Farmer made one time estimate

Forum|Forum|3 years ago
April 28, 2023
2 replies
23 views

I have a farm client who made a proper one time federal estimate for tax year 2022 prior to 1-15-23. The program is computing under payment penalty when the return was completed and the balance due paid prior to 4-18-23. This is incorrect. I have tried a variety of entry options. I cannot create a return that does not show under payment penalty. Any suggestions? Is this a program flaw or an entry problem?

ProSeries Professional

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Skylane

Intuit Community Champion

Well…. Paying all the 2022 estimates on or about 1/15/23 doesn’t cure the underpayment of estimated tax penalty. The payments were due 4/15, 6/15, 9/15/22 and 1/15/23.
The software will calculate the penalty based on the dates the payments and amounts that were made.

If at first you don’t succeed…..find a workaround