You may be subject to an estimated tax penalty if any of the following is true:
- Your withholding and credits are less than 90% of your current tax year liability.
- Your withholding and credits are less than 100% of your prior year tax liability (110% if AGI is more than $150,000 or $75,000 if married/RDP filing separately).
- You did not pay enough through withholding to keep the amount you owe with your tax return under $500 ($250 if married/RDP filing separately).
- You did not make the required estimate payments, if you pay an installment after the date it is due, or if you underpay any installment, a penalty may be assessed on the portion of estimated tax that was underpaid from the due date of the installment to the date of payment or the due date of your return, whichever is earlier. Get the 2021 form FTB 5805, Underpayment of Estimated Tax by Individuals and Fiduciaries, for more information.
For your 2020 taxes, TurboTax will ask you for your 2019 tax. This would be on Line 64 of your 540.
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