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TurboTax calculated an underpayment tax penalty for 2023 even though 2022 taxes were less than 1000
TurboTax 2022 on Estimated Tax Payment Options automatically chose that it should only prepare 2023 Estimated Tax Payment Vouchers if the estimated payments was $1,000 or more. And since my 2022 taxes was less than 1,000 it did not prepare - or tell me I had to make - any estimated 2023 tax payments.
BUT.... my 2023 TurboTax return is telling me I have to pay $49 in underpayment penalties because I didn't make any estimated payments for 2023.
Do I have to pay that $49 on my 2023 return, and if so, will TurboTax cover the cost, since it automatically chose for me to only make estimated taxes if 2022 taxes was more than $1,000?
‎February 25, 2024
5:07 PM