Common questions for Fiduciary Estimated Tax and Extension Payments in Lacerte

1. Open Screen 12, Estimates (1041-ES).
2. For the 1st Quarter, enter the amount paid in 1st Quarter: Amount Paid.
3. Enter the amount applied to the beneficiaries in 1st Quarter: Applied to Beneficiary.
4. (Optional) Enter the date the payment was made, if it is different from the due date on the voucher in 1st Quarter: Date.
5. Repeat steps 2 through 4 for each quarter and for each of the Additional Estimated Tax Payments.

Note: The program will allocate estimates to the beneficiaries proportionate to their share of ordinary income. If there is no ordinary income distributed, then the estimates will not be automatically distributed and must be entered in Percentage Overrides [O]: ES Payments Applied (xxx.xxxx), or Trust Payments of Estimated Taxes (A) (Screen 43, code 23).

1. Open Screen 12, Estimates.
2. In the Section list, select 2024 Estimated Tax.
3. Enter the estimated tax payments in the 2024 Estimated Tax override fields. Enter -1 to set a payment to zero. If you override fewer than four quarters, the program adjusts the remaining quarters to reflect the difference between the calculated estimated tax and the overridden payment amounts.

Note: When a taxpayer is not in an estimated tax situation but wants to apply part of a refund to estimated tax in the next year. Enter the amount to apply to the upcoming year in Apply overpayment to 2024 and the same amount in 2024 Estimated Tax [O]. To override specific estimated tax payments, make entries in 2024 Estimates - Quarterly Payments [O]

1. Open Screen 12, Estimates.
2. In the Section list, select 2024 Estimated Tax.
3. In Estimate Options, press CTRL+T, and select 8=Print Blank Estimates. You cannot apply an overpayment when printing blank estimates.

1. Open Screen 12, Estimates.
2. In the Estimates list, select 2023 Estimated Tax Payments (Screen 12).
3. Enter the amount paid with the extension request in Paid with Extension: Amount Paid.
4. Enter the date the amount was paid in Paid with Extension: Date.