Question
How to enter interelated tax and interest on Schedule L without reducing the tax due on penalty for late payment
On Lacerte 706 - We have incurred interest on Federal late filing - the interest has been added to Page 1, Part 2, Line 20 and makes reference to a Stmt and worksheet - however we believe we can add this as a deduction on Schedule L-2. If we add the amount as a deduction on L-2, it then increases deduction and reduces the gross estate, hence changing the interest owed. How do we do this without it affecting the gross estate tax and altering the interest due?
