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estimated tax payments
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?
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March 12, 2024
11:21 AM