Yes, I am also retired and am in the same situation. However, my spouse is working, so it's a combination of me paying 540-ES estimates and an employer CA state tax deduction. I just found this online:
"Individuals who are required to make estimated tax payments, and whose 2023 California adjusted gross income is more than $150,000 (or $75,000 if married/RDP filing separately) must figure estimated tax based on the lesser of 90% of their tax for 2024 or 110% of their tax for 2023 including AMT."
So, yes, to be safe from penalties due to unexpected income increases, it has to be 110%. Unfortunately, it seems TurboTax defaults to 90% when calculating estimates for the next year when it should be 110%. As I move through the step-by-step, I'm not even getting prompted for this. I only see the default to 90% when I go into the forms. TurboTax should correct this and default to 110%.
Thanks for your post and input on this.
