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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

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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