Just because you read something somewhere online, that doesn't make it necessarily correct. There is a lot of misinformation out there. You have had a lot of qualified people all telling you to pay during the quarter you converted. I am reinforcing that. You can absolutely get an underpayment penalty for paying in a later quarter.
Your W-2 withholds taxes every paycheck which are transmitted to the IRS in a timely manner, not just any quarter you feel like it.
Having enough tax withheld or making quarterly estimated tax payments during the year can help you avoid problems at tax time.
Taxes are pay-as-you-go. This means that you need to pay most of your tax during the year, as you receive income, rather than paying at the end of the year.
There are two ways to pay tax:
- Withholding from your pay, your pension or certain government payments, such as Social Security.
- Making quarterly estimated tax payments during the year.
Estimated payments
@Gm_00
