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Screen ILEstS - Illinois Estimates (1120)

Overpayment Application

The code options available in this field are the same as those in the application. They instruct the application how to apply any current-year overpayment. Any overpayment applied to prepayments will be applied to Form IL-1120-ST-V. The selected code affects what is printed on Page 3 of the return and the calculation of next year’s prepayments. We list the overpayment options in the dropdown list and in the following table.
Code
Result
1
Refund 100 percent of overpayment. This is the default option.
2
Apply 100 percent of the overpayment to next year’s prepayments; refund excess. This option applies the overpayment to each estimate in full until the overpayment is exhausted or all prepayments are made, in which case the excess is refunded.
3
Apply to next year’s first prepayment; refund excess.
4
Apply equally to all each prepayment; refund excess. This option divides the total overpayment by the number of payments desired, applies this amount to each prepayment, and refunds any excess overpayment.
5
Apply the portion of the overpayment shown in the Overpayment to be applied (Code 5 or 8) field to the prepayments until the amount is exhausted or all payments are made, in which case the excess is refunded.
6
Apply to next year’s 1st and 2nd prepayments; refund excess.
7
Apply 100 percent of this year’s overpayment to next year’s prepayments; give no refund.
8
Apply the amount specified in the Overpayment to be applied (Code 5 or 8) field to next year’s prepayments. This option lets an overpayment be specified even when prepayments are not needed or generated.

Replacement Tax and Nonresident Prepayments

These code options are the same as those in the application. They tell the application which method to use to determine the amount of next year’s estimated tax liability.
If you enter code
2
 through
7
 in the Application of current year overpayment field, the application defaults to option 1 in the Form IL-1120-ST-V - declaration for next year field. If both of these fields are blank, the application doesn't generate prepayment vouchers or prepayment filing instruction information. The prepayment vouchers produced by the application are not approved for handwritten use; therefore, the option to print blank vouchers is not provided.
The options for the Form IL-1120-ST-V - declaration for the next year field are listed in the dropdown list and in the following table.
Code
Result
1
Use the current year tax liability. This is the default if code
2
,
3
,
4
,
5
,
6
, or
7
 is entered in the Application of current year overpayment field.
2
Use the current year tax liability plus the adjustment in the Amount to adjust current year liability (Code 2) field. If this option is used, 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.
5
Use the amounts entered in the Amounts for next year’s prepayments (Code 5 or 9) fields, before overpayment. If you select this option, the amounts entered in the Amounts for next year’s prepayments (Code 5 or 9) fields are adjusted by any overpayment applied.
9
Use the amounts entered in the Amounts for next year’s prepayments (Code 5 or 9) fields. If you select this option, the amounts entered in the Amounts for next year’s prepayments (Code 5 or 9) fields are not adjusted by any overpayment applied.
Use these fields to specify the prepayment amounts for each quarter. These amounts won’t be adjusted by the amounts entered in the Next year prepayments already paid fields.
If the code
5
 is entered in the Form IL-1120-ST-V - declaration for the next year field, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied.
If the code
9
 is entered in the Form IL-1120-ST-V- declaration for the next year field, enter the desired quarterly payments in these fields. These amounts won’t be adjusted by the overpayment applied.
Use these fields to enter any estimate payments already made toward the next year.
If the code
1
 or
2
 is entered in the Form IL-1120-ST-V - declaration for the next year field, these amounts and the overpayment applied are subtracted from the calculated quarterly gross estimated tax liability to determine the net prepayment amounts.
If the code
5
 or
9
 is entered in the Form IL-1120-ST-V - declaration for the next year field, these amounts don’t adjust the amounts entered in the Amounts for next year’s prepayments (Code 5 or 9) fields.
The number of prepayment vouchers defaults to
4
. Enter a code to specify fewer than 4 vouchers. The overpayment and amounts already paid toward next year’s prepayments are applied to each voucher based on the overpayment code and the quarter in which the amounts were paid. The options for the number of vouchers are listed in the dropdown list and in the following table.
Code
Result
4
4 vouchers are generated. This is the default option.
3
The last 3 vouchers are generated. Any unpaid balance from the 1st prepayment is included in the 2nd prepayment voucher.
2
The last 2 vouchers are generated. Any unpaid balance from the 1st or 2nd prepayment is included in the 3rd prepayment 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.
This field lets rounding specifications to be entered for the prepayments. The prepayments can be rounded up to the nearest factor indicated. For example, to round up each prepayment to the nearest $10, enter
10
. If this field is blank, the application rounds each prepayment up to the nearest dollar.
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