1040- Filing with full payment including interest

Forum|Forum|6 years ago
July 29, 2020
9 replies
48 views

I am having difficulty deciphering how to input an 1040 return whom had an amount due but paid nothing in with their extension and now wants to pay the full balance due including interest when we efile. I can only show the amount due on 7/15 and a 1040 V being sent in for the remaining interest. Any idea to have that full balance paid? Thank you.

ProSeries Professional

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Just-Lisa-Now-

Intuit Community Champion

Several people have mentioned this in the past few weeks, so it must be an issue.

I guess you could make an electronic payment on IRS DirectPay, it will let you pay any amount youd like.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

S

sawas25Author

Level 4

Oh wow, very unfortunate to hear that and they were not able to make a update to fix that especially since others have had same issue. Thanks for the response.

T

TaxGuyBill

Personally, I tell clients to just wait until the IRS sends them a bill for the interest. That way you don't need to calculate interest (which is compounded Daily, so it depends on the exact date that the money is received by the IRS).

Accountant-Man

Level 13

Go to the 1040 final line where tax due is shown. Click the button to the penalties and interest worksheet. Complete it.

** I am "Elevating with Intention!"

T

TNCPA

Level 2

The issue isn't the penalty and interest calculation . .it's the fact that the automatic withdrawal of balance due will ONLY allow the TAX due, not the tax, plus the penalties and interest . . . . . in prior years (I've used Pro-Series for 17 years), it has always allowed both tax and penalty/interest to be paid. It has an "error" if you enter more than the TAX amount in the e-pay line

Just-Lisa-Now-

Intuit Community Champion

Right. Im guessing something got screwed up when the reprogrammed for the July 15th due date....its been sent to development to make sure its fixed in the 2020 tax program.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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