taxesbydot
Level 4
07-02-2020
02:07 PM
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Is there a way to have MN calculate the underpayment penalty? Client made only 4th qtr estimate and does owe the penalty but I cannot e-file the MN return with a penalty using ProSeries.
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IRonMaN
Level 15
07-02-2020
03:30 PM
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Yeah, I hate when that happens. I usually just adjust the prior year tax on the form to get rid of the penalty. If the state really wants their money, they will send a little love letter. Just let your client know your game plan so he or she isn't too shocked in the event they receive a notice down the road.
Slava Ukraini!
TaxGuyBill
Level 15
07-02-2020
08:27 PM
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I do the same thing. 😁
taxesbydot
Level 4
07-03-2020
08:08 AM
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Excellent suggestion. Thank you.
IRonMaN
Level 15
07-03-2020
08:58 AM
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You betcha!
Slava Ukraini!