I have a small business for which I filed my California S corporation return, Form 100S, for the 2023 calendar year on time on 3/15/2024. The return was filed using TurboTax Business 2023, using the Desktop for Windows version.
I owed an underpayment of estimated tax which TurboTax estimated--and, in particular, overestimated--on Form 5806. My payment of tax and the penalty for underpayment of estimated tax was withdrawn from my corporation bank account on 3/15/2024.
Because the estimate of the penalty by TurboTax was too high, after my payment I was left with a small credit for my 2023 taxes of about $25. This credit has been sitting on my FTB account for nearly a year now--well beyond the timeframe estimated for a refund to be processed. The funds have not been refunded to me or applied as a credit to my 2024 taxes--there has just been this small credit visible when I log in to the FTB website that remains unresolved almost a year later.
Now that we are into the tax filing season for 2024 returns, what should I do about this credit sitting there from 2023? The amount is small, but I'd like to get this cleaned up so I know everything is squared away with my 2023 return before I file my 2024 return.
Any thoughts as to how to fix this?
