Dan Posted January 25, 2023 Report Share Posted January 25, 2023 Qluestion: How do you get the right penalty computation in Drake Software when you send in the first quarter estimated tax payment on March 25, 2022, and the second quarter estimated tax payment on April 1, 2022? This has to do with line 11 on part III. Quote Link to comment Share on other sites More sharing options...
Catherine Posted January 25, 2023 Report Share Posted January 25, 2023 Do you have the quarterly interest rates entered in the options? If so, find the "calculate penalties" check box. It likes to hide, though. Quote Link to comment Share on other sites More sharing options...
Dan Posted January 25, 2023 Author Report Share Posted January 25, 2023 Problem: I probably did not ask my question as I should have. The first quarter estimated tax payment was made on March 25, and the second quarter payment was made on April 1 so both payments would be thus for the first quarter. The next payment was made on June 8 and the fourth quarter payment was made on July 4. If the payments would have been made closer to their due dates, all quarters would have $3607. Catherine-where do you find the options you are talking about or the calculate penalties check box? Quote Link to comment Share on other sites More sharing options...
Catherine Posted January 28, 2023 Report Share Posted January 28, 2023 First, put in all those ES payments with the correct pmt dates, regardless of the quarter, as 1-2-3-4. Then in the fill-in quick-navigate box type "LATE" and check the 2nd box - "Calculate penalties and interest on this return." The interest will only calculate if you have - outside of the return - gone to Setup --->Options ---> Optional Items on Return screen and checked the box at the bottom "Automatically calculate penalties and interest on returns filed after the due date." It seems that as of 2022, you no longer have to manually enter the interest rates the IRS uses in this section. That's a bonus for us! Hope that helps. 1 Quote Link to comment Share on other sites More sharing options...
Dan Posted February 2, 2023 Author Report Share Posted February 2, 2023 Where is the fill-in-quick-navigate box? How do you find it? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 2, 2023 Report Share Posted February 2, 2023 1 hour ago, Dan said: Where is the fill-in-quick-navigate box? How do you find it? From client manager, open the return. On the main screen that appears you will see a blank box in the lower left corner that says "enter screen, state, or search phrase". That is what Catherine is referring to as the quick-fill-navigate box where she wants you to type in "LATE". That "LATE" input screen can also be found and accessed on the "Taxes" tab and is the 5th item down from top left. 1 Quote Link to comment Share on other sites More sharing options...
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