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Client files 2020 tax return 2/25/21. Overpayment of $2,550 applied to 2021.
Client sends estimated payments of $3,850 on 6/15, $3,200 on 9/15 and $3,200 on 1/15
Required 2021 installments shown on Form 2210 Part III line 10 are:
4/15 $3,149 6/15 $3,149 9/15 $3,149 1/15 $3,148
ProSeries shows 0 on line 11 column a. Should be $2,550
PS shows 0 on line 15 column a. Should be $2,550
PS shows $3,149 on line 17 (underpayment amount). Should be $599.
Line 17 columns b, c and d should all have zeros now as his $2,550 2020 overpayment plus the $3,850 payment on 6/15 exceeds the total required payment for 4/15 and 6/15.
Line 18 (overpayment) columns b and c should show overpayments of $102 and $153 respectively but are blank.
HOWEVER, the Underpayment Penalty Worksheet does correctly calculate the $599 underpayment penalty correctly for the period of 4/15 through 6/15 of $3.
Basically, everything showing in Part III is completely wrong.
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at least it's closer than it was last week, when you couldn't even file.
If I had a return I really had to file right now, I would just try overriding the inputs to what they should be and see how that works.
Otherwise wait a bit and see when/if it gets fixed.
Skylane
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Better off waiting until Intuit gets it fixed. If they really want to file now, just tell them the IRS will make an adjustment because the form ................................................................ $%#!*
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It might be fixed once Intuit opens up for tax season next week. I wonder if they will start in March again next year or wait until April?🤔
Slava Ukraini!
