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spencerwanner
New Member

Has turbo tax been updated for new July 15 due date? Looks like it's still using April 15.

to calculate penalties and interest
4 Replies
DoninGA
Level 15

Has turbo tax been updated for new July 15 due date? Looks like it's still using April 15.

The TurboTax software was updated months ago for the July 15, 2020 due date for 2019 tax returns.

ZAIDA123
Returning Member

Has turbo tax been updated for new July 15 due date? Looks like it's still using April 15.

what about 2020 tax return due date is May 15,  but turbo tax calculate interest on my tax ? 

VolvoGirl
Level 15

Has turbo tax been updated for new July 15 due date? Looks like it's still using April 15.

Turbo Tax does not calculate any interest on a tax due or on a refund.  Are you talking about the Underpayment penalty on 1040 line 38?  That is not interest.

 

If you do not pay enough tax, you may have to pay a penalty for underpayment of estimated tax. Even if you are getting a refund you can still owe a penalty for not paying in evenly during the year. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller. It is included in your tax due or reduces your refund.


You might be able to eliminate it or at least reduce it. You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you. It's form 2210.

 

It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button

 

ZAIDA123
Returning Member

Has turbo tax been updated for new July 15 due date? Looks like it's still using April 15.

Not make a sense for me.  We sold a property in 2020  and we need to pay .  So how we can estimate a taxes  we need to pay ??

 

I don't understand why turbo tax calculate a penalty/interest

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