How do I apply penalty and interest to a Federal 1040 return

Forum|Forum|4 years ago
October 7, 2021
3 replies
24 views

I have a client that owes Federal tax of which I need to apply penalty and interest before I E-File the return. I am still a novice with the Pro Series Basic and I would appreciate assistance in this matter.

Carol Ann Amante CPA

ProSeries Basic

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

I always just let IRS send a bill.

I know there were issues earlier this summer, that it wouldnt allow a direct debit payment to include the interest and penalty, it would only take the tax due amount...not sure if that ever got addressed.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

IRonMaN

Level 15

I also let the IRS just send a bill later. Who knows, the IRS may forget to send a billing and your client maybe will safe a couple of bucks.

Slava Ukraini!

A

AmanteAuthor

Level 2

Thank-you for your input - I looked at the Underpayment worksheet which I would have to figure out the penalty & interest. So I decided to let the IRS send a letter with the penalty and interest calculated.

Carol Ann

Accountant-Man

Level 13

Go to the line with the tax dur and click on the penalty and interest box.

** I'm still a champion... of the world! Even without The Lounge.

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