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Screen SCCEst - South Carolina Composite Estimates (1120)
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Overpayment Application
Application of current year 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 you need, 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, select 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 box if necessary and isn't replaced by the selection in the New Client Options
window.Estimates
Form SC1040ES - 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 overpayment
, the application defaults to option 1
in Form SC1040ES - declaration for next year
. If these boxes 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 SCGen
screen is completed. Enter one of the options for Form SC1040ES - 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 the option 2 , 3 , 4 , 5 , 6 , or 7 is entered in the Application of current year overpayment box.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 is less than the minimum amount required to make estimated payments. |
4 | Print vouchers with amount boxes blank. If this option is selected, the application prints estimate vouchers with the amount boxes blank. |
5 | Use the amounts entered in the Amounts to use for next year’s estimates (Code 5 or 9) boxes, before overpayment. If you select this option, the amounts entered in the Amounts to use for next year’s estimates (Code 5 or 9) boxes are adjusted by any overpayment applied. |
9 | Use the amounts entered in the Amounts to use for next year’s estimates (Code 5 or 9) boxes. If you select this option, the amounts entered in the Amounts to use for next year’s estimates (Code 5 or 9) boxes 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, select 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 box if necessary and isn't replaced by the selection in the New Client Options
window.Amounts to use for next year’s estimates (Code 5 or 9)
Use these boxes 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
boxes.If code
5
is entered in Form SC1040-ES - declaration for next year
, enter the needed quarterly payments in these boxes. These amounts are adjusted by the overpayment applied.If code
9
is entered in Form SC1040-ES - declaration for next year
, enter the needed quarterly payments in these boxes. These amounts won't be adjusted by the overpayment applied.Next year estimates already paid
Use these boxes to enter any estimate payments already made toward the next year.
If code
1
, 2
, or 3
is entered in Form SC1040-ES - 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 SC1040-ES - declaration for next year
, these amounts don't adjust the amounts entered in the Amounts to use for next year’s estimates (Code 5 or 9)
boxes.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 coupon. |
2 | The last two vouchers are generated. Any unpaid balance from the first or second estimate is included in the third estimate coupon. |
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 a rounding specification 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 box 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, select 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 box if necessary and isn't replaced by the selection in the New Client Options window.