Estimated Payments Made for 2019
Estimated Payments from K-1 - The program automatically pulls this figure from entries made on line 13A of Form 1041 K-1. To access this menu, from the main menu of the program select Income > Rents, Royalties, Entities (Schedule E, K-1, 4835, 8582) > K-1 Input.
State Estimated Payments
Enter the total state estimated tax payments that were made for the current tax year. Also, include any overpayment from the previous tax year's tax return that was designated to be credited to the current year's estimated tax. The State Estimated Payments menu will allow you to enter estimated payments made to multiple states. The estimated payments will then carry to each applicable state.
Other Federal Withholdings (Form 1099)
Amounts shown as federal income tax withheld on Forms W-2, W-2G, 1099-R, as well as federal tax withheld on dividends, interest income, unemployment compensation, social security benefits are added together and entered on Form 1040. If the taxpayer has federal withholding from a source that is not entered elsewhere in the program, the amount can be entered here.
NOTE: The IRS will no longer electronically process tax returns containing an amount entered in Other Federal Withholdings unless it is marked as being withheld from Form 1099. In other words, if you include an amount on this line and indicate that the withholdings are not from a 1099, the IRS will reject the return and the return will have to be mailed.
Other State Withholdings
Include on this line of the program any additional state withholdings that your client may have paid, and that have not yet been accounted for anywhere else within the program.
Earned Income Credit ... Sch EIC
Additional Child Tax Credit ... 8812
Amount Paid with Extension ... 4868
Excess FICA & Medicare Tax
Employers that withhold more than the correct amount of income, Social Security, or Medicare taxes from wages must reimburse the employee for the excess. Over-withheld income taxes must be reimbursed before the end of the calendar year. Overpayment will most likely occur if the taxpayer worked at more than one job during the year earning a high salary. The program will automatically determine whether excess Social Security and Medicare tax has been withheld and report the excess amount in the Payments and Estimates Menu.
Shareholders LT Gains ... 2439
Undistributed capital gains are reported to mutual fund shareholders when the mutual fund retains some of its long-term capital gains and pays taxes on the undistributed amounts. You must treat your share of these gains as distributions, even though you did not actually receive them. However, they are not included on Form 1099-DIV. The amounts are reported to the taxpayer on Form 2439.
Report undistributed capital gains (box 1a of Form 2439) as long-term capital gains on Schedule D, Form 1040. Enter the part reported to you as Unrecaptured Section 1250 Gain on the Unrecaptured Section 1250 Gain Worksheet. For any gain on qualified small business stock, follow the reporting instructions under Section 1202 Exclusion. Enter the collectibles gain on line 1 of the 28% Rate Gain Worksheet in the Schedule D instructions. You may also claim a credit for the amount of tax paid on Form 1040.
Federal Tax Paid on Fuels Credit ... 4136
Use Form 4136 to claim a credit for certain nontaxable uses (or sales) of fuel during the income tax year. Also use Form 4136 if you are claiming the alternative fuel credit, a blender claiming a credit for a diesel-water fuel emulsion, or a producer claiming a credit for an alcohol fuel mixture, biodiesel or renewable diesel mixture, or an alternative fuel mixture.
Enter the amount, if any, of the overpayment the taxpayer would like applied to next year's estimated tax. The IRS will apply this amount to their account unless a statement is attached requesting them to apply it to the spouse's account. Include the spouse's social security number in the attached statement.
Direct Deposit Information
Generate 2019 Estimates ... 1040-ES
Payment Voucher ... 1040-V
Underpayment of Estimated Tax ... 2210
Farmers Underpayment of Tax ... 2210-F
Use Form 2210-F to figure any underpayment penalty. Do not attach it to your return unless you check box 1a or box 1b. However, if neither box applies to you and you owe a penalty, you do not need to complete Form 2210-F. The IRS can figure your penalty and send you a bill.
Virgin Islands Tax Allocation ... 8689
Use Form 8689 to figure the amount of U.S. tax allocable to the U.S. Virgin Islands (USVI). If you were a U.S. citizen or resident alien (other than a bona fide resident of the USVI) and had income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI, you may owe tax to the USVI. Your USVI tax liability is a percentage of your U.S. tax liability.
IRC 1341 Repayment Amount
Premium Tax Credit (PTC) ... 8962