Of course I did what you suggested. That's why TT says I have a large refund.
I just looked into the two forms - "underpayment statement" and "form 5805 WS II".
I made the 2023 estimated payment in June 2023. It was late for the first period, which was due on April 18, 2023. That's where the $4 penalty came from.
Now the questions:
1. According to form 5805, line 10, if the estimated tax I paid for the full year is more than the tax due, I don't owe any underpayment penalty.
2. Due to the natural disasters in California in 2023, I believe the state followed the federal guidelines in extending the April 18 deadline to October 15, 2023.
If either of the above 2 points are valid, there should not be any underpayment penalty. Please help clarify.
Thanks,
PC
