Question

Wisconsin Underpayment Interest Not Calculated by TurboTax

Forum|Forum|3 years ago
February 19, 2023
1 reply
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After filing, I received a letter from the Wisconsin Department of Revenue because Turbotax did not apply underpayment interest to my amount due. This is not really a question, but there doesn't seem to be any other way to report an issue with the product.

M

MonikaK1

If you receive a notice from your state that you owe underpayment interest, it is typically because there was a step in the TurboTax interview in which you were asked if you preferred to have the agency calculate the underpayment interest for you, and that option was selected.

When preparing your returns in TurboTax, be sure to complete the underpayment penalty interviews and, if you prefer to know upfront if there is a penalty and pay it with your return, be alert for a question about having the IRS or state calculate the penalty for you.

If you disagree with the agency's calculation of the underpayment penalty, contact them for an explanation.

See here for FAQ's and information from the Wisconsin Department of Revenue on this topic.

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