Thanks for the response. But, I am seeing that CA Form 5805 for tax year 2023 which is titled Underpayment of Estimated Tax by Individuals and Fiduciaries, states the following:
If you meet any of the following conditions, you do not owe a penalty for underpayment of estimated tax. Do not complete or file this form if:
• The amount of your tax liability (not including tax on lump-sum distributions and accumulation distribution of trusts) less credits (including the withholding credit) but not including estimated tax payments for either 2022 or 2023 was less than $500 (or less than $250 if married/RDP filing a separate return).
• Your 2022 return was for a full 12 months (or would have been if you were required to file) and you did not have any tax liability on that return.
• The amount of your withholding plus your estimated tax payments, if paid in the required installments, is at least 90% of the tax shown on your 2023 return or 100% of the tax shown on your 2022 return (110% if California adjusted gross income (AGI) was more than $150,000 or $75,000 if married/RDP filing a separate return) and you are not using the annualized income installment method. Taxpayers with California AGI equal to or greater than $1,000,000 (or $500,000 if married/RDP filing a separate return) must use the tax shown on their 2023 tax return if they do not meet one of the two conditions above.
I believe the previous response talked about the 2nd and 3rd bullet, but I only will fall under the first bullet. So aren't I exempt from any penalties?
Thanks again!
