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2210 - Underpayment Penalty

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    2210 - Underpayment Penalty

    Client sold a residential rental in September 2005. He made estimated payment for the sale of property in October 2005. Lacerte program is applying underpayment penalty for first two quarters of 2005 based on gain from sale of property. Is there a regulation that would make a tax payer pay a penalty even though they did not receive income under 3rd Quarter? Should I just suppress the form or do I need to request a waiver of penalty??
    peggysioux

    #2
    Annualized Income

    Did you do an annualized income worksheet?--Screen 8 in the Lacerte program

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      #3
      How much is the penalty ?

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