If you don't see an underpayment penalty on your California return, then TurboTax determined that the penalty wasn't applicable. Since the California tax is generally a much lower amount than the Federal, you are more likely not to exceed the threshold for the penalty.
California calculates the penalty on Form 5805 on the unpaid amount from one of these (whichever is earlier):
- The due date of the estimated tax installment to the date they receive your payment
- The due date of the tax return
Generally, you must make estimated tax payments if you expect to owe at least:
- $500
- $250 if married/RDP filing separately
And, you expect your withholding and credits to be less than the smaller of one of the following:
- 90% of the current year’s tax
- 100% of the prior year’s tax (including alternative minimum tax)
If you had an Underpayment Penalty on your California return, you could go back through the California section in TurboTax and answer the questions in the California Underpayment Penalty interview to see if the penalty can be reduced or eliminated. It appears under Additional Tax Payments in the Other Tax Situations category in the California return, if a penalty was calculated.
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