MN Underpayment penalty

[taxesbydot]

Is there a way to have MN calculate the underpayment penalty? Client made only 4th qtr estimate and does owe the penalty but I cannot e-file the MN return with a penalty using ProSeries.

[IRonMaN · Accepted solution]

Yeah, I hate when that happens.  I usually just adjust the prior year tax on the form to get rid of the penalty.  If the state really wants their money, they will send a little love letter.  Just let your client know your game plan so he or she isn't too shocked in the event they receive a notice down the road.

[TaxGuyBill]

I do the same thing.   😁

[taxesbydot]

Excellent suggestion. Thank you.

[IRonMaN]

You betcha!