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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Virgina PTET credit - Form 760C
Virgina PTET credit - Form 760C
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jbon1771
Level 1
03-26-2024
10:25 AM
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Lacerte is not taking the PTET credit into account when calculating the underpayment penalty for Virginia. My client is overpaid for 2023 due to the credit, but Lacerte is still calculating a penalty on Form 760C because it's not deducting the credit from the Virginia tax liability, nor is it treating the credit as a payment. Is there a workaround?
3 Comments 3
sjrcpa
Level 15
03-26-2024
10:58 AM
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Override the penalty to zero (-1)
The more I know, the more I don't know.
sjrcpa
Level 15
03-26-2024
11:07 AM
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Or that.
The more I know, the more I don't know.
