How to enter interelated tax and interest on Schedule L without reducing the tax due on penalty for late payment

[Deka]

On Lacerte 706 - We have incurred interest on Federal late filing - the interest has been added to Page 1, Part 2, Line 20 and makes reference to a Stmt and worksheet - however we believe we can add this as a deduction on Schedule L-2. If we add the amount as a deduction on L-2, it then increases deduction and reduces the gross estate, hence changing the interest owed. How do we do this without it affecting the gross estate tax and altering the interest due?

[George4Tacks]

I think you have conundrum of figure what the deduction is if I take the deduction. I think the answer to your question, as posed is - You can't. 

Enter the interest deduction and see what the new interest deduction is.

Use that new interest amount and see what the new interest deduction is..

Use that new interest amount and see what the new interest deduction is.

Use that new interest amount and see what the new interest deduction is.

Use that new interest amount and see what the new interest deduction is.

Repeat until it doesn't change (or something close to that).

[abctax55]

@George4Tacks 

Check your email, I think you've been hacked.

Anna

[George4Tacks]

It appears that my comcast.net e-mail was spoofed. "I" sent an e-mail "Quick question. ..do you shop on ama zon?." From my alternative me. I appear to have lost the ability to spell Amazon and seem unsure as to how to properly end a sentence?.!

What a nightmare. I changed my password on Xfinity and went to look at the e-mails I sent. As I look at them, they disappear. I can only assume someone above my pay grade has noticed IT AIN'T ME DOIN' THIS! and they are taking care of it. 

For those that received an e-mail from me - Sorry. For those that clicked REPLY (to a different e-mail that is NOT mine) and got a plea to send a gift card to my poor niece, more regrets. I would assume anyone that actually would send money to my idiot niece should be in this business.

It is dangerous out there - protect yourself - even from those that you "think" you know.,

Anna - Thanks for posting this. 

P.S. The e-mail that was hacked is one I do not use for tax business. I am more bothered by how they seem to have e-mail addresses that should not be part of my personal e-mail account. 

[abctax55]

George, sent you a private message.  I forgot to say I think I've blocked you from emailing me tho from that address.  Paranoia and all that jazz 😉

Anna

[IRonMaN]

They are still using Amazon in their e-mails?  I had a client a couple of years ago ask me to “help her” make some gift purchases from Amazon.  These are the kind of scumbags that should be the recipients of a gift certificate to spend an all expense paid week long vacation in Alligator Alcatraz.

[George4Tacks]

Just an FYI - one of the people in the circle that received that 2nd request for a gift card for my niece, sent $400. He called me today. I told him to contact Amazon. He later called me and told me that they gave him back the $400. Kudos to Amazon, even though I apparently couldn't spell it properly in the first e-mail I sent out.  

I changed my password from gawdawfull set of letters, numbers and characters to another set of gawdawfull gobbledygook. I am so glad technology has made our lives easier. I am sharpening my stone chisel, even as we speak. My mailing costs for the tablets will go up, but I will feel safer. 

[George4Tacks]

P.S. @Deka sorry for the sidetracking, did you get a solution?

[IRonMaN]

Sounds like you have a gullible, but generous client.

[abctax55]

Oh, yes... @Deka 

I do apologize, but it was the quickest way I could find to get ahold of George.