There is a problem with the calculation of the tax penalty for underpayment in the NY state forms.
TurboTax is miscalculating the penalty.
TurboTax initially states I owe a penalty while I'm doing the federal section but when I run TurboTax for NY state it says I do not.
I know this is incorrect because when I look at form IT-2105.9 it is filled out incorrectly. It says I made an estimated payment which I did not.
TurboTax is using Part 3 – Regular method which is not necessary.
When I'm in the Federal section and before I run the state section TurboTax is using Part 2 – Short method for computing the penalty which is the correct way to do it.
Once I run the Penalties section in NY State everything goes wrong.
Can you please fix this or tell me how I can fix it.
Thank you
Since I cannot view your return, you may wish to contact a specialist that can work through that section of the return with you. The specialists can look at your return on their screen to find out exactly what is causing this issue and suggest how you can take corrective action.