If turbo tax is rounding down cents to the nearest dollar is that not accurate and should turbo tax have calculated our amount as $1025.28 and now we are paying $65.19 in penalties as a result? Thanks!
This has nothing to do with rounding. A balance due of $1025.28 is more than the safe-harbor amount $500. Presumably you did not meet one of the other safe harbors, so an underpayment penalty of something like $65.19 is to be expected.
Normally TurboTax calculates and includes in your balance due the expected underpayment penalty, but you have the option to tell TurboTax to omit the penalty and let Maryland calculate and bill for the penalty.
This has nothing to do with rounding. A balance due of $1025.28 is more than the safe-harbor amount $500. Presumably you did not meet one of the other safe harbors, so an underpayment penalty of something like $65.19 is to be expected.
Normally TurboTax calculates and includes in your balance due the expected underpayment penalty, but you have the option to tell TurboTax to omit the penalty and let Maryland calculate and bill for the penalty.
But there is an issue with rounding DOWN on tax withheld and rounding UP on quarterly payments causing them NEVER to equal and keeps you in a loop!! I had to reduce by 1.00 to make it go so I’m owed 1.00 by turbo tax!