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Common questions about Form 2210 in Lacerte

by Lacerte Tax 2022 Updated 3 months ago

Below, you'll find answers to frequently asked questions about Form 2210, Underpayment of Estimated Tax by Individuals, Estates and Trusts, in Lacerte.

Table of contents:

Why does Form 2210 print when it's not required?

When an underpayment penalty applies, but Form 2210 isn't required, Lacerte will generate the 2210 Worksheets to figure the penalty amount so that you can include it in the balance due on the return. See here for more info.

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How do I enter quarterly interest rates?

To enter/edit the federal and state interest rates in the global options:

  1. From the Settings menu select Options.
  2. Select the Interest Rates tab.
  3. Click on the Get Interest Rates button to download the interest rates or manually enter the IRS interest rates for each period (format is X.XX).
  4. Scroll down to the State Interest Rates section.
  5. Enter the state rates manually for each period (format is X.XX).

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Where do I enter other payments and refundable credits?

Lacerte will automatically carry the payments and refundable credits from the tax return to Form 2210. Only the payments and credits specified in the IRS Instructions for Form 2210 will flow to this line.

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How do I generate Form 2210F?

  1. Go to Screen 8, Penalties & Interest.
  2. Locate the Underpayment Penalty (2210) section.
  3. Enter the ​​​2022​​​ adjusted gross income.
  4. Enter the ​2022​ tax liability (-1=none).
  5. Enter a 1 in 1=Form 2210-F.

If the 2210-F isn’t generating based on your tax liability, choose option 3 to force in the Form 2210 options field.

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Lacerte Tax

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