Penalties

tjvols · ‎May 3, 2020

I am trying to file a 1041 and it is calculating penalties, if i override the penalty it will not let me efile. HELP - this is not right with the automatic extension to file by July.

Anonymous_ · ‎May 4, 2020

@tjvols wrote:

HELP - this is not right with the automatic extension to file by July.

Where are you seeing the penalties and of what type are the penatlies?

If you are seeing penalties imposed for underpayment of estimated tax for 2019, that would be correct. There are no late-filing penalties, late-payment penalties or interest due provided the trust files its return on or before July 15th.

See https://www.irs.gov/newsroom/irs-extends-more-tax-deadlines-to-cover-individuals-trusts-estates-corp...

View solution in original post

Anonymous_ · ‎May 4, 2020

@tjvols wrote:

HELP - this is not right with the automatic extension to file by July.

Where are you seeing the penalties and of what type are the penatlies?

If you are seeing penalties imposed for underpayment of estimated tax for 2019, that would be correct. There are no late-filing penalties, late-payment penalties or interest due provided the trust files its return on or before July 15th.

See https://www.irs.gov/newsroom/irs-extends-more-tax-deadlines-to-cover-individuals-trusts-estates-corp...