Colorado state tax penalty

[Dave Moss]

On our 2023 Colorado state income taxes, we paid in all but $1230 because we got a sales tax refund of $1600.  We were supposed to get an overpayment refund of $370.  We ended up only getting $291 back.  Evidently, we had a $79 penalty.  We prepared our 2023 State and Federal returns with turbotax and it never showed us being charged a penalty.  The state offered no explanation to us as to why they kept the $79.  Can you tell us why this happened and possibly what we did wrong when turbotax said that we were 100% free of errors?

[DawnC]

When the state adjusts your refund amount, they will typically notify you of the changes they made by mail.   We have no way of knowing what was adjusted; once it is accepted, only they can tell you the status or progress of the return.   They may have something on record that was not entered into TurboTax.   Or it could have been related to another CO obligation.   

What was changed on your state tax return?   Compare their adjusted return to the return you filed to see where the $79 difference is.  

Contact the Colorado Department of Revenue to find out more details.   

If you pay an IRS or state penalty or interest because of a TurboTax calculation error, TurboTax will reimburse you for the amount of IRS/State penalty or interest that you had to pay.   TurboTax promises to pay any federal or state interest and penalties only.  TurboTax doesn’t pay any tax you owe. Additionally, the interest and penalties must result from the TurboTax miscalculation.

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