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ulysses-aragoncp
Level 1
June 22, 2023
Question

How to calculate penalties

  • June 22, 2023
  • 1 reply
  • 9 views
how to calculate late payment penalty
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1 reply

George4Tacks
George4Tacks
Level 15
June 22, 2023

I generally don't, but just let the client know that they should expect a bill from IRS or state.

The method:

  1. Go to Penaties and Interest (2210) 
  2. Look at the tabs across the top for Late Return Pen. & Int.
  3. You  can enter 1's to do automatic calculation, but don't trust it https://proconnect.intuit.com/support/en-us/help-article/federal-taxes/enter-federal-state-interest-rates/L08qzdLRW_US_en_US?uid=lj7a0sla
  4. I dont' see anywhere to put the filing date, which would be necessary to do this correctly

ON SECOND THOUGHT - don't mess with this - the program is not ready for prime time.

Try https://www.irscalculators.com/irs-penalty-calculator if you want the numbers

  1.  

 

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