After doing my inputs and upon review I saw a $80 Penalty assessed on my state return. After running through the inputs 2x it wasn't going away. The line item states if the Balance Due is over $800 then you could be assessed a penalty. I am getting a refund. Upon digging into it through the "Forms" I found the problem was;
We had a Capital Gain in the 4th qtr. We properly made a estimated payment and recorded it Turbotax in that qtr. The broker statement recorded the date of the transaction but Turbotax calculated as if ALL income is earned evenly over all 4 qtrs. After finding this I went into the proper form and made all the adjustments and that erased the penalty, BUT;
Since Turbotax has that date in it's information why wouldn't this software use that information and allocate it properly?
