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W
WMC4
Level 2
June 13, 2020
Question

CA underpayment penalty 2019

  • June 13, 2020
  • 1 reply
  • 0 views

Is there an error with CA Form 5805? Income is over $1,000,000 and I did not pay in 90% of 2019 tax liability. No underpayment penalty is being calculated though??? The form says "exception met", but I do not believe one was...

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1 reply

George4Tacks
George4Tacks
Level 15
June 14, 2020

Withholding is at least 110% of the 2018 tax?

Answers are easy. Questions are hard!
W
WMC4Author
Level 2
June 14, 2020

Yes, but that shouldn't matter since 2019 income is over the $1M mark. 

George4Tacks
George4Tacks
Level 15
June 14, 2020

Highlight the return and use Ctrl + L to send it to Lacerte with your notes. That way they can more quickly fix the bug in the program.

 

Answers are easy. Questions are hard!
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