what do i do about a credit on my 2023 Form 100S that has been pending for a LONG time?

[David1729]

I have a small business for which I filed my California S corporation return, Form 100S, for the 2023 calendar year on time on 3/15/2024. The return was filed using TurboTax Business 2023, using the Desktop for Windows version.

I owed an underpayment of estimated tax which TurboTax estimated--and, in particular, overestimated--on Form 5806. My payment of tax and the penalty for underpayment of estimated tax was withdrawn from my corporation bank account on 3/15/2024.

Because the estimate of the penalty by TurboTax was too high, after my payment I was left with a small credit for my 2023 taxes of about $25. This credit has been sitting on my FTB account for nearly a year now--well beyond the timeframe estimated for a refund to be processed. The funds have not been refunded to me or applied as a credit to my 2024 taxes--there has just been this small credit visible when I log in to the FTB website that remains unresolved almost a year later.

Now that we are into the tax filing season for 2024 returns, what should I do about this credit sitting there from 2023? The amount is small, but I'd like to get this cleaned up so I know everything is squared away with my 2023 return before I file my 2024 return.

Any thoughts as to how to fix this?

[RobertB4444]

You can contact the FTB and ask that they refund the credit or apply it to your 2024 return.  

In theory the FTB would apply that credit to any balance you would owe this year prior to sending you a letter requesting payment.  So you could simply enter the credit onto your 2024 tax return as a payment made and the amount would balance out.

@David1729