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Screen UTEst - Utah Estimates (1120)
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Overpayment Application
Application of current year overpayment
These codes instruct the application how to apply any current year overpayment. This code affects what is printed on Schedule E of Forms TC-20, TC-20MC, or TC-20S and the calculation of next-year estimated tax payments. Enter one of the overpayment codes listed in the following table or select one from the drop-down list.
Code | Result |
|---|---|
1 | Refund 100 percent of the overpayment. This is the default. |
2 | Apply 100 percent of the overpayment to next-year estimate; 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 first estimate of next year; refund excess. |
4 | Apply equally to all next-year estimates; refund excess. This code divides the total overpayment by the number of next year payments desired, applies this amount to each estimate, and refunds any excess overpayment. |
5 | Apply amount specified in the Overpayment to be applied (Code 5 or 8) field to next year’s estimate until exhausted. The amount specified is applied to each estimate until exhausted or all estimated payments are made, in which case the excess is refunded. |
6 | Apply to first and second estimates for next year; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimates; no refund. |
8 | Apply amount specified in the Overpayment to be applied (Code 5 or 8) field to next year’s estimate. This option allows an overpayment to be specified even when estimates are not required or generated. |
note
New clients and converted clients may benefit from Utah’s new client options. Choose Setup, 1120 Corporation, and then Utah tab, select the New Client Options button, and enter the code in the
Overpayment application
field. 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.Estimates
Form TC-559 - declaration for next year
These codes tell the application which method to use to determine the amount of the next-year estimated tax. By entering
2
through 7
in the Application of current year overpayment
field, the application defaults to code 1
in the Form TC-559 - declaration for next year
field. If both of these fields are blank, the application does not
generate estimate vouchers or filing instruction information. Enter one of the codes for the Form TC-559 - declaration for next year
field listed in the following table or select one from the drop-down list. Code | Result |
|---|---|
1 | Use the current year income tax liability. This is the default if you entered code 2 , 3 , 4 , 5 , 6 , or 7 in the Application of current year overpayment field.note
If the current year tax is less than the minimum filing requirements, 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 you select this code, 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 to make estimated payments. |
5 | Use amounts entered below. If you select this code, 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. Use amounts entered below. |
note
New clients and converted clients may benefit from Utah’s new client options. Choose Setup, 1120 Corporation, and then Utah tab, select the New Client Options button, and enter the code in the
Next year’s estimate declaration
field. 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 is not overwritten by the selection in the New Client Options dialog.Amounts for next year’s estimates (Code 5 or 9)
Use these fields to specify the estimate amounts for each quarter. These amounts are not adjusted by the amounts entered in the
Next year estimates already paid
fields. If code 5
is entered in the Form TC-559 - 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 TC-559 - declaration for next year
field, enter the desired quarterly payments in these fields. These amounts are not adjusted by the overpayment applied.Next year estimates already paid
Use these fields to enter any estimate payments already made toward next year.
If code
1
, 2
, or 3
is entered in the Form TC-559 - 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 TC-559 - declaration for next year
field, these amounts do not 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 codes for the number of vouchers are listed in the drop-down list and in the following table. The overpayment and amounts already paid toward next-year 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.) |
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 automatically rounds each estimated payment up to the next dollar.note
New clients and converted clients may benefit from Utah’s new client options. Choose Setup, 1120 Corporation, and then the Utah tab, select the New Client Options button, and enter the amount in the
Round estimates by
field. 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 is not overwritten by the selection in the New Client Options dialog.