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Level 2
June 11, 2021
Solved

late payment interest on an amended return

  • June 11, 2021
  • 2 replies
  • 20 views

Good morning, I cannot get Lacerte to calculate interest owed on a 2018 amended return with a balance due. I have entered the filing date and the interest rates in Options. Thank you in advance.

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Best answer by George4Tacks

The program will not do this. You would have to manually calculate. You don't know when IRS will get the return, so you really can't do it with assured accuracy. I always let IRS do the work and bill the client. I let the client know. 

2 replies

George4Tacks
Level 15
June 11, 2021

The program will not do this. You would have to manually calculate. You don't know when IRS will get the return, so you really can't do it with assured accuracy. I always let IRS do the work and bill the client. I let the client know. 

Answers are easy. Questions are hard!
Manual6Author
Level 2
June 13, 2021

thank you.

BobKamman
Level 15
June 12, 2021

https://goodcalculators.com/irs-interest-calculator/

 

If you come within $5 they won't bill you for the difference.