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Underpayment penalties

DMPI
Level 1

My california taxpayer was allowed to pay the first 3 quarter of 2023 estimated taxes by October 15th 2023.  i am now preparing the 2023 return and the fed and state are calculating underpayment penalties.  How do i proactively reduce the penalty?  or do i need to leave the penalty and trust the feds and CA to recalculate and return the penalty

 

0 Cheers
3 Comments 3

You could wait, or you could request a waiver on input Form 8.

Per DISASTER POSTPONEMENT (CA-2023-02) 2023 estimated taxes for quarters 1-3 were not due until November 16, 2023

And, input the Amount Waived.

jharvey
Level 4

You could enter the estimated payment amount with the date the amount is normally due, rather than the extended disaster due date (as if it was paid on the original due date).

Just finished a phone call with Lacerte regarding the same issue, I was informed by rep. that we will need to paper file all returns. Not Happening!!!!!

0 Cheers