According to my records I owe an underpayment penalty for Colorado State Taxes. Turbotax did not include this in my state tax forms.

[Cindy0H · Accepted solution]

I am not sure why that happened but you can double check your work by completing this online form. Colorado will calculate it for you. Some states have lessened the penalties because of the new state laws.

https://www.colorado.gov/pacific/sites/default/files/DR0204.pdf

Here is an FYI booklet on the subject:

https://www.colorado.gov/pacific/sites/default/files/Income51.pdf

[Anonymous]

What do you mean Colorado will calculate it for me? I filled out the form you recommended and to the best of my ability it looks like I owe a $43 penalty. Why would this not be done for me with Turbotax?

[cahau]

My mistake. I thought that form did the math. I was wrong. I have looked and can not find why TurboTax would not be calculating the Colorado underpayment. I am a Tax advisor and don't always know or understand the technical part of TurboTax. You could include the underpayment in your payment to Colorado and if it is incorrect, they will refund the money. Or you could not include it and they will bill you if needed but that might incur other fees.

[JoeGo]

I had the same problem. TurboTax did not calculate or indicate I had a penalty for under payment of taxes. What gives?