For CA, the "Underpayment Penalty" step-by-step guide did not create Form 5805 in spite of the fact that I received an underpayment bill from the CA Franchise Tax Board. CA requires that all 4 estimated tax payments are made on time and I missed the first two. TurboTax only looks at the total estimated tax paid for the year and decides there is no penalty if the annual tax paid met requirements. However, CA requires taxes are paid in all 4 installments or a penalty is assessed. TT did not consider this.
So, I manually added the CA Form 5805 but TT does not allow me to fill it out or populate amounts it knows from previous entries/forms. I answered the questions in Part I, Form 5805 and TT did not populate my 9/15/24 and 1/15/25 estimated tax payments in spite of me previously adding them. So, I entered them manually. (I left the 4/15/24 and 6/15/24 entries blank since I did not pay those installments.)
Part II of 5805 does not populate any numbers. If I right click on a field and and pick "Data Source", the correct numbers show up. But they are not inserted into the form. Part II, Line 1, in spite of "data source" showing the correct amount, will not even allow me to manually enter that number.
Also, under "Form 5805 Information Smart Worksheet", Line F, TurboTax entered "1-Prior Yr $500/$250". This suggests my previous year's (2023) taxes were less than $500 and that is definitely not the case. TurboTax knows this since I imported my 2023 TT return, and the carryover information correctly is showing in my 2024 return records in TT.
So, it appears there are several problems with From 5805 for CA and I can't even manually fill out the form. Please advise.
