Penalties and Interest are not being calculated on Form 1040X. How can these be calculated automatically?
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Calculating Penalties and Interest on Form 1040X
There is no line on the 1040X for the entry of Penalties and/or Interest since the IRS calculates this for the taxpayer. This is based on the form's instructions and addressed in the IRS' Topic 653 regarding Notices and Bills of Penalties and Interest Charges.
- Lacerte Tax
- Federal, Individual, United States
- Prior Tax Year, 2018, 2017, 2016