Applying an overpayment portion to next year's estimated tax when there is no estimated tax due (990)

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To apply a portion of an overpayment to next year's estimated tax when there is no estimated tax due, complete the following steps.

  1. In the Overpayment section in Screen EstT (or EstPF if applicable), enter 5 or 8 in the Application of current year overpayment field. UltraTax CS applies the amount in the Amount for code 5 or 8 field to next year's estimate.
  2. In the Form 990-W section, enter 5 in the Next year declaration field.
  3. In the Amounts for code 5 or 9, or next year's payments made: 1st field, enter the amount entered in the Overpayment section.

    Note: When you use overpayment application code 8, enter the amount that you want to have applied to next year. If the Next year declaration field is blank, the estimate worksheet or vouchers do not calculate. You must enter a code in the Next year declaration field to have UltraTax/990 calculate estimates.

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