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Screen OHPEst - Ohio PTE Estimates (1120)

Estimates

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 estimated tax. The options for this field appear in the dropdown list and in the following table.
Code
Result
1
Use the current-year income tax liability; if $500 or less use 0. Estimates are prepared if the current-year tax liability is equal to or greater than $500.
2
Use the current-year income tax liability adjusted by amounts below. If this code is selected, 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.
3
Use the current-year tax liability, even if less than $500. Estimates are prepared even if the current-year tax liability is less than $500.
5
Use the amounts entered in the
Amounts for next year’s estimates (Code 5)
 fields, before overpayment. If you select this option, the amounts entered in the
Amounts for next year’s estimates (Code 5)
 fields are adjusted by any overpayment applied.
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 estimates already paid
 fields.
If code
5
 is entered in the
Form IT 4738EST - declaration for next year
 field, enter the desired quarterly payments in these fields. The application adjusts these amounts by the overpayment applied, if applicable. These amounts print on the vouchers.
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 IT 4738ES - declaration for next year
 field, these amounts and the overpayment applied are subtracted from the calculated quarterly gross estimated tax liability to determine the next estimate amounts.
If code
5
 is entered in the
Form IT 4738ES - declaration for next year
 field, these amounts don't adjust the amounts entered in the
Amounts for next year’s estimates (Code 5)
 fields.
The number of estimates defaults to
4
. Enter a code to specify fewer than 4 estimates. The application applies the overpayment and amounts already paid toward next-year estimates to each estimate based on the overpayment code and the quarter in which the amounts were paid. The options for the number of estimates appear in the dropdown list and in the following table.
Code
Result
4
4 estimates are generated. (default)
3
The last 3 estimates are generated. Any unpaid balance from the 1st estimate is included in the 2nd estimate.
2
The last 2 estimates are generated. Any unpaid balance from the 1st or 2nd estimates is included in the 3rd estimate.
1
100 percent of the gross estimated tax liability allocates to the 4th estimate.
A
100 percent of the gross estimated tax liability allocates to the 1st estimate.
B
100 percent of the gross estimated tax liability allocates to the 2nd estimate.
C
100 percent of the gross estimated tax liability allocates to the 3rd estimate.
This field allows rounding specifications for the estimated payments. The estimated payments can be rounded up to the nearest factor indicated. For example, to round up each estimated payment to the nearest $10, enter
10
. If this field is blank, the application rounds each estimated payment up to the next dollar.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1120 Corporation
  • State: Ohio
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