Applying an overpayment portion to next year's estimated tax when there is no estimated tax due (1120)

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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 Application section in Screen Est, enter 5 in the Application of current year overpayment field.
  2. Enter the amount to apply to next year's estimates in the Amount for code #5 or #8 field.
  3. In the Estimates section, enter 5 in the Form 1120W-declaration for next year field.
  4. Enter the same applied overpayment amount entered previously in the Amounts for code #5, #9 or next year estimates paid: 1st payment field.