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Screens

Screen VAEst — Virginia Estimates (1120)

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Overpayment Application

Application of current year overpayment
These codes available for this field are the same as those in the federal
Est screen
. They tell the application how to apply any current year overpayment. The code used affects what's printed on Page 1 of the return and the calculation of next year’s estimated tax payments. The overpayment codes 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.
3
Apply to 1st estimate; refund excess.
4
Apply equally to each estimate; refund excess.
5
Apply the amount specified in the
Overpayment to be applied (Code 5 or 8)
 field to next year’s estimate. This lets an overpayment to be specified even when estimates are not required or generated.
6
Apply to 1st and 2nd estimates; refund excess.
7
Apply 100 percent of overpayment to next year’s estimates; no refund.
8
Apply the amount specified in the
Overpayment to be applied (Code 5 or 8)
 field to next year’s estimate. This lets an overpayment to be specified even when estimates are not required or generated.
note
New clients and converted clients may benefit from Virginia’s new client options. Select
Setup
,
1120 Corporation
, the
Virginia
 tab,
New Client Options
, then 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 and is not replaced by the selection in the
New Client Options
.

Estimates

Estimate declaration for next year
The codes for this field are the same as those in the federal
Est screen
. The codes tell the application which method to use to determine the amount of the next year’s estimated tax. If codes
2
 through
7
 are entered in the
Application of current year overpayment
 field, the application defaults to option
1
 in the
Estimate declaration for next year
 field. If both of these fields are blank, the application doesn’t generate the VA Estimated Tax Payments Worksheet or estimate filing instruction information. Select a code from the following table or select one from the dropdown list.
Code
Result
1
Use the current-year income tax liability.
note
If the current year’s tax is less than the minimum filing requirements, the worksheet doesn't print.
2
Use the current year liability adjusted by the
Amount to adjust current year liability (Code 2)
. If the adjustment represents a decrease, enter a negative amount.
3
Use the current year liability even if less than $1,000.
5
Use the amounts specified below in the Amounts for next year’s estimates (Code 5 or 9).
8
Use liability from Tax Projection. Estimates are prepared even if the projected tax liability is less than the minimum amount required.
9
Use amounts specified below, if applying overpayment, use code 7 or 8. If you select this option, the amounts entered in the Amounts for next year’s estimates (Code 5 or 9) are not adjusted by any overpayment applied.
note
New clients and converted clients may benefit from Virginia’s new client options. Select
Setup
,
1120 Corporation
, the
Virginia
 tab,
New Client Options
, 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 and is not replaced by the selection in
New Client Options
.
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's estimates already paid
 fields.
If code
5
 is entered in the
Estimate 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
Estimate declaration for next year
 field, enter the desired quarterly payments in these fields. These amounts won’t be adjusted by the overpayment applied.
Next year’s 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
Estimate 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
Estimate 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.

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