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Screen ORPEst - Oregon Pass-through Entity Estimates

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Estimates

Form OR-21-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. The codes available in the
Form OR-21-V - declaration for next year
 field dropdown are listed in the following table.
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.
note
If the current year’s tax is less than the minimum filing requirements ($1000), the vouchers do 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 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 ($1000).
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.
note
These amounts are adjusted by any overpayment applied.
9
Enter amounts in the
Amounts for next year’s estimates (Code 5 or 9)
 fields to enter estimated payments for each quarter. These are not 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 is not 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 will not be adjusted by the amounts entered in the
Next year estimates already paid
 fields.
If you enter code
5
 in the
Form OR-21-V - declaration for next year
 field, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied.
If you enter code
9
 in the
Form OR-21-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 you enter code
1
,
2
 or
3
 in the
Form OR-21-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 you enter code
5
 or
9
 in the
Form OR-21-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 four
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.
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 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 is not overwritten by the selection in the
New Client Options
 window.

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