I have used TT business and after entering all my income and stock gains, TT is showing 1200$ under payment penalty but I did applied last year's (2023) refund to this year(2024) tax as estimated tax. Because I had refund from last year , I didn't make any additional estimated tax payments on those 4 dates. Due to stock gains my income increased so AL included more income than 2023 which is valid but I am not sure why was I charged penalty of 1200? how it was calculated? Is there a worksheet that shows the under penalty calculation?
some more details - last year refund of 7K applied to 2024 tax. Last year, TT didn't give me any estimated tax that I need to pay for this year - 2024.
Thanks for help.
