Late payment penalty - Spidell

Late payment penalty

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Message Board Late payment penalty

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    • #331565
      Debi Platt
      Participant

      Taxpayer paid a PTE payment in December 2021 of $200,000. Correct calculated amount is $190,000 so taxpayer would be due a refund. Taxpayer had a regular tax liability of $30,000 but had only paid in $15,000 so should have a penalty for underpayment. Lacerte is calculating the penalty on the total tax liability with the PTE payment not applied since it was after 12/15/21. Since there is no penalty as long as the PTE is paid timely, shouldn’t there only be an underpayment on the regular tax?

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