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Screen SCEst - South Carolina Estimates (1120)
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Overpayment Application
Application of current year income tax overpayment
These code options 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's printed on Page 1 of the return and the calculation of next year’s estimated tax payments. Enter one of the overpayment options listed in the following table or select one from this dropdown list.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 estimate; refund excess. This 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 divides the total overpayment by the number of next year payments, applies this amount to each estimate, and refunds any excess overpayment. |
5 | Apply the portion of the overpayment shown in Overpayment to be applied (Code 5 or 8) 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 Overpayment to be applied (Code 5 or 8) to next year’s estimate. This lets an overpayment to be specified even when estimates aren't required or generated. |
note
New clients and converted clients may benefit from South Carolina’s new client options. Select
Setup
, 1120 Corporation
, South Carolina
tab, New Client Options
, and enter the code in Overpayment application
. The selection there 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 replaced by the selection in the New Client Options
window.Application of income tax overpayment to license fee (Force)
The application assumes that any overpayment of income tax is first applied against the current year’s license fee liability. Use this field to apply a smaller portion of the amount of income tax overpayment to the license fee.
note
The amount applied to the license fee is limited to the actual amount of the income tax overpayment.
Application of license fee overpayment: License fee to estimates / refund (Force)
The application assumes that any overpayment of license fee is applied against the current year’s income tax liability. To apply any portion of an overpayment directly to estimates or to the refund, enter the amounts here.
note
The amounts that appear on the form are limited to the actual amount of the license fee overpayment.
Estimates
Form SC1120-CDP-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 next year’s estimated tax. If code of 2
through 7
is entered in Application of current year income tax overpayment
, the application defaults to 1
in Form SC1120-CDP-declaration for next year
. If these fields are blank, the application does not
generate estimate vouchers or filing instruction information. Also, no estimates are generated if Reason for final return
in the federal SCGen
screen is completed. Enter one of the options for Form SC1120-CDP-declaration for next year
listed in the following table or select one from this dropdown list.Code | Result |
|---|---|
1 | Use the current-year income tax liability. This is the default if 2 , 3 , 4 , 5 , 6 , or 7 is entered in the Application of current year income tax overpayment field.If the current year’s tax is less than the minimum filing requirements, the vouchers don't print. |
2 | Use the current-year income tax liability plus the adjustment in Amount to adjust current year liability (Code 2) . If this option is selected, also enter an adjustment to the current-year tax liability in Amount to adjust current year liability (Code 2) . 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. |
4 | Print vouchers with amount fields blank. If this option is selected, the application prints estimate vouchers with the amount fields blank. |
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 the projected tax liability. Estimates are prepared even if the projected tax liability is less than $100. |
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 aren't adjusted by any overpayment applied. |
note
New clients and converted clients may benefit from South Carolina’s new client options. Select
Setup
, 1120 Corporation
, South Carolina
tab, New Client Options
, and enter the code in Next year’s estimate declaration
. The selection there 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 replaced by the selection in the New Client Options
window.Amounts for next year’s estimates (Code 5 or 9): 1st - 4th payment
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 Form SC1120-CDP-declaration for next year
, enter the quarterly payments in these fields. These amounts are adjusted by the overpayment applied.If code
9
is entered in Form SC1120-CDP-declaration for next year
, enter the quarterly payments in these fields. These amounts won't be adjusted by the overpayment applied.Next year estimates already paid: 1st - 4th payment
Use these fields to enter any estimate payments already made toward the next year.
If code
1
, 2
, or 3
is entered in Form SC1120-CDP-declaration for next year
, 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 Form SC1120-CDP-declaration for next year
, 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 estimate vouchers defaults to
4
. Enter a code to specify fewer than four vouchers. The options for the number of vouchers are listed in the dropdown 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 voucher. |
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. 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 South Carolina’s new client options. Select
Setup
, 1120 Corporation
, South Carolina
tab, New Client Options
, and enter the amount in Round estimates by
. The amount entered there 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 replaced by the selection in the New Client Options
window.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, 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 carryovers.