When will Intuit update proconnect tax online to change underpayment penalty calculation due to change to 80 percent instead of 90 percent?

Forum|Forum|6 years ago
December 7, 2019
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ProConnect Tax Online

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Best answer by IntuitKatieB

Considering this announcement was made earlier today by the IRS, if implemented in the program this change would not be immediate. However, the IRS does have instructions for those who have already filed:

"Taxpayers who have already filed for tax year 2018 but qualify for this expanded relief may claim a refund by filing Form 843, Claim for Refund and Request for Abatement and include the statement “80% Waiver of estimated tax penalty” on Line 7."

While the program remains coded for the prior underpayment percentage, you should have the ability to override the penalty amount to the 80% should you wish to do so.

IntuitKatieB

Answer

Moderator

Considering this announcement was made earlier today by the IRS, if implemented in the program this change would not be immediate. However, the IRS does have instructions for those who have already filed:

"Taxpayers who have already filed for tax year 2018 but qualify for this expanded relief may claim a refund by filing Form 843, Claim for Refund and Request for Abatement and include the statement “80% Waiver of estimated tax penalty” on Line 7."

While the program remains coded for the prior underpayment percentage, you should have the ability to override the penalty amount to the 80% should you wish to do so.

R

rosemarieAuthor

Level 3

The reason I ask is because the software is still calculating at 90% instead of 85% which was announced in January 2019. How can I override the percentage so that it calculates on the printed form 2210 correctly? I can override the amount, but need to know how to change the 90% to 80%, if possible.