estimated tax payments

[schaafsma]

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?

[Bsch4477]

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. 

[schaafsma]

So I do have to have withholding of some sort, not just estimated taxes deposited?

[Bsch4477]

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.