This week I transferred large dollar amount from traditional IRA to Roth IRA. Realize amount transferred taxed as ordinary income and I will make estimated tax payment for tax due. Minimal taxable income earlier this year, so want to reduce underpayment penalty incurred. Heard of Annualized Installment Income Method to reduce penalty. How/where do I use/select this annualized method in TurboTax. I believe I enter income amounts by quarter then, but is there section for income from Roth conversions? Also, is there ability to select annualized income method for Illinois tax returns too in turbo tax. Specific details on process will be greatly appreciated! Thanks so much!
