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joan65
Level 2
05-08-2024
11:25 AM
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I have a client and her husband, whose entire income is derived from interest, dividends, and capital gains (not taxed), plus a retirement income which is taxed, and social security income. Because of huge investment income, their tax liability shot up to over $10,000 for 2023. Proseries computed an underpayment penalty of $188.00, which was included in her taxes due. I received a notice from her that a check was issued to her for the $188.00. Apparently, IRS determined she was not being penalized for the tax liability. Does IRS charge underpayment penalties on income solely derived from investment income? Also, how can I stop Proseries from computing penalties and interest?
I would rather IRS compute it sinc
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BobKamman
Level 15
05-08-2024
11:58 AM
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https://accountants.intuit.com/community/tax-talk/discussion/es-penalty-in-disaster-areas/00/301250
What part of Illinois are you in?
Norman2001
Level 7
05-08-2024
05:22 PM
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To let the IRS calculate the penalty, go to Form 2210 and click the Line C box at the top of the form.
