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ITA Enhancement to show underpayment penalties
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IntuitGabi
Moderator
03-29-2024
07:53 AM
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We are making updates to the calculated underpayment penalties in the Tax Year 2024 projected tax returns and tax plans in Intuit Tax Advisor.
What changed: We recently enhanced Intuit Tax Advisor calculations to show underpayment penalties allowing optimization of estimated payments for your clients. As part of this, you will see a new penalty row on the Pre-strategy baseline. This row is calculated based on the tax liability of the baseline return offset by the estimated payments you entered on the Pre-strategy baseline.
How will my Tax Year 2024 tax plans change: If you have recently created a plan, you should review the plan to make sure you have entered the estimated payments. Entering the payments will offset the calculation of any penalty.
What actions should be taken: Because penalties are being computed accurately now, the new liability could be higher than earlier. Make sure you enter estimated payments to counter the liability.
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