1040-US: Including estimated tax penalties in the balance due on extensions

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Question

Can I include estimated tax penalties in the balance due on extension?

Answer

Yes. Choose Setup > 1040 Individual, click the Federal tab, click the Extensions button, and mark the Include the projected estimated tax penalty in the balance due on extension checkbox.

To activate this custom paragraph on a client-by-client basis, open the client and access Screen Letter, located under the General folder. Select the custom paragraph Extension Penalty (FI) (paragraph number 53) from the Custom paragraphs field.

Related topic: Extension FAQs (1040)

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