Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

MN Underpayment penalty

taxesbydot
Level 3

Is there a way to have MN calculate the underpayment penalty? Client made only 4th qtr estimate and does owe the penalty but I cannot e-file the MN return with a penalty using ProSeries.

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Solution

Accepted Solutions
IRonMaN
Level 15

Yeah, I hate when that happens.  I usually just adjust the prior year tax on the form to get rid of the penalty.  If the state really wants their money, they will send a little love letter.  Just let your client know your game plan so he or she isn't too shocked in the event they receive a notice down the road.


Slava Ukraini!

View solution in original post

4 Comments 4
IRonMaN
Level 15

Yeah, I hate when that happens.  I usually just adjust the prior year tax on the form to get rid of the penalty.  If the state really wants their money, they will send a little love letter.  Just let your client know your game plan so he or she isn't too shocked in the event they receive a notice down the road.


Slava Ukraini!
TaxGuyBill
Level 15

I do the same thing.   😁

taxesbydot
Level 3

Excellent suggestion. Thank you.

IRonMaN
Level 15

You betcha!


Slava Ukraini!