Appreciate the details and patience for all my questions, I plan to do this type of conversion for several years leading up to retirement and would like to avoid paying tax penalties. Regarding item 2 specifically, I made an estimated tax payment the same time i took the conversion. i used the conversion amount times the MI tax rate to get a number. I added $50 to that total as we usually owe a little in MI taxes at the end of the year anyway.
Is this a timing issue? I noticed the 1099-R has no indication of when the transaction actually occurs. So am i having to pay a tax underpayment penalty because they think this happened at the start of 2023 instead of the actual date which was DEC 2023? I made an estimated tax payment right at the same time i did the conversion...so just trying to understand what was done wrong so it does not happen again.
I know information on-line can't be trusted at times, but general indication was you need to make the estimated payment when you make the conversion so you don't get a penalty.
