Turbotax identified underpayment penalties for both Fed and Cal State tax returns where I am receiving a large tax refund from both Fed and State tax returns. I paid my 2023 Fed estimated taxes ($55,040) based upon the 110% value of my 2022 taxes ($55,038).
My Cal State Form 5805 Worksheet shows penalties of $18.20 for Payment Date 04/18/23; $11.72 for Payment Date 06/15/23; and $77.91 for Rate Change Date 07/01/23 for a total underpayment penalty of $107.83.
I paid both Fed and State quarterly estimated payments in accordance to the 2023 Fed & State disaster payment extension on 10/06/2023.
Thanks for any advice on my underpayment issue.
