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Failure to Pay Estimated Taxes due to IRA to Roth IRA conversion
I converted part of my IRA to a Roth IRA at the very end of December 2023. I paid the taxes on this conversion (about $3000) in April 2024. I got a penalty from the IRS because I didn't pay estimated taxes starting in April 2023 onwards for this conversion that I didn't even make until December 2023. I purposely waited until the end of December 2023 to do the conversion so that I make sure I don't convert too much and end up in a higher tax bracket. How can I prevent this from happening next year, especially when I'm not sure how much I want to convert until the very of the year?
‎June 28, 2024
5:40 PM