Thank you for the detailed breakdown of the penalty and interest. Suppose that I don't make the 4th quarter estimate payment. Then, is the following calculation correct?
1st quarter: 9% (of $750) = $67.50
2nd quarter: 7% = $52.50
3rd quarter: 5% = $37.50
4th quarter: 3% = $22.50
Total penalty = $180.00
Is this penalty based on the assumption that I will file my tax return and pay the penalty by April 15, 2025? What if I e-file and pay the penalty by February 15, 2025?
Fortunately for I don't have a federal penalty because I had withheld enough tax when I did the Roth conversion.
