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Screens

Screen GAEst - Estimates (990)

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Overpayment

Application of current year overpayment
These codes are the same as those in the federal EstT screen. This information determines how to apply any current-year overpayment. This affects what prints on Form GA-990T, Page 1 and the calculation of estimated tax payments for next year.

Form 602 ES

To calculate the estimated tax liability and the required payments for next year, enter
2
 through
8
 in the
Application of current year overpayment
 field or make an entry in the
Next year declaration
 field.
Next year declaration
These codes are the same as in the EstT screen. Select the calculation method you’d like to use to calculate the next year’s estimated tax amount. If you enter option
2
 through
8
 in the
Application of current year overpayment
 field, then
1
 is the default for this field. Estimates do not generate if you leave both fields blank.
Amount for code 2
Enter an adjustment amount to use in calculating estimates if you selected code
2
 for the
Next year declaration
 field. If the adjustment represents a decrease, enter it as a negative amount.
Amounts for code 5 or 9
If you selected code
5
 in the
Next year declaration
 field, enter the desired quarterly payments here. These amounts adjust by any overpayment applied, and print on the vouchers. If you selected code
9
, enter the desired quarterly payments here. These amounts are not adjusted by any overpayment applied, if applicable, and print on the vouchers.
Next year estimates already paid
Use these fields to specify the amounts already paid for each estimate. These amounts subtract from the calculated quarterly gross estimated tax liability to determine the net voucher amounts.
Number of vouchers desired next year, if other than four
Enter a code to specify fewer than four vouchers. The overpayment and amounts already paid toward next-year estimates apply to each voucher based on the overpayment code and the quarter in which the amounts were paid.
Amount to round up each estimate
Enter rounding specifications for the estimated payments. The estimated payments round up to the nearest factor indicated. For example, to round up each estimated payment to the nearest $10, enter
10
. If left blank, each estimated payment rounds up to the next dollar automatically.
Tax year change
Data entry in this field displays on the GA 602-ES vouchers only.

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