Hved
Level 1

Under Payment Penalty

I just realized that the vouchers that Turbo Tax made for me for 2023 estimated taxes last year were not right.  They were $305  short each quarter so I paid $1220 less than my last year taxes.  I, of course, had to pay a $94 penalty.

 

I checked this years vouchers for 2024 and they add up to 100% of my 2023 taxes paid. Why were the 2023 estimated tax vouchers off by $305?