Entering Payments Made After Extension Date

[jlcooper]

 I have client who made a payment with his extension.  He then proceeded to make an additional payment after the extension date (but prior to the October filing deadline, when his return was submitted).  I don't see an option in Lacerte for recording an additional post-extension payment (which I am reluctant to classify as estimated payment because it occurred after April 15th).  Any idea where that type of payment might be entered to achieve the correct result?  

[IRonMaN]

Before you try to figure out how to get things to work with Lacerte, you need to find out how the client made the payment.  Did he just send a check with no paperwork to the IRS to leave some poor unsuspecting clerk at the IRS to decide what they should do with it?   Did they mail it with an extension form?  Estimate voucher?  Grocery store coupons?

[jlcooper]

The IRS received the payment, which was submitted using the IRS Direct Pay system -- it was classified as a payment related to a balance due for tax year 2022.  The challenging part has been trying to figure if there is a Lacerte field in which this payment could be properly entered.

[IRonMaN]

If you can in Lacerte, I would just change the extension payment amount to equal the two payments made.

[jlcooper]

Correction - tax year 2023.....

[jlcooper]

I had contemplated that approach, but I didn't want to 'misrepresent' the fact that the second payment was not contemporaneous with the first payment (which had been timely submitted).  Yours is a simple solution and I had considered it, but then I got to wondering why I couldn't find a field for this type of additional payment.   I do like the suggestion.  The IRS surely is keeping track of the timing of payments remitted and will calculate penalties accordingly.

[IRonMaN]

The IRS has all of the information, you just need to get something into the software to get it to fly.

[DatabaseRobertLTUG]

On page6/estimates there are spaces for Q1-4 payments, extensions, and "other".  Amount, and date paid.  Go crazy.

Robert Kirk
LTUGtools