Many Investment Companies now have a click spot on their web site for IRA to ROTH IRA Conversions so I'm not the only individual doing a ROTH IRA Conversion prior to Federal Tax Code Reverting back in Tax Year 2025... so, guidance in the program concerning "Annualized Income Installment Method" will avoid or diminish a penalty payment. Also doing a “ROTH IRA Conversion” in last quarter of tax year will avoid estimated tax payments. TurboTax almost let me pay a penalty when my IRA to ROTH IRS Conversion was done in last quarter of Tax Year 2022 and no Tax Installment Payments needed to be made. I Googled the penalty and found out about the "Annualized Income Installment Method" IRS Form 2210.
According to TurboTax Program, all info in Form 1040 had to be entered to go into "Other Tax Situations" and Form 2210 inputted to eliminate the penalty (if conversion is done in last quarter). If the IRS Form 2210 if filled out correctly shows when the conversion was made it will help decrease or eliminate the penalty.
TurboTax should recommend the necessary action to eliminate penalty in following Tax year by recommending last quarter year IRA Roth conversion.
