Federal Interest Rates to calculate automatically

[Melanie A]

Please add a way to automatically calculate the Federal interest rate for extended returns. Either program it in the program since it is the same for everyone, or at least provide a box to enter the interest rate so the program will calculate. I spent so much time calculating this with an online calculator tool and manually entering it in for all the extended clients that owed money. There is a box for state interest rates, I don't understand why there isn't a box for Federal interest rates.

From the help page:

"ProConnect Tax currently has no way to automatically calculate the federal interest due, as there is no place to enter the federal interest rates. At this time, the only solution is to manually calculate the interest due and enter it in the Interest field on the Penalties and Interest input screen."

[Terry53029]

You could switch to ProSeries. 😁

[JamesL1]

And for the state rates, why do we have to look it up and enter it? Can't they pull the information automatically? Never had a tax software that had such a manual process. 

[TonyDarkHorse]

Great suggestion!

[IntuitGabi]

Thanks for the idea. We are changing the status to "Open for voting" since it is no longer considered "New". If you have any questions on the life cycle of an idea, check out our Idea Getting Started Guide for more information.

[RICHARDSTRADA]

i have been using Thomson Reuters for over 40 year  and they always had the federal interest rates calculate penalties on the returns.

[Aswcpa]

It blows my mind that this calculation is still not available in the software. There is no excuse for it. 

[folsomtax]

This is such an embarrassment that Proconnect doesn’t already do this. 

Intuit, you make tax software that doesn’t actually calculate the correct amount due. Let that sink in. Then to make it worse, the UX doesn’t indicate this at all on the input screen. 

Get it together!

[IntuitGabi]

The enhancement idea to automatically calculate the Federal interest rate for extended returns is currently Under review and the team is researching next steps. Thanks for the votes and additional comments.

Continue to vote and comment on enhancements by going to the Idea Exchange Home page and select "Status": Open for voting, "Sort by": Most Popular. >> ProConnect Idea Exchange


If you have any questions on the life cycle of an idea, check out our Idea Exchange Getting Started Guide for more information.

[IntuitGabi]

This has been implemented. View the article How to enter federal and state interest rates here.