Drake Tax – 1120: Applying an Overpayment to Next Year
Article #: 10078
Last Updated: October 21, 2024
Use screen ES screen to indicate that an overpayment should be applied to the next year by using the OP Code drop list. You can enter or override the installment and overpayment amounts as needed for each quarter. In View/Print mode, ensure that Wks Estimated Tax is showing the necessary amounts. You may need to make entries on screen ESTX to change the Taxable income expected for the tax year or adjust other amounts that are expected to change.
Note Overpayments cannot be applied unless estimates are being calculated (shown on Wks Estimated Tax). If you choose to apply an overpayment to the next year, make sure that Do not calculate estimated tax worksheet based on 2023 taxable incomeis not marked on screen PRNT. If this box is marked, the overpayment information will not flow to the return.