NYC 221 TP Underpayment Penalty

Forum|Forum|2 years ago
February 13, 2024
1 reply
11 views

Hi,

I am trying to file a Form NYC 202 return but it keeps generating a penalty for underpayment of estimated tax. I should be exempt from any underpayment penalty because of exception 1. Last year (2022) there was zero tax. However, when I input 0 in the software, nothing shows up on NYC 221 and the underpayment penalty still generates. I tried a few other inputs in the software but still to no avail.

Is there any way to override the software? Or is there an input that I am missing?

Thank You.

ProConnect Tax

This topic has been closed for replies.

Best answer by sjrcpa

-1 is the input for zero in Lacerte and ProConnect.

Did they actually file a 2022 return and have -0- tax?

Or do you want to use zero because they did not file a NY return at all?

sjrcpaAnswer

Level 15

-1 is the input for zero in Lacerte and ProConnect.

Did they actually file a 2022 return and have -0- tax?

Or do you want to use zero because they did not file a NY return at all?

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

T

TaxGuy2050Author

Level 2

Thank you that worked.

Did they actually file a 2022 return and have -0- tax? Yes, I have been filing with zeroes because I knew there would be income eventually and I wanted to harvest prior year NOLs.

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