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Panalty and interest
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sota
Level 1
07-20-2020
03:23 PM
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I would like to know how to enter caluculating interst and penalty
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George4Tacks
Level 15
07-20-2020
05:25 PM
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1. Be sure the Interest rates are up to date in Settings > Options > Interest rates
2. Be sure you know when the client will be paying the tax, just hoping they pay when you give them the return is not good. I generally don't like using the feature because I can't trust my clients to pay when I expect them to.
3. Know what type of return you want to do the computation for, as the screens are different for each each type of return. For the 1040 > Screen 8 > First item enter date discussed in #2, then > Late Return Penalty & Interest > use 1 for automatic. It will compute to the date you entered at the top of this screen.
Answers are easy. Questions are hard!
