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Incorrect Underpayment Penalty
I have the same problem as shuttle1421, where TT is incorrectly reporting that I owe an underpayment penalty. For 2023, I paid 100% of the tax owed on my 2022 return. This is the lesser amount when compared to 90% of my 2023 tax liability. Therefore, I should owe no penalty. However, TT says I do owe a penalty. I went through "Other Tax Situations" and verified my 2022 tax liability. I also double checked all my inputs as to how much tax I paid in 2023, and I paid more than 100% of the 2022 liability.
‎February 10, 2024
1:25 PM