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S
Summit1
Level 5
April 30, 2022
Question

Penalty and Interest calculation on 2021 Federal and State Extended Returns

  • April 30, 2022
  • 2 replies
  • 9 views

I have begun to file final returns for clients that I had to file Extensions for 2021. Is there a way to have ProSeries to calculate the penalty and interest based on the e-file date for the Federal and GA state returns?

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2 replies

S
sewcpa
Level 6
April 30, 2022

For the federal the worksheet is reached by a button on the 1040 Worksheet. This is the top of the available forms on the side bar. The button is below the line showing balance due.

When used the interest/penalty is included in 1040-V

    BobKamman
    BobKamman
    Level 15
    April 30, 2022

    I am still trying to figure out how IRS figured the penalty on a 2020 return.  Does anyone remember, was the 90% requirement relaxed last year?  Here are the numbers:

    Tax on return $ 12,192

    Withholding  $5,297

    RRC (was allowed)  $1,200

    Balance due $ 5,695

    Return was filed June 7, 21 days after the May 17 due date.

    IRS charged interest on the $5,695.

    But they charged FTP penalty only on $3,295.  Where does that number come from?

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