Calculate tax liability and balance due for extension payments
Follow these steps to have the application calculate the tax liability and balance due for extension payments.
tip
Alternatively, if you want to force the payment amount, go to the
Ext
screen, in the Payments folder, and complete Estimate of total tax liability (Force)
and Balance due on extension (Force)
.- Enter the extension code:
- Enter any available tax information.
- Go to theExtscreen, in the Payments folder.
- Enter the code inCalculate extension.
- View the calculated amount
- Go to theEstscreen and review the amounts inPaid with 4868 extorPaid with 2350 ext.
- If the amounts are not correct,PrintorPrint Previewthe extension.
- Include estimated tax penalties in the balance due on extension
- SelectSetup, then1040 Individual.
- On theFederaltab, selectExtensions.
- Mark theInclude the projected estimated tax penalty in the balance due on extensioncheckbox.
