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18099: Estimated Tax Underpayment Penalty - Software Update and Report (Drake22)


1040 Individual

Drake22: Why did the 2210 penalty calculation change? Can I run a report showing the list of affected taxpayers?

 

We released 1040 update 28 on March 29, 2023 that corrected a calculation error in the Form 2210 penalty calculation.

  • If you submitted a 2022 Form 1040 return prior to March 29, 2023 that contained Form 2210, no further action is necessary. The IRS will send refunds to taxpayers to correct the error.
  • If the return has not yet been e-filed, please recalculate the return and review it for accuracy. If penalty amounts differ, have the taxpayer(s) sign a new Form 8879 prior to e-filing. 

To generate a report, complete all of the following steps:

  1. Go to Reports > Report Manager > Client Reports > Client Contact > Contact list (individual).
  2. Click Edit Report.
  3. Change the Report Title, for example, "1040 with 2210 Penalty."
  4. Locate and add the column Penalty to the selected report columns list. 
    • Add other columns, if needed. 
  5. Click Next.
  6. Click Edit Filters.
  7. Click Add Condition.
  8. Click Copy on the filter changes pop-up window.
  9. Enter a Filter Name (for example, 2210).
  10. Click OK.
  11. On the Filter Condition Editor window:
    • Choose Keyword name: Penalty.
    • Choose Comparisonis at least.
    • Enter Value: 1
    • Click Ok.
  12. Click Add Condition:
    • Choose Keyword name: Fed Ack Date.
    • Choose Comparison: is on or before.
    • Enter Value: 03282023.
    • Click Ok.
  13. Click Add Condition:
    • Choose Keyword name: E-Filed.
    • Choose Comparison is True.
    • Click Ok.
  14. Make sure Match all conditions is selected below the Additional Search Conditions for the Selected Filter section.  
  15. Then click Save.
  16. Click Save again.
  17. Click View Report and Continue through the search conditions. 
  18. The report can be printed or exported to Excel so you can review further. Remember that the IRS will issue refunds to affected taxpayers, but this report will show you the list of the taxpayers who may receive a refund.  

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