1271056
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
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?
You'll need to sign in or create an account to connect with an expert.
I recommend you review your input and answers to the questions in the state interview section.
New Mexico will generate the underpayment penalty and estimates based upon your answers to the following questions:
In regards to the underpayment penalty, this amount is calculated based upon the following input:
Thanks for the response; I'm wondering if turbotax has a bug since I was not assessed a penalty and was not required to pay estimated taxes and the following applied to me:
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
It may be because you paid more tax in 2019 than you owed for 2018. The typically will prevent a penalty for underpayment from being assessed. I would just go ahead and file, if you do owe a penalty the state will calculate it and send you a notice. As long as you pay the amount indicated by the due date no additional penalty will be assessed.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
UnderpaidinIndiana
New Member
taxnovice
Level 2
vmuralid
New Member
madj2025
Level 1
in [Event] Ask the Experts: Self-Employed Quarterly Estimate Filing
BobTT
Level 2