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Get your taxes done using TurboTax
It's likely that the penalty would have been avoided if your filed Schedule AI along with Form 2210 to annualize income. Absent that, the Roth conversion is treated as income spread evenly over all four of the tax quarters, resulting in underpayment for the earlier quarters.
Unlike tax withholding which by default is treated as withheld evenly throughout the year, estimated taxes are only credited when actually paid.
‎July 30, 2024
7:26 PM