1041: Estimates and Penalties

Use the Estimates and Penalties folder to select your compute and print options for estimates and underpayment/late filing penalties on a return-by-return basis. These options may also be set up in Tax Defaults.

Choose the option for the computation of estimated tax on the Compute Option tab. An override for the estimated tax amount can also be entered here. Use the tabs to select additional options for estimates and penalties.

On the Underpayment Penalty screen, you may select various options for the computation of Form 2210. The system default is to compute and print Form 2210 if it is applicable in the return.

If the return is being filed late, it may need interest and penalties computed. On the Interest and Penalty screen, select the interest and/or penalties to be computed.

After you select the interest/penalties to be computed, you MUST enter the Date return will be received by the IRS on the Interest and Penalty screen.

Tutorials/1041_estimates_penalties.htm/TY2019

Last Modified: 08/13/2020

Last System Build: 06/18/2021