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Safe Harbor Based on Prior Year Taxes
Hi,
Am using Turbo Tax on a trust account for the first time this year. Between applying 2022 refund and an estimate paid in Q1, we are at 110% of last year's taxes. But, TurboTax doesn't know this and assumes there should be a penalty based on 2023 numbers only.
How do I either enter the 2022 tax amount so TT can realize safe harbor was reached or how do I remove the penalty?
Thanks,
Gil
Topics:
‎December 31, 2023
4:26 PM