That IS what I suspected and, yes, I have been through the worksheets after Turbo Tax assigned a penalty that allowed me to detail the timing of some income, which reduced the penalty. No one has answered my question exactly, but I am now led to believe that with regard to the state of California, I can pay the same 110% of last year's tax liability by Jan of 2023 and, if I pay that per the 30%/40%/0%/30% California schedule, I should not be assessed any late payment fees for 2022, regardless of ho high my 2022 state income could end up being for that year. The analogy for IRS, would be that there would be no penalty if I paid 25% at each quarterly due date. In either case, using the 110% of last years tax liability avoids penalties. Agreed? Thanks.
