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How to calculate penalties
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ulysses-aragonc
Level 1
06-21-2023
07:49 PM
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how to calculate late payment penalty
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1 Comment 1
George4Tacks
Level 15
06-22-2023
10:11 AM
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I generally don't, but just let the client know that they should expect a bill from IRS or state.
The method:
- Go to Penaties and Interest (2210)
- Look at the tabs across the top for Late Return Pen. & Int.
- You can enter 1's to do automatic calculation, but don't trust it https://proconnect.intuit.com/support/en-us/help-article/federal-taxes/enter-federal-state-interest-...
- I dont' see anywhere to put the filing date, which would be necessary to do this correctly
ON SECOND THOUGHT - don't mess with this - the program is not ready for prime time.
Try https://www.irscalculators.com/irs-penalty-calculator if you want the numbers
Answers are easy. Questions are hard!
