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It does not appear that Lacerte takes into account that estimated tax payments were not due until November 16, 2023. Form 5805 shows a penalty of $2,439 and my hand calculation indicates a penalty of $40. Is there an entry in Lacerte that indicates "tax relief" or do they just go by the zip code. Anyone else having this problem?
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Enter the payments as if paid on the 'proper' dates.
Lacerte will NOT be reprogramming for this; they didn't do anything at all last year when this came down regarding different filing dates etc.
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Great idea. Exactly what I did - no penalty. Taxpayer would have paid on estimated taxes on time except for my advice to defer the payment for 6 months. $250K invested in short-term treasuries yielding 5.25% (state tax-free) resulted in about $6,500 in interest income. Better use of her cash. Thanks for the advice.
