Turbo Tax calculated my estimated taxes for 2021 while preparing my 2020 taxes. It was supposed to calculate 110% of my 2020 taxes... which it says would be $14,165. But line 24 of Form 1040 says my total tax for 2020 was $15,041. Something is wrong there...
I paid the estimated taxes that Turbotax suggested of $14,165 for the 2021 year, and now I owe an underpayment of estimated taxes penalty of $43 because I didn't pay 110% of my 2020 taxes! What gives?
