User's Manual - Drake Software

Drake Software User’s Manual
Estimated Taxes
OP Codes
If applying an overpayment to the 2013 estimated tax, it is necessary to indicate how
that overpayment should be applied on the estimate vouchers. Do this by selecting an
overpayment code on either the ES screen or screen 1 (see Figure 5-43 on page 151).
NOTE
If a code is selected on both the ES screen and screen 1, the program
uses the override code from screen 1.
Overpayment codes are described in Table 5-12. Code descriptions can also be viewed
clicking in an overpayment code field and pressing F1.
Table 5-12: Overpayment Codes in Drake
OP
Code
(blank)
A
R
E
O
Description
Does not apply overpayment to 2013; refund entirely
Applies the overpayment to the vouchers in order until it is completely applied
Applies overpayment to first voucher and refunds the remainder
Makes the estimate equal to the overpayment
Applies the overpayment to the 2013 estimate but does not print any vouchers
4 Applies the overpayment to all four vouchers equally
Underpayment of Estimated Tax
By default, the software calculates the estimated tax penalty and generates Form 2210
if there is an underpayment and the form is required. If Form 2210 is required, mark
the reason for the requirement in the upper-left corner of the 2210 screen.
This default setting can be can be changed for a single return in the 2210 Options section
of screen 1 (Figure 5-45).
Figure 5-45: 2210 Options section of screen 1
Tax Year 2012 153