NM 2019 PT-ES states there is a penalty for underpayment or non-payment of estimated tax, unless: You are a first-year resident; Your tax for the current year, less amounts withheld, is under $1,000; or You are a full-year New Mexico resident whose previous tax year was a 12-month tax year and you owed zero tax for that tax return.
I'm not a 1st year resident (been here many years).
I owed money in 2018 to NM
I owe over $1000 to NM for 2019
Yet Turbotax says
- I do not need to make estimated payments for next year,
- nor do I owe a penalty for this year.
How can this be correct? Is this a bug that needs to be fixed?
Also on the "Alternative Method of Computing Estimated Tax" screen Turbotax asked me to check the box that applies to me. None applied to me because I was not required to make estimated tax payments in 2019 as far as I knew. I don't check any of the boxes, but when I go back to the screen it had automatically checked the standard method. For sake of argument I leave the standard method check, yet it still says I don't have a penalty for this year, nor do I need to make estimated payments. How can this be?
