Have you looked at the ES Wkshts? Are you sure it needs to be 110%?
Hey George - in what instances would a MFJ taxpayer with over a $100K liability on the previous year's tax return not need to calculate tax at 110% of prior year AGI?
https://www.ftb.ca.gov/forms/2023/2023-540-es-instructions.html
Individuals who are required to make estimated tax payments, and whose 2022 California adjusted gross income is more than $150,000 (or $75,000 if married/RDP filing separately), must figure estimated tax based on the lesser of 90 percent of their tax for 2023 or 110 percent of their tax for 2022 including AMT. This rule does not apply to farmers or fishermen.
Taxpayers with 2023 California adjusted gross income equal to or greater than $1,000,000 (or $500,000 if married/RDP filing separately), must figure estimated tax based on their tax for 2023.
George - I am referring to federal estimated taxes, not California.
Sorry, early here.
Again, did you look at the ES Worksheet. I agree, someone with that high of a tax this year is likely in the 110% category. Does the worksheet show that next year's income will be less?
If you feel the computation is incorrect, you should call or chat with support, as they can review your numbers with you.
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