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Screen WVEst - West Virginia Estimates (1120)
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Overview
Use this screen to complete Form CIT-120, Form PTE-100, Form WV/CIT-120ES, and Form WV/PTE-100ES.
Overpayment Application
To calculate next year’s estimated tax liability and payments, enter
2
, 3
, 4
, 5
, 6
, or 7
in the Application of current year overpayment
field or make an entry in the Form WV/CIT-120ES or WV/PTE-100ES - declaration for next year
field.Application of current year overpayment
These codes instruct the application how to apply any current-year overpayment. The code entered affects what is printed on the return and the calculation of next year’s estimated tax payments. Enter a code listed in the following table or select one from 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 estimate; refund excess. This code applies the overpayment to each estimate in full until the overpayment is exhausted or all estimate payments are made, in which case the excess is refunded. |
3 | Apply to 1st estimate; refund excess. |
4 | Apply equally to each estimate; refund excess. This code applies one-fourth of the overpayment to each estimate and refunds any excess overpayment. |
5 | Apply the amounts shown in the Overpayment to be applied (Code 5 or 8) fields to the estimates until the amounts are 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 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 West Virginia’s new client options. Select
Setup
, 1120 Corporation
, the West Virginia
tab, select New Client Options
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 and isn't overwritten by the selection in the New Client Options window.Estimates
To have the application calculate next year’s estimated tax liability and required payments, enter
2
, 3
, 4
, 5
, 6
, or 7
in the Application of current year overpayment
field, or make an entry in the Form WV/CIT-120ES or WV/PTE-100ES - declaration for next year
field.Form WV/CIT-120ES or WV/PTE-100ES - declaration for next year
These codes tell the application which methods to use to determine the amount of the next years estimated tax. If a
2
through 7
is entered in the Application of current year overpayment
field, the application defaults to code 1
in the Form WV/CIT-120ES or WV/PTE-100ES - declaration for next year
field.If you leave both of these fields blank, the application doesn't generate estimates for the filing instructions or the voucher information. Enter one of the codes for the
Form WV/CIT-120ES or WV/PTE-100ES - declaration for next year
field from the following table or select one from the dropdown list.Code | Result |
|---|---|
1 | Use current-year liability. This is the default if you enter code 2 , 3 , 4 , 5 , 6 , or 7 in the Application of current year 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 liability adjusted by the Amount to adjust current year liability (Code 2) fields. If you use this code, also enter adjustments to the current-year tax liability in the Amount to adjust current year liability (Code 2) fields. If an adjustment represents a decrease, enter a negative amount. |
3 | Use the current-year liability even if the total liability falls below the minimum amount required to make estimated payments. |
4 | Print vouchers with 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 $650. |
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 West Virginia’s new client options. Select
Setup
, 1120 Corporation
, the West Virginia
tab, New Client Options
, 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 isn't overwritten by the selection in the New Client Options window.Amounts for next year’s estimates (Code 5 or 9)
Use these fields to specify the estimate amounts for each quarter. These amounts will not be adjusted by the amounts entered in the
Next year estimates already paid
fields.If code
5
is entered in the Form WV/CIT-120ES or WV/PTE-100ES - 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 WV/CIT-120ES or WV/PTE-100ES - 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 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 the Form WV/CIT-120ES or WV/PIT-100ES - 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 WV/CIT-120ES or WV/PTE-100ES - 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.Number of estimates desired, if other than 4
The number of estimates defaults to
4
. To specify fewer than 4 vouchers, enter a code from the following table or select one from the dropdown list. The application applies the overpayment and amounts already paid toward next year’s estimates to each voucher based on the overpayment code and the period in which the amounts were paid.Code | Result |
|---|---|
4 | 4 vouchers are generated (default). |
3 | The last 3 vouchers are generated. The application includes any unpaid balance from the 1st estimate in the 2nd estimate voucher. |
2 | The last 2 vouchers are generated. The application includes any unpaid balance from the 1st or 2nd estimate in the 3rd estimate voucher. |
1 | 100 percent of the gross estimated tax liability is allocated to the last 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
This field allows entry of a rounding specification for the estimated payments. If you leave this field blank, the application automatically rounds each estimated payment up to the next dollar.
note
New clients and converted clients may benefit from West Virginia’s new client options. Select
Setup
, 1120 Corporation
, the West Virginia
tab, New Client Options
, and enter the amount in the Round estimates by
field. The amount 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 overwritten by the selection in the New Client Options window.