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Screen VACEst — Virginia Composite Estimates (1120)
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Overpayment Application
Application of current year overpayment
These codes are the same as those in the federal
Est screen
. They instruct the application how to apply any current-year overpayment. This affects what is printed on Page 1 of the return and the calculation of next year’s estimated tax payments. The overpayment options appear in the following tables and in the dropdown list.Code | Result |
|---|---|
1 | Refund 100 percent of overpayment. This is the default. |
2 | Apply 100 percent of overpayment to next year’s estimates; refund excess. This option 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; refund excess. |
4 | Apply equally to each estimate; 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 amount entered to estimates until exhausted. The amount specified will be applied to estimates until exhausted or all payments are made, in which case the excess is refunded. |
6 | Apply to 1st and 2nd estimates; refund excess. |
7 | Apply 100 percent of overpayment to next year’s estimates; no refund. |
8 | Apply amount specified below. 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
, 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 is not replaced by the selection in New Client Options
.Estimates
Form 770ES - 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 the next year’s estimated tax. If this field is blank, the application doesn't generate estimate vouchers or estimate filing instruction information. The estimate vouchers produced by the application are not approved for handwritten use, therefore the option to print blank vouchers isn't provided. The codes for Form 770ES - declaration for next year
are listed in the following table and in 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 vouchers don't print. |
2 | Use the current year liability adjusted by amount specified in the Amount to adjust current year liability (Code 2) . If this code is selected, 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 liability even if less than the minimum filing requirement. |
5 | Use amounts specified below, before overpayment. If you select this option, the Amount for next year’s estimates (Code 5 or 9) fields are adjusted by any overpayment applied. |
9 | Use the amounts specified below, if applying overpayment, use code 7 or 8. If you use this option, the amounts entered in 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 Virginia’s new client options. Select
Setup
, 1120 Corporation
, the Virginia
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 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 Form 770ES - 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 770ES - declaration for next year
, enter the 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 Form 770ES - 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 Form 770ES - declaration for next year
, these amounts don't adjust the amounts entered in Amounts for next year’s estimates (Code 5 or 9)
.Number of estimates desired, if other than four
The number of estimate vouchers defaults to
4.
Enter a code to specify fewer than 4 vouchers. The codes 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. |
3 | The last 3 vouchers are generated. Any unpaid balance from the 1st estimate is included in the 2nd estimate voucher. |
2 | The last 2 vouchers are generated. Any unpaid balance from the 1st or 2nd estimate is included in the 3rd estimate voucher. |
1 | 100 percent of the gross estimated tax liability is allocated to the 4th voucher. |
A | 100 percent of the gross estimated tax liability is allocated to the 1st voucher. |
B | 100 percent of the gross estimated tax liability is allocated to the 2nd voucher. |
C | 100 percent of the gross estimated tax liability is allocated to the 3rd 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 the estimates up to the nearest $10, enter
10
. If the field is blank, the application rounds up each estimated payment to the nearest dollar.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 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 and is not replaced by the selection in New Client Options
.