For 2024 taxes, I made a single distribution (withdrawal) from my IRA. The brokerage took out estimated federal tax (that's good), but did not take out estimated Colorado tax, so I was hit with a penalty. As I am just now finding out, Colorado requires quarterly estimated tax payments for a lump sum IRA withdrawal, or the use of a "Schedule AI (annualized Income) of form 2210.
For 2025, will be doing another significant distribution from the IRA (starting RMDs soon) and do not want to incur another penalty. My question is how to document, within TurboTax, the necessary forms (federal and state) if making a single IRA distribution and single estimated state tax payment, and not quarterly type transactions.
To clarify, my income in 2025 will be primarily from Social Security, and distributions from my IRA. Will using Schedule AI have any effect on my federal taxes as well?
Thx