I used TT for 2023 and had it calculate my estimated quarterly taxes for Fed and CA based on 100% for the 2024 tax year. My income was almost the same in 2024 as in 2023, yet I owe $3600 in CA and have a $135 penalty. I will receive a $4600 Fed refund.
My income for both years included a nearly identical Roth conversion at the end of the year. I had regular Fed and CA taxes withdrawn from my pension with maximum withholding. Since my taxes were nearly identical 2023 to 2024, I trusted the estimated tax payment calculations that TT made. I made the estimated tax payments on time.
I'm not sure why TT so grossly underestimated my quarterly payments for my CA and why I have such a large Fed refund. Doesn't TT guarantee that their calcs are accurate? How do I access that guarentee if a calc isn't correct?
