Does the software calculate late filing payment penalties for Form 1041?
Drake calculates only the penalty on Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts. Complete screen 2210 and Drake produces Form 2210 and the worksheet Wks 2210. The penalty from Form 2210 flows to line 27 of Form 1041.
Generally, IRS will figure any other penalties and interest and notify the taxpayer. In this situation, you should advise the taxpayer to expect an assessment after the return is filed.
If you want to figure and pay the late filing and late payment penalties yourself, see the Instructions for Form 1041 and Schedules A, B,G, J, and K-1.
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