You will not be penalized for only making a 4th quarter payment if your underpayment is due to income received (Roth conversion) in the 4th quarter. However, you will have to complete Part III of Form 2210 - Penalty Computation when you file your tax returns. You also may qualify for the "safe harbor" if you pay 100% of the tax you owed for the previous tax year, or 110% if your previous year’s Adjusted Gross Income is over $150,000 (over $75,000 if you are married filing separately).
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