Software not filling out form 2024 FTB 5805 (Late Penalty) correctly

[310mjh]

After finishing my California taxes, the Summary showed a late penalty for underpayment of tax.  I was careful to be sure I withheld at least 110% of what my 2023 tax amount to avoid this penalty so I was surprised.  Checking Form FTB 5805 I see that TurboTax did not fill out Part II line 5 which shows my 2023 tax liability even though I had imported my 2023 Turbo Tax tax information.  I filled in the amount in the form and the penalty went away.

Moral of the story is if you get a late penalty on your California taxes, check Form 5805 Part II Line 5 to see if it is filled out.

[SteamTrain · Accepted solution]

@310mjh 

True...with a BUT.

The BUT, is that the software forms for the CA Form 5805 is not scheduled to be implemented until on/after 23 January.  So, one wonders if the right amount was in the database from the transferred in 2023 datafile, but the current 5805 doesn't have the number in it since it will only be directed to the correct spot in the final Form 5805.

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I suggest you do not file anything until AFTER the IRS starts accepting Federal files (around/after 29 January), and when you are ready, after that date, check for all updates (if using desktop software) and then go thru all the CA Q&A again to make sure all is in the correct spots.....including a re-examination of the FTB form 5805.

[babyrd55]

Also note that the next line, Part II line 6, is not calculation correctly. If you have CA AGI of over $75/150k (depending on filing status) it is still calculating the minimum payment at 100% rather than 110% if you manually input the amount. However today is only 1/22 so hopefully it will be updated tomorrow.

BTW, where in the heck is that forms update schedule? I thought I had it bookmarked but can't find it, and couldn't find by a search here. Thanks.

[SteamTrain]

@babyrd55 

Here's the forms availability tool. 

But remember it is only the "expected" date for the forms to be ready...sometimes something fouls up, and they change the date a few days later.

Intuit App

[babyrd55]

Thank you for the link.

Although it's now marked as ready to print/file, CA 5805 is still not working correctly. Part II line 5 is NOT entering the number from last year's return automatically, and line 6 is still calculating required payment at 100%, not 110%. Fortunately that doesn't make a difference for me as I paid enough, but wondering if the FTB will actually accept it with a bad number on it.