New for tax year 2013, UltraTax CS provides for Electronic Funds Withdrawal (EFW) requests for estimated tax payments when e-filing extensions for 1040 clients. Follow the steps below to make this request within a 1040 client.
- Compute estimated tax payments for your client by choosing a Form 1040-ES – 2014 declaration code on Screen EST located under the Payments folder.
- Preview the return and review the 1040 Estimated Tax Payments worksheet to ensure the amounts computing are the amounts that the taxpayer intends to have withdrawn.
- In Screen ELF, located in the Electronic Filing folder, select code 2 (Extension) from the Electronic funds withdrawal for estimated tax by quarter field view(s) as applicable.
Once an extension e-file has been created, the calculated amounts of the estimates submitted for electronic funds withdrawal will populate into the corresponding fields on Screen ELF. To indicate those amounts as having been paid, mark the Treat code 2 calculated amounts as paid, and transfer to Screen Est, 2014 Estimates paid field(s) field on Screen ELF, as seen below.
The calculated amounts associated with code 2 will transfer to Screen Est as 2014 amounts paid, as seen below.
Note: To display the Form 1040-ES amounts as “Paid” on the filing instructions, mark the option Print ‘Paid’ next to payments indicated as paid on Screen Est located under Setup > 1040 Individual > Federal > Other Return Options > Client Documents.
Review the following resources from our Help & How-To Center for more info on this topic.