amounts for next year’s estimates (Code 5 or 9) fields to enter estimated payments for each quarter. These aren't reduced by any overpayment. |
note
New clients and converted clients may benefit from Oregon’s new client options. Select
Setup
, 1120 Corporation
, the Oregon
tab, 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 or 9)
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 OR-20-V - declaration for next year
field, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied.If code
9
is entered in the Form OR-20-V - declaration for next year
field, enter the desired quarterly payments in these fields. These amounts aren't 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 Form OR-20-V - 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 OR-20-V - declaration for next year
field, these amounts don't adjust the amounts entered in the Amounts for next year’s estimates (Code 5 or 9)
fields.Number of estimates desired, if other than 4
The number of estimates defaults to
4
. Enter a code to specify less than 4 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 following table or can be selected from the dropdown list.Code | Result |
|---|---|
4 | 4 vouchers are generated. This is the default. |
3 | The last 3 vouchers are generated. Any unpaid balance from the 1st estimate is included in the 2nd estimate voucher. |
2 | The last 2 vouchers are generated. Any unpaid balance from the 1st or 2nd estimates is included in the 3rd estimate voucher. |
1 | 100 percent of the gross estimated tax liability is allocated to the 4th voucher. |
A | 100 percent of the gross estimated tax liability is allocated to the 1st voucher. |
B | 100 percent of the gross estimated tax liability is allocated to the 2nd voucher. |
C | 100 percent of the gross estimated tax liability is allocated to the 3rd 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 Oregon’s new client options. Select
Setup
, 1120 Corporation
, the Oregon
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.Expected liability for next year if large corporation (C Corp)
The application uses this field to calculate next year’s estimated tax liability using the large corporation rules. Enter the amount of next year’s expected liability if this is a large corporation.
A large corporation is a corporation that had, or its predecessor had, taxable income of $1 million or more for any of the 3 tax years immediately preceding the current-tax year.