Question
20 to 21 applied carryover payments NOT CORRECT
The applied estimated payments from 2020 to 2021 are not correct. I noticed that a client paid an extension payment 05/12/2021. He had a refund that was to carry over to 2021 but only part of the refund carried over. I got worried and had him pull his IRS transcripts for 2021 to confirm what the IRS shows. Lacerte carryovers are NOT correct. 😞
Any extension payments paid after 04/15/2021 (due to Covid was due in May) do not carryover correctly and affects the applied carryover payments. This clients was $20,000 off!
I did an update in Lacerte today (01/12/2021) and I do know about the penality and interest not corrying over correctly. This is also not correct.
HELP
