our total tax for 2018 was more than 82K. But turbotax printed out 1040-ES vouchers for 2019 and each of them is only around $6745 - this kind of looks low - how did it calculate it?
Also we had a large 1099 income that was earned in 4th quarter. we did pay estimated taxes in Jan 15, 2019. However both federal and state slapped us with penalties (subtracted it from our refunds) saying we didn't pay enough estimated taxes throughout the year (it annualized the income). Is there anything that can be done to get the penalties reversed?
