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freddytax
May 2, 2024
Question

FTB of CA Sent Back Underpayment Penalty

  • May 2, 2024
  • 2 replies
  • 0 views

Any reason why the FTB would send back the underpayment penalty $$ amount Turbotax figured and I included with my tax payment?

    2 replies

    VolvoGirl
    VolvoGirl
    May 2, 2024

    The penalty is just an estimated amount.  It's common for the IRS or state to refigure it and send you a refund or tax due foe more.  

    F
    freddytaxAuthor
    May 2, 2024

    Thanks, VolvoGirl, I figured same.

    F
    freddytaxAuthor
    May 2, 2024

    I have had the IRS send back $$ that I extended in a preemptive attempt before the actual bill came.  This is the CA FTB so I'm not sure what it means by their sending back $$ already.  Maybe they want to do their own calculation first?

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