I have a small business, and the income from this business mostly goes in to SEP IRA/401K, so there is no taxable income. But there is self employment tax, and I have paid in the first quarter all of Self Employment tax along with 1040-ES.
At the end of the year (last week of December), I decided to do a large Roth Conversion, which led to additional tax I owe. I decided to pay 1040-ES by 1/15 to cover this tax. But when I do the tax using Turbo Tax, it assumes the tax is due through out the year, and calculating a penalty.
I have read about "annualizing" the income to avoid this penalty. Is there a way to do this in Turbo Tax? How do I avoid the penalty in Turbo Tax?
