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penalty calculations

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Level 1

Does Lacerte have a worksheet that shows the late filing penalty calculation

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5 Replies 5
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Level 15

Yes


ex-AllStar
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Level 1

where do i find the calculation worksheets

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Level 15

On Screen 8, make sure you enter a Filing date.  Then scroll down to the Late Return Penalty & Interest section and enter a 1 for Late filing of return (1=automatic) and/or Late payment of tax (1=automatic) as applicable.  These penalties will then be computed automatically.  If you want interest added, you will need to plug that in on the line for Interest (1=automatic).

The summation of these will show on the bottom of the return, with a reference to the breakdown on a statement.  And the detailed computations will be included as part of the Worksheets.

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Still an AllStar
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Level 15

If you preview the return, you can also click on the links for Worksheet and Statement to view the same details as would be printed.

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Still an AllStar
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Level 15

I figured that would be a follow up question. 😀


ex-AllStar