Hello, thank you for this Q&A event. My question is how does the safe harbor work for my situation below:
1. I worked at job A and had a W-2 income and retired.
2. I started to receive retirement pension starting in mid year.
3. I started a new job B and had a W-2 income until end of year 2024.
4. I estimated my tax liability for 2024 and made estimated payments in April, June and Sept 15, 2024 for both Fed and California State income tax payments.
5. My estimated Fed and CA State tax payments from No. 4 above plus the withholdings from No. 1, 2, and 3 above added to a total of 138% of my 2023 Fed Tax liability, and 137% of my 2023 CA State tax liability (actual taxes paid for 2023 tax year).
My question is, why does TurboTax still say I am owed a penalty even though my tax withholdings for both Fed and CA State are over 110%? Shouldn't I be covered by Safe Harbor rule? Especially I had several scenarios where I changed jobs and I had retirement payments?
Thank you very much in advance!
