I had virtually no taxable income until November when I did a Roth conversion. I paid the tax to the IRS at this time. Turbo Tax indicates I have an underpayment penalty because I did not pay quarterly estimated taxes. It would seem as long as I pay the tax on the money once earned, I shouldn't have to pay a penalty for tax on money I had not yet earned.
Is Turbo Tax applying tax law correctly here?
