Transfer of information within TurboTax

[rkowal8730]

I entered my State of California estimated tax payments in the proper place in the Federal section. This data did not transfer to the California Form 540 section and TurboTax calculated that I am liable for a large tax payment. I then put the same estimated payments into the State worksheet, and this effort corrected the Form 540 statement, however TurboTax still thinks I need to pay some money due to underpayment of estimated taxes. Two questions: (1) why didn't the estimated payments automatically transfer?

                             (2) why is Turbotax still showing the need for an underpayment penalty when the Form 540                                            shows I have fulfilled the estimated tax requirement?

signed, confused in Tustin

[ThomasM125]

It is possible that when you entered the estimated payments in the federal section of TurboTax that you indicated that they were for your 2022 tax return. In that case they would be deductible on the federal return but would not be applied to your state return taxes.

Your penalty for underpayment of tax is due in part from the timing of your payments and not just the amount paid. So, you need to look at when you reported the payments being made and if they were not sufficiently paid when they were due you can have a penalty for making the payments late.