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Level 1
March 6, 2020
Question

interest rate input for form 2220

  • March 6, 2020
  • 1 reply
  • 10 views

where do I input IRS interest rates for form 2220 ? 

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1 reply

George4Tacks
Level 15
March 6, 2020

https://proconnect.intuit.com/community/help-articles/help/how-to-enter-federal-and-state-interest-rates/00/5305 is for all products

For Lacerte:

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

  1. Click on Settings.
  2. Click on Options.
  3. Select the Interest Rates tab.
  4. 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).
  5. Scroll down to the State Interest Rates section.
  6. Enter the state rates manually for each period (format is X.XX).
To enter the state interest rates for a specific client file or for a multi-state return:
  1. Go to the Penalties & Interest screen:
    • Screen 8, Penalties & Interest (2210) (Individual)
    • Screen 11, Penalties & Interest (2220) (Corporate)
    • Screen 11, Penalties & Interest (2220) (S Corporate)
    • Screen 13, Penalties & Interest (2210) (Fiduciary)
    • Screen 14, Penalties & Interest (Exempt Organization)
  2. Scroll down to the State Interest Rates section.
  3. Enter the applicable interest rates under the Overrides Entries in Options (10 for 10%) subsection.
      For multi-state returns (except Exempt Organization):
    1. Hold down Ctrl+E for the applicable quarter.
    2. Enter the Amount.
    3. Select the applicable State from the drop down menu.
    4. Click OK once complete.
    5. Repeat steps i-iii for each applicable quarter and each state.
    6.  
Answers are easy. Questions are hard!
sjrcpa
Level 15
March 6, 2020

If you are on a network you have to do this in Master Options.

The more I know the more I don’t know.