I'm considering making a large conversion from traditional IRA to Roth in the first quarter 2024. Do I need to deposit enough estimated taxes by April 15, 2024, to cover that, or do I make 4 quarterly payments this year based on my 2023 tax? We are on social security and have small retirement incomes, but do not have any withholding. Will I be penalized for underpayment if I only make payments based on 2023 taxes?
