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- Penalty and Interest calculation on 2021 Federal and State Extended Returns
Penalty and Interest calculation on 2021 Federal and State Extended Returns
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Summit1
Level 5
04-30-2022
01:06 PM
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I have begun to file final returns for clients that I had to file Extensions for 2021. Is there a way to have ProSeries to calculate the penalty and interest based on the e-file date for the Federal and GA state returns?
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sewcpa
Level 5
04-30-2022
02:06 PM
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For the federal the worksheet is reached by a button on the 1040 Worksheet. This is the top of the available forms on the side bar. The button is below the line showing balance due.
When used the interest/penalty is included in 1040-V
BobKamman
Level 15
04-30-2022
04:34 PM
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I am still trying to figure out how IRS figured the penalty on a 2020 return. Does anyone remember, was the 90% requirement relaxed last year? Here are the numbers:
Tax on return $ 12,192
Withholding $5,297
RRC (was allowed) $1,200
Balance due $ 5,695
Return was filed June 7, 21 days after the May 17 due date.
IRS charged interest on the $5,695.
But they charged FTP penalty only on $3,295. Where does that number come from?
