I'm considering making a large conversion from traditional IRA to Roth in the first quarter 2024. Do I need to deposit enough estimated taxes by April 15, 2024, to cover that, or do I make 4 quarterly payments this year based on my 2023 tax? We are on social security and have small retirement incomes, but do not have any withholding. Will I be penalized for underpayment if I only make payments based on 2023 taxes?
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You can make quarterly payments. As long as your total withholding is at least as much as your 2023 tax liability you should be fine.
So I do have to have withholding of some sort, not just estimated taxes deposited?
You can do just the estimated payments being sure that you have paid enough to cover your tax liability or at a minimum aid at least as much as your 2023 tax liability.
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